Boat insurance

[grimsbylander]

So I waited until April 1st for my coverage to kick only to be greeted with rain and hail. Dang! Then, I call my insurance company to discuss my motorcycle insurance and casually mention it was too bad I had to wait until April due to the great March weather. He says "Oh, next time just call us, we'll extend it no charge." WHAT??? Something for free?? I didn't see that coming!! I'm kicking my for not calling but I wasn't going to pay extra!!

[barrystrs]

For clarification, you get advantages for having multiple insurance with one company, for example, discounts, one deductable, but you can still have separate policies with that company. If there is a claim your premium only goes up on that policy, not your other policys with the same company.

[Steve]

grimsby bylander, i would like to clarify what you have suggested.

 

assuming you have a broker, not a direct writer, brokers are famous for stating what you just said.

 

"after the fact" is easy to say, "oh ya, we would have extended it for free..."

 

However, it is not the broker who makes that call, it's the company who is providing the insurance's underwriter.

 

The broker can say whatever they please, but don't make that call.

 

Do yourself a favour. Send your broker an email, in writing, stating further to our discussion, I understand next year I can "drop you a line" to let you know i'll be using my boat prior to the layup period expiry, and I further undertand I can do so at no additional premium.

 

See how your broker responds.

 

This is an example of why insurance gets a bad rep. A broker can "say" whatever they want, but they dont have the power to follow through. Only the underwriter can agree to extend cover without additional premium.

 

Again, I really think you should get it in writing.

 

Even if you "do" get it in writing, the broker has an easy out.

 

"well sir, last year I was able to do so, however, the company has changed their underwriting guidelines, and unfortunately i cannot do so this year".

 

Gotta love insurance!

[ch312]

after reading this thread i finally called my insurance to get a price on coverage for my boat.

 

06 yamaha v165, 90hp and it's $425/yr. apparently i gotta pay extra because i'm a "new" boat owner? i can understand charging extra for vehicle insurance as there's different levels of licensing, but for boats too?

 

 

is this about right or should i be calling one of the listed insurance companies for a price?

[Pikeslayer]

after reading this thread i finally called my insurance to get a price on coverage for my boat.

 

06 yamaha v165, 90hp and it's $425/yr. apparently i gotta pay extra because i'm a "new" boat owner? i can understand charging extra for vehicle insurance as there's different levels of licensing, but for boats too?

 

 

is this about right or should i be calling one of the listed insurance companies for a price?

 

Spoke with Mrs. Slayer (insurance diva); There is no such thing as 'new boat owner insurance premium'. And $425/yr seems a little steep. Shop around but you'll get a better deal if you package it with your vehicle/home.

[Dan668]

Try marine experts. I pay less than that on a Lund impact, 2011, 115hp. Never heard of that new boater thing.

Edited April 11, 2012 by danbob

[ch312]

well, i guess i'm calling state farm tomorrow to see why i'm being charged extra for something that doesn't exist.

[Steve]

Again we have more examples of confusion instigated by the unknown.

 

Each company (insurance company, not broker) can have their own set of underwriting guidelines.

 

If one company doesn't have a "first time boaters" surcharge, that doesn't mean they all don't. Each company has their own set of guidelines.

 

Although I'm not near the marine side of the industry, it makes perfect, logical sense to have a surcharge for a first time boater.

 

Not saying all companies have it, but it is not impossible that one or two do.

 

I really think the gentleman who was told they could get their layup removed for free get it in writing for the reasons I listed above.