20% Insurance Premium Hike - Anyone else?

[c_hotshot]

I recently received my annual insurance premium for the boat and it's a 20% price hike over last year. The year before that was a 5% hike, which I thought was acceptable.

When I called to inquire about the 20% hike - they stated it was due to "Texas market conditions." So I'm curious if anyone else, especially those living in Texas, had significant increases in their insurance premiums?

Thanks,
Chris

[freeheel4life]

That certainly sound like a rip off. I wonder if the "Texas market conditions" means that lots of people wrote off boats as total loss after Harvey?? Or if insurance is passing the buck from Harvey onto all the policy holders??

[h2o-ski]

No, mine actually went down a little and the benefits actually got better. I am just north of San Antonio. What insurance company are you with?

[LTWellman]

I'm in Austin and mine (Ski Safe) went up a little bit, maybe $25-30 more a year, not much.

[Ruger761]

Mine went up as well about 20%. Currently through progressive but I think its time to look around.

[sandm]

ski safe ftw....

I had progressive and ski safe was almost half the cost. granted I never had a claim in 8 years so not sure how the service is but if you never have claims, their pricing is good and was agreed value coverage...

[Ruger761]

I'll have to give them a call see what they come up with. Thanks

[Ruger761]

Just set up the new insurance through ski safe, going to save me $194 per year with better coverage than I had before. Thanks again

[cnote]

i also have progressive through usaa, in Texas, and yes mine went up a lot as well. Much of that due to new boat, but even if i had stayed with same boat i want to say it was a 15% hike. I have my other watercraft through them as well as cars and house (usaa) but now with several of y'all significantly saving with another provider makes me wonder...

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[c_hotshot]

Like CNote, S and M, and Ruger, I am with Progressive through USAA - which also has my Auto and Home policies.

H2O - who is your policy through?

Others - Thanks for the info on Ski Safe - I'll call them today to get a quote.

[h2o-ski]

My insurance is through Geico Marine with agreed hull value. The only beef that I had with them is that they deemed a prop shaft as a wear item and would not cover the full value. Luckily the Ski Dock determined that the prop had a slight ding that was causing a vibration.

[TigeFamily]

I was with USBOAT before they went to Geico, they were good but never had a claim to test them. Recently after converting to Geico, they quoted me about $800yr with winter layup.
SkiSafe with exact same coverage: $1k deductible and agreed value on boat and trailer, $300k liability coverage, freeze damage and consequntial loss included, $2500 of coverage for personal property with $250 ded, and the coverage for fuel spill in case boat sinks and EPA fines....as well as 12months year around coverage (no layup)....was $588. This is by far the best pricing I have found. Reviews I have seen on SkiSafe are that if legit, they pay. They are clear tho that if you have a winter layup policy and you take boat out and something happens, you are not covered....so check that. Difference in price was minimal and since i surf occasionally during layup months, I got the coverage added to be safe.