Insurance cost, tell the amount?

[Simi 60]

We were paying 1.5% of value and same as deductible
New premium is 6.5% of value and deductible is 10%
Zero claims made, reason given boats over 18m regardless of age and construction.

[Mike OReilly]

Originally Posted by a64pilot

My problem is in generating a list of who to call to shop around.

Agreed. It would be good if we could share a list of good brokers and good underwriters. The survey did ask people for both, so there is a list there. But it doesn’t say if people were happy with their choices.

I did run a thread a while ago taking about my recent positive experience with my new broker and underwriter. It would be good to see more of that.

Originally Posted by a64pilot

… I’d like to go, but not at a 300% increase in Insurence, but the killer was the huge deductibles, and they even threw in numbered storms as well as named, and heck everything is numbered at least.
So I would have Insurence, just wasn’t covered for bad weather.

That does seem crazy.

Originally Posted by Simi 60

We were paying 1.5% of value and same as deductible
New premium is 6.5% of value and deductible is 10%
Zero claims made, reason given boats over 18m regardless of age and construction.

I guess many underwriters are trying to recover from recent hurricane losses.

[Tillsbury]

I struggled in New Zealand, but now have a local broker who’s given me a great quote. Only 0.5% of value if I stay within 250nm of NZ, and quite reasonable surcharges to go for extended trips into the Pacific (as long as I stay out of cyclone season). They’ll also take your own agreed value and will insure the rig as long as I’m not racing, which I couldn’t find anyone else to do unless the entire standing rigging and fittings were less than 9 years old.

[redneckrob]

The whole thing is just incredibly arbitrary. Last year my broker inadvertently (maybe on purpose) put my date of birth in incorrectly to show me as 5 months older than I really am. When Geico found out my correct birth date and realized I was "gasp" only a 45 year and 2 month old whippersnapper instead of the 45 year and 7 month old experienced gentleman they originally thought my insurance went up over 20%! That's simply absurd, and of course they had no explanation and no motivation to figure out why their actuarial charts clearly had some kind of kink in them. I canceled my insurance with them and went with Progressive which was only slightly more expensive than my original Geico quote, and although I managed to live through that apparently dangerous age of 45 1/3 to 45 2/3 without a mishap I won't be going back to Geico. I think they try to plug boat stuff into algorithms originally designed for cars and houses where they have orders of magnitude more data and it leads to wonky results like this, where no doubt a single 45 1/3 year old once had a horribly expensive claim so the thing unthinkingly just kinks there.