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Anyone else get a significant rate hike with Charter Lakes?

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Anyone else get a significant rate hike with Charter Lakes?

Old 06-10-2019, 06:23 AM
  #41  
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Originally Posted by sway21 View Post
Just apples to apples on the declarations page. Your right I did not read the policy text from Progressive as I do not have one with them, as you can see on my post a few ago.

It would be nice if someone who actually had progressive can comment on some of the finer points of the policy such as the salvage limits and exclusions.
i would simply ask for a copy of the text, and read it, prior to selecting a policy

i have never had an issue getting policy text ahead of paying for a policy
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Old 06-10-2019, 06:47 AM
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Originally Posted by mystery View Post
i would simply ask for a copy of the text, and read it, prior to selecting a policy

i have never had an issue getting policy text ahead of paying for a policy
Well...2 phone calls in later and progressive will not send any policy documents to me that details things in finer print. They said to go by the online explanations! lol. I might walk in with my local progressive guy and see what he says or really just move on from Progressive not worth the effort.
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Old 06-10-2019, 07:28 AM
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Originally Posted by sway21 View Post
Well...2 phone calls in later and progressive will not send any policy documents to me that details things in finer print. They said to go by the online explanations! lol. I might walk in with my local progressive guy and see what he says or really just move on from Progressive not worth the effort.
yea try the local guy. i would not want to do business with a company that wont share a policy/agreement/contract up front. in fact, there should be a law requiring them to share it. its kind of messed up insurance companies dont have that info readily available when getting a quote...
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Old 06-10-2019, 03:08 PM
  #44  
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Just got my renewal in the mail from charter and I'm up 11%

progressive, Geico will not insure the boat Bec it's over $150k. Other than the one company mentioned here, who else do you all use for over $150k
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Old 06-10-2019, 03:55 PM
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My charter lakes went up 20 percent but the real kicker is 10 percent or 5k whichever is greater named stormed deductible. That’s a major issue for someone on the Gulf Coast. If your boat and trailer is a total loss from a named storm that’s automatically 5k less that will be paid out. Also if your boat receives 15k in damages during a named storm but isn’t a total loss the first 5k is coming out of your pocket. I’m currently shopping my policy around and I’m confident I can do better than Charter Lakes. A 20 percent rate hike and less coverage ? No thanks
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Old 06-10-2019, 04:14 PM
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Originally Posted by Kenner21 View Post
My charter lakes went up 20 percent but the real kicker is 10 percent or 5k whichever is greater named stormed deductible. Thatís a major issue for someone on the Gulf Coast. If your boat and trailer is a total loss from a named storm thatís automatically 5k less that will be paid out. Also if your boat receives 15k in damages during a named storm but isnít a total loss the first 5k is coming out of your pocket. Iím currently shopping my policy around and Iím confident I can do better than Charter Lakes. A 20 percent rate hike and less coverage ? No thanks
YES!!!! I noticed the new amendment. I started shopping around today. I will post my results and please post yours.
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Old 06-11-2019, 04:46 AM
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Originally Posted by Kenner21 View Post
My charter lakes went up 20 percent but the real kicker is 10 percent or 5k whichever is greater named stormed deductible. Thatís a major issue for someone on the Gulf Coast. If your boat and trailer is a total loss from a named storm thatís automatically 5k less that will be paid out. Also if your boat receives 15k in damages during a named storm but isnít a total loss the first 5k is coming out of your pocket. Iím currently shopping my policy around and Iím confident I can do better than Charter Lakes. A 20 percent rate hike and less coverage ? No thanks
WHO IS THE ACTUAL INSURANCE COMPANY?!

Hint: its not CL. If you want to help the THT community, share details. Would be good for everyone with the same insurance company to check their policy for the same changes!
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Old 06-11-2019, 04:59 AM
  #48  
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Originally Posted by Kenner21 View Post
My charter lakes went up 20 percent but the real kicker is 10 percent or 5k whichever is greater named stormed deductible. Thatís a major issue for someone on the Gulf Coast. If your boat and trailer is a total loss from a named storm thatís automatically 5k less that will be paid out. Also if your boat receives 15k in damages during a named storm but isnít a total loss the first 5k is coming out of your pocket. Iím currently shopping my policy around and Iím confident I can do better than Charter Lakes. A 20 percent rate hike and less coverage ? No thanks
I have ZERO deductible with Charter, after 4 years declining.
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Old 06-11-2019, 05:02 AM
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Originally Posted by mystery View Post
yea try the local guy. i would not want to do business with a company that wont share a policy/agreement/contract up front. in fact, there should be a law requiring them to share it. its kind of messed up insurance companies dont have that info readily available when getting a quote...
There is a reason they don't provide that info up front. You have many endorsements that can be added to a policy or eliminated from the policy. If you start randomly handing out policy jackets whats to say you choose to exclude a coverage but that policy jacket you have to read does not have that exclusion in the paper work. You buy the policy and now that exclusion is in the paper work. You have a claim and then you start pointing to the paper work sent to you prior to buying the policy. Now the Ins Co. may have to eat the claim, because of what they sent you prior to buying the actual policy.
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Old 06-11-2019, 05:04 AM
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Originally Posted by fishingfun View Post
There is a reason they don't provide that info up front. You have many endorsements that can be added to a policy or eliminated from the policy. If you start randomly handing out policy jackets whats to say you choose to exclude a coverage but that policy jacket you have to read does not have that exclusion in the paper work. You buy the policy and now that exclusion is in the paper work. You have a claim and then you start pointing to the paper work sent to you prior to buying the policy. Now the Ins Co. may have to eat the claim, because of what they sent you prior to buying the actual policy.
Quotes typically list all endorsements. I request not only the main policy but every single endorsement. I read it all.
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Old 06-11-2019, 10:44 AM
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Originally Posted by Schmaltz~Herring View Post
I have ZERO deductible with Charter, after 4 years declining.
That disappearing deductible doesnít apply to named storms.
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Old 06-11-2019, 07:56 PM
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The prices on all these insurance companies professional sports sponsor bills have gone up, somebody has to pay for it. One of the biggest if not the biggest money scam in the world is insurance. 1 million people pay $800/mo, 100 wrecks happen that month, only 30 need to be totalled. That's a hell of a lot of profit for a small office, 3 computers, 3 salesmen, 3 adjusters and a light bill. One of these days I'll have the money to open my insurance company and be raking in money hand over fist.
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Old 06-12-2019, 03:24 AM
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Originally Posted by mystery View Post
WHO IS THE ACTUAL INSURANCE COMPANY?!

Hint: its not CL. If you want to help the THT community, share details. Would be good for everyone with the same insurance company to check their policy for the same changes!

Calm down with the caps, I understand that Charter Lakes is the underwriter. CL packages these policies and they are sold as an Angler package or whatever they want to call it. The quote I received from Charter Lakes was from National Speciality Insurance Company. The actual policy booklet reads the exact same including the named stormed deductible as it did with XL. I’m glad I took the time to read the notification of change page.

Last edited by Kenner21; 06-12-2019 at 03:34 AM.
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Old 06-12-2019, 11:51 AM
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Originally Posted by Kenner21 View Post
Calm down with the caps, I understand that Charter Lakes is the underwriter. CL packages these policies and they are sold as an Angler package or whatever they want to call it. The quote I received from Charter Lakes was from National Speciality Insurance Company. The actual policy booklet reads the exact same including the named stormed deductible as it did with XL. I’m glad I took the time to read the notification of change page.
No Charter Lakes is not the underwriter. They are the broker/agent. According to your jacket XL Group is your underwriter. If you have a claim you will deal with a Charter Lakes adjuster up to $___ (I don't know the exact amount). For larger claims you will deal with an XL adjuster.
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Old 06-12-2019, 11:54 AM
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Originally Posted by PRO-BLU View Post
The prices on all these insurance companies professional sports sponsor bills have gone up, somebody has to pay for it. One of the biggest if not the biggest money scam in the world is insurance. 1 million people pay $800/mo, 100 wrecks happen that month, only 30 need to be totalled. That's a hell of a lot of profit for a small office, 3 computers, 3 salesmen, 3 adjusters and a light bill. One of these days I'll have the money to open my insurance company and be raking in money hand over fist.
And if you ever do that, you will learn that some years they make money and some years they lose money. If they made money "hand over fist" there would be more companies writing boat policies.
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Old 06-12-2019, 01:07 PM
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Originally Posted by 74lbSteve View Post
No Charter Lakes is not the underwriter. They are the broker/agent. According to your jacket XL Group is your underwriter. If you have a claim you will deal with a Charter Lakes adjuster up to $___ (I don't know the exact amount). For larger claims you will deal with an XL adjuster.
yup XL is the underwriter. they are the ones determining the increase, policy changes, etc.
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Old 06-12-2019, 02:01 PM
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Originally Posted by 74lbSteve View Post
And if you ever do that, you will learn that some years they make money and some years they lose money. If they made money "hand over fist" there would be more companies writing boat policies.
ok I used the wrong terminology at 5am this morning , the point is watch your notification of change page when renewing. I swear some of you guys live to correct and argue with people online. According to my renewal jacket who is the underwriter? See my point, acting like CL has zero to do with pricing is nonsense. CL was handling all of Xls center console policy’s, so One can assume CL was involved in all aspects of selling the policy’s since they packaged them for XL. I for one could care less about tournament entry insurance, give me real named storm coverage instead.

Last edited by Kenner21; 06-12-2019 at 02:16 PM.
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Old 06-23-2019, 06:05 AM
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Originally Posted by grey2112 View Post
Last year I paid $657. Never a claim.

This year, renewal is $755

About a 13% increase.

Wondering about even keeping insurance any more on a 2001 hull with 2013 motor.
Mine went up also. I have a 1999 BR196 with 2000 Yamaha 130. Is it worth it? Like $500 a year
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Old 06-23-2019, 10:53 AM
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I had Progressive on my 2000 Hydra-Sports with twin 2012 Suzukis. It was 867 a year for 38k in coverage. Switch to Farm Bureau and now its down to 475 a year for 38k coverage plus 5k coverage for electronics/accesories.
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Old 06-23-2019, 12:52 PM
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Originally Posted by mystery View Post
yup XL is the underwriter. they are the ones determining the increase, policy changes, etc.

After speaking with Charter Lakes several times in the last week this isnít correct. Their new angler program policyís are actually being underwritten by Charter Lakes themselves. CL did shop my policy around and almost found me different policy with a 5 percent named stormed deductible. I had signed everything when we had a hiccup when my agent entered my marital status as divorced and my rate went up an additional 180 dollars to 1380 total.

In the end I went with a local company underwritten by SeaHorse. Iím back at a 10 percent named storm deductible but the coverage is quite a bit higher then what CL could offer me for similar money with the same deductible. To be fair I was happy with my dealings with my Charter Lakes agent and Iíll consider them again when I shop my policy around next year.
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