Insurance premiums

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littlebookworm

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I just got my new policy from BoatUS (Geico Insurance Company) and flipped when I saw a 33% increase in my premium for the new year. I have never even had a claim and have been with BoatUS for decades! When I called them, I learned that they had not updated their computer to show that I had moved the boat from Eastport on the south shore of Long Island to New Rochelle, on the north shore, on Long Island Sound. Corrected, that gave me a discount; my premium 'only' went up 21%!!!! When I asked why, I was told "there are too many claims for boats your size in New York." That is obscene! Any recommendations for a different insurance company which serves NY? (Can you imagine what's going to happen to premiums when the insurance companies have to pay out for damages from hurricanes Harvey and Irma?) Hy
 
Funny you should mention that.

Big ins co meeting this week: http://www.insurancejournal.com/news/international/2017/09/10/463783.htm

"Irma" and "Harvey" were gossip subjects.

--quote--
The big question for the industry has been whether reinsurers will see such high losses that they can then demand higher prices for their coverage. That would be the first major reversal since Katrina, the costliest natural disaster in U.S. history with insured losses of around $80 billion.

The verdict so far among analysts is that profit will take a hit, but the dynamics of capital and pricing will not.

“We don’t see this as a market-turning event,” said Brian Schneider of Fitch Ratings. “Pricing is not likely to respond.”

--------------

So, the answer is: The two hurricanes will have only a small effect on "retail pricing".

The cause of your increased premium is actually likely due to greater losses in that area than previously.

( Remember: Insurance is tightly controlled in New York. So it is a political issue as well )
 
I just resigned both my boats and paid the premiums. XL just bailed on the marine market. Went to Brit.
 
I write a lot of marine insurance, I could look at different options for you
 
I can't even find anyone to quote me for my 1978 25ft Chris Craft besides Amica and State Farm. The only Reason State Farm gave me a quote at all was because I was re-evaluating all of my insurance needs and I told them it was a package deal to get my home/auto/umbrella policies. As it turns out they couldn't beat Amica so I never changed. For me, I don't even care about the value of the boat. I just want the liability coverage.
 
I wonder what will happen to Insurance premiums after the storms we've had in 2017.

Contact NEW HAMPSHIRE INSURANCE COMPANY or find an agent that can get you a quote from them. Their insurance was significantly lower than BoatUS when I compared years ago. I've been with them for 4 years.
 
I have Boat US and my premium only went up $12 over last year for 30ft boat. I am on an inland lake and keep boat on dock at my house.
Jim
 
LBW - I used to have BoatUS, but went to Travelers years ago - significantly cheaper, and better coverage. Rob Boyd from somewhere on the island - never met him, all contact via email/phone/snail mail.
 
Try NBOA. They gave me the lowest price on my 410. It was considerably lower than Boat US and the price my old broker quoted me.
 
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