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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 06-03-2019, 03:32 PM
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Default Anyone else get a significant rate hike with Charter Lakes?

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.
Old 06-03-2019, 04:06 PM
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$755 per year to be covered for most liability? Thats a no brainer! The boat may not be worth much, but should there be any incident, at least you got coverage for any litigation. Thats why they call it insurance, and its there when you need it. There is a reason why its required for cars, no matter how much the car is worth, its to protect from the potential liability
Old 06-04-2019, 07:56 AM
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My insurance almost doubled this year. I couldnt believe it. I had my agent find me a new policy.
Old 06-04-2019, 08:06 AM
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My charter lakes went up by about the same as you.
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Old 06-04-2019, 08:06 AM
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Keep it for the liability for sure. You may be able to adjust it for only liability which should lower the rate.
Old 06-04-2019, 08:12 AM
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I just wrote the check today up $225.00 to $2488.00 great coverage. What does not go up when paying?
Old 06-04-2019, 08:13 AM
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Originally Posted by hokiebird View Post
Keep it for the liability for sure. You may be able to adjust it for only liability which should lower the rate.
Yeah, I'm thinking of doing that. Of course, there's always the risk of something happening and losing everything. Hmm, maybe just one more year.
Old 06-04-2019, 08:13 AM
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Do you own a home? Check w/your home insurer. Liberty Mutual does my home, vehicles and used to cover my last boat under their own marine policy bc it was valued at less than $30K (or maybe $20K, I forget the amt.). It allowed me to have the same level of liability as on my house, and the added cost was way less than a stand-alone marine policy.
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Old 06-04-2019, 08:17 AM
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Mine went up about 60 bucks
Old 06-04-2019, 08:23 AM
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Maybe I was also getting a multi-boat discount but now that my wife's boat is sold . . . . . hmm. Home insurance company doesn't do boats or cars. Car insurance company doesn't do boats or home.
Old 06-04-2019, 08:30 AM
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Time to shop insurance companies. You can probably get better coverage for less money if you get enough quotes.
Old 06-04-2019, 08:33 AM
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Mine went up 15%. XL stopped insuring boats like mine so they shopped it and got the next best option. I went out and got 3 more quotes on my own and they all came in higher than what Charter Lakes quoted me so I sucked it up and paid it.
Old 06-05-2019, 05:25 AM
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Yikes. Just got off the phone with Boat US/Geico. They want $400 more for $6000 less hull coverage, $200,000 less liability, $500 more deductible. But hey, they have Pet coverage! (I never bring pets on my boat) and unlimited towing (I've already got that).

Looks like I'll be sticking with Charter Lakes for now.
Old 06-05-2019, 05:35 AM
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Originally Posted by DreamWeaver21 View Post
Mine went up 15%. XL stopped insuring boats like mine so they shopped it and got the next best option. I went out and got 3 more quotes on my own and they all came in higher than what Charter Lakes quoted me so I sucked it up and paid it.
what kind of boat do you have?
(I also have XL as my underwriter...)
Old 06-05-2019, 05:57 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.
have you seen any of the other same threads on this subject?

PS. its not Charter Lakes raising your rates. Who is the policy actually underwritten by? They are the ones raising the rates. It would be nice for you to share so others can compare. Just saying Charter Lakes doesnt help anyone as they work with a dozen or so insurance companies...
Old 06-05-2019, 06:02 AM
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Originally Posted by mystery View Post
have you seen any of the other same threads on this subject?

PS. its not Charter Lakes raising your rates. Who is the policy actually underwritten by? They are the ones raising the rates. It would be nice for you to share so others can compare. Just saying Charter Lakes doesnt help anyone as they work with a dozen or so insurance companies...
Sorry, I should have been more specific.

XL Speciality

Old 06-05-2019, 06:03 AM
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Originally Posted by Hossharris View Post


what kind of boat do you have?
(I also have XL as my underwriter...)
2001 Cobia 250WA with 2013 Honda 250. 2013 Owens and Sons Trailer
Old 06-05-2019, 06:08 AM
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Originally Posted by grey2112 View Post
Sorry, I should have been more specific.

XL Speciality
Consider yourself lucky. XL dropped much of their yacht market. I received a letter stating they are getting out of the business.
Old 06-05-2019, 06:14 AM
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Originally Posted by DreamWeaver21 View Post
Mine went up 15%. XL stopped insuring boats like mine so they shopped it and got the next best option. I went out and got 3 more quotes on my own and they all came in higher than what Charter Lakes quoted me so I sucked it up and paid it.
/\ this... same with me. I called and the agent explained that XL was no longer insuring most boats so they looked for the next best option. When I called around for other quotes, I couldn't find anything even remotely close.
Old 06-05-2019, 07:02 AM
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Just got my renewal , up Aprox 20 percent. 8 years no claims. Insurance is a scam but whatcha going to do.

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