Insurance rate increase

[larry_arizona]

Originally I started at $500 a year with INTACT then $795, and this year they wanted $1080. This was with BIA and after they saw me looking for other insurance companies Gabriel reached out to me and told me they also offer CHUBB. It was more expensive than Skisafe but I’ve read some threads on Thehulltruth and other places while searching for claims and real life scenarios so I deduced the savings of a few hundred bucks with Skisafe was not worth having less coverage and concerning claims. Obviously they all have their flaws but CHUBB was around $750 I think and I have nice coverage for our lakes.

Thanks for the heads up, I will reach out to Gabe.

Mine went from $804 to $1080 as well with Intact


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[haknslash]

No problem Larry. He will explain the big jump reasons. CHUBB is well known large company my wife’s law firm deals with plus the coverage was as good as Intact coverage, much better than Skisafe when you compare them side by side. I hate insurance. It’s one of those things you hate to pay but if I gotta pay I want to be covered.

[larry_arizona]

My former boat/trailer was rear ended while towing after the new owner bought it.

CHUBB was her insurance.

They were good with the boat repair, but it was a battle for the trailer, probably wanted auto coverage to handle it.


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[mmandley]

I have State Farm and recently renewed and is stayed comparable - I generally pay mid 400 i think this year was 560 but I have a 13 so not sure if they are saying my boat is cheap now LOL.

Although I still get offers for more then I actually paid for the boat in 13 LOL

I don't think I can sell her, she's truly a 1 off from Moomba with a proto-type tower that I really wish Skies Choice would have went with.

[HFarr]

I have State Farm and recently renewed and is stayed comparable - I generally pay mid 400 i think this year was 560 but I have a 13 so not sure if they are saying my boat is cheap now LOL.

Although I still get offers for more then I actually paid for the boat in 13 LOL

I don't think I can sell her, she's truly a 1 off from Moomba with a proto-type tower that I really wish Skies Choice would have went with.

Curious. What does the tower look like?

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[larry_arizona]

Switched to Chubb from intact after rate jumped to $1440 a year.

Chubb is back to $814 with same/better coverage and no layup time.

I certainly can understand why underwriters are aggressively increasing premiums. Between MSRP and labor rates skyrocketing, it’s only a matter of time they update the algorithm.


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[sandm]

wonder how skisafe would fare today. we had great luck with them but their rates are only real good if you layup. in idaho/wisconsin we never cared as the lakes were frozen for a chunk of the year. we used to from nov-mar.
our last 2020 tige r23 ran us around 400 for agreed value and decent liability/medical. I don't recall the comp part and deductibles were a grand or 2.

[JassyKel]

I'm new to this forum, so I hope I'm posting this in the right place. I'm sorry to hear about your insurance rate increase. That sounds like a pretty big hit. It may be a byproduct of sweeping price increases, especially with guaranteed replacement costs and all. Shopping around for other carriers is worth considering, especially if the rate increase is that significant. I'm not sure if anyone else is seeing something similar, but it might be worth asking your financial advisor succession plan. A good financial advisor is worth their weight in gold and they might be able to help you find a better rate.

[haknslash]

Got a small increase of only $30 for my Chubb renewal. Not bad lo things considered and glad I made the change last year!

[RUGER761]

Were still running Ski Safe. State farm couldn't touch their rate. We do have a layup period but were not going out those times anyways.