CONTINUOUSWAVE

For many years, my boat insurance premium had been pretty constant, but 2022's renewal shows a 17-percent increase. The agreed-upon property value is unchanged, so the increase must be for the liability coverage. I think the insurance company may have paid out more for claims in the past year because there were more inexperienced boaters out there, a result of pandemic restrictions. As a consolation, when we drove less during the pandemic I got a small break in auto insurance premiums.

I have been with BOATUS for many years and used their insurance. They used to reduce your premium if no claims were made. I have never made a claim. Then GEICO took over and all of a sudden my agreed value was reduced, and my premiums went up. The 2022 year is the highest it has ever been. I am very unhappy with this.

Yes, I was also with BoatUS, but when they went to GEICO my premiums increased dramatically for less coverage. I shopped and mow have Progressive.

I have been with BoatUS, too. Thanks for the comments about their increase. I tried to raise the agreed value on my boat to reflect these crazy used-boat prices. They refused. I will look into another underwriter once my current policy lapses.

I’ve been in the Insurance industry for 30 years and I can tell you what’s driving the rate increases you’re seeing is likely the supply chain delays and shortages we have now. These problems have resulted in much higher repair and replace costs.

There is plenty of competition in the boat insurance business. Careful shopping can result in real savings. The usual premium lowering tactics apply. Higher deductibles are one of the easiest ways to lower premiums. I found that my deductible was much lower than necessary because I had not considered lowering it over the course of several years. I realized that the $1000 deductible I had ten years ago was silly and didn't reflect what I could afford to pay now. Increasing the deductible to $5000 or more was in keeping with inflation over the period. Some insurance covers highway assistance due to trailer failures. Although the coverage is inexpensive many automotive policies include the same coverage. Why pay twice for the same thing?

Oddly, when GEICO first took over the insurance for BOATUS, an agent advised me that I could carry the same boat/trailer towing coverage on my policy as my BOATUS membership offered. I was able to save several hundred dollars. Since then the premium increases have negated that.

I have found that the best approach to lowering your premium is to speak directly with an underwriter for the insurance company. Many times premium rates are predicated on factors that don’t apply to your specific situation. Discussing the basis of a company’s premium rate increase with an underwriter can reveal points of contention that the insured can use to reverse the increase.