Insurance

M

Mark G

Member
Joined
Feb 1, 2006
RO Number
20136
Messages
7
My carrier has decided to double my deductible and raise my premium. I have never made a claim.....Boat has never seen a hurricane. Own a 50 foot Sedan Bridge for a couple years in North Carolina. Any suggestions for Vessel Insurance?

Mark
 
Is there additional risk in your area now? If not, call your agent and say you want to cancel your policy when them. When they ask why, simply tell them that they doubled your deductible and raised your premium. Pause for a second, then strongly state that the increase is absolutely unacceptable to you. I'm 90% sure they will immediately make an adjustment to avoid loosing you as a customer (unless of course there is a valid reason for the increase).
 
Mark:
Canceling is bad advice. Call other companies for a quote asap. Unfortunately, what you describe is now common.
 
Africa

No change in risk. North Carolina and points south are prime hurricane areas, that's the reason. I believe the underwriters are trying to catch up for losses during the 2005 season. Funny thing, there was no change in premium or deductible for 2006. No hurricanes in 2006 but now the increase.

Mark G
 
quote:
Originally posted by Mark G

Africa

No change in risk. North Carolina and points south are prime hurricane areas, that's the reason. I believe the underwriters are trying to catch up for losses during the 2005 season. Funny thing, there was no change in premium or deductible for 2006. No hurricanes in 2006 but now the increase.

Mark G

Click to expand...


I think all you need to do is threaten to cancel and I'm sure they will immediately make an adjustment. You have to be convincing with your request to cancel though otherwise they might see weakness in your attempt and try to keep you at the higher policy.
 
If the boat is financed you can't just cancel without getting a new insurance policy. If you are anything other than broke I would advise against it. Get some other quotes. I was suprised at the large discrepancies when I was shopping for my policy. My best advice would be to get an insurance agent that specializes in Boat insurance he will do all the work. I ended up with Zurich it is a great policy at a fair rate. Good luck.
 
BillyIII

Thanks, I will check with Zurich. I will also have an independent agent look as well.

Mark
 
If your happy with your current insurance provider (with exception of the recent increase), go ahead and find your backup insurance provider but I'm sure your current provider will do whatever it takes to keep you paying their premiums. It will cost them far less money to give you a reduced rate (previous rate) vs. loosing your premiums altogether.
 
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