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Boat Insurance Increase

Old 03-01-2019, 02:17 PM
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Just wondering if anyone has seen an increase in their boat insurance premium? Not looking for dollar amount but a percentage. I just received my renewal and it increased 19.5%. I am with a company that comes highly recommended on this site. I have never had a claim and the boat was new when I signed up with them last year. I know all the storms have impact on rates but my homeowners actually decreased this year and I live on the gulf coast.
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Old 03-01-2019, 02:27 PM
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Yep. Mine also went up about 20%. Charter Lakes.
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Old 03-01-2019, 02:30 PM
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Renewed today. 7 years with Beacon without any claims. It was a 25.3% increase for me.
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Old 03-01-2019, 02:31 PM
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Same thing, with Charter Lakes and had an increase again this year despite no claims. Will probably start shopping around
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Old 03-01-2019, 02:46 PM
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I am with Charter Lakes as well. I have been shopping rates and they are all about the same +/- $50. BoatUs/Geico seems to have the best rate I found and it includes the membership for BoatUs.
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Old 03-01-2019, 04:24 PM
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mine went up 20 percent last year and about 8 percent this year
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Old 03-01-2019, 04:41 PM
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Mine went down this year about 10%.
I am with State Farm in north Florida.
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Old 03-01-2019, 05:24 PM
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I’m with BoatUS/Geico, it’s stayed about the same. Older bay boat.
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Old 03-02-2019, 02:56 AM
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Mine just went down 8% this year with progressive
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Old 03-02-2019, 06:03 AM
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I have Geico and got a 20% increase I guess they’re saying the Boat market is booming so they are taking advantage
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Old 03-02-2019, 06:14 AM
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FL Panhandle, 0% change - Progressive for USAA members
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Old 03-02-2019, 10:29 AM
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I have been getting quotes on new 33 Invincible, Progressive will not even quote because over $170k value. Geico/Boat Us was $8k or so and State Farm $6500. Charter Lakes $3000 and NMU $2400. CL said to use in FL I need spot tracker due to theft and you have to sign saying it will be functioning at all times. NMU will give permission for short term use in FL during hurricane season. Besides the hurricanes it seems boat and marine electronic theft especially is rampant.
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Old 03-02-2019, 10:50 AM
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This has less to do with individual claims but rather all the national losses Insurers have had to bear due to primarily storms, thefts, etc.
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Old 03-02-2019, 10:58 AM
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Beaufort, NC in a dry stack and my policy only increased by 3.2%. Pretty good considering all the storm damage this year (no claims by me). Travelers Insurance through Wells Marine.

Last edited by time_to_relax; 03-02-2019 at 10:59 AM. Reason: adding detail
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Old 03-02-2019, 10:59 AM
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Yep, I got one. I didn't factor the percentage of the increase but it was definitely not 19.5%.
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Old 03-02-2019, 11:27 AM
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Thanks for all the input. I feel like I got the old bait and switch. Get you signed up at a low rate only to increase it substantially the next year. I’m glad we have choices.
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Old 03-02-2019, 12:04 PM
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I guess I am lucky, mine went up 5%
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Old 03-02-2019, 12:05 PM
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I called to ask about the rate hike and was told the previous carrier no longer wanted it insure “smaller” boats. They negotiated with a new carrier to offer much of the same coverage ( along with depreciating deductible). The 20% was for last years storms. I definitely like their customer service so I’ll ride it out this year...
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Old 03-08-2019, 05:54 PM
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Charter Lakes no change, in fact my policy has a disappear deductible, so now I have a zero deductible.
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Old 03-08-2019, 06:19 PM
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My Charter Lakes went up just slightly BUT they changed to a named storm deductible of 10%. That’s a huge change as my disappearing deductible was very small and just went to $15,000! for a storm.
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