2021 What Percentage Did Your Insurance Go Up?

[O C Diver]

Just received my insurance renewal for 2021. It is the exact same policy, navigation limits, and coverage amounts, with a 13.5% increase in premium. Now I understand that my premium also reflects 2020 claims from others in the pool and not my lack of any claims, ever. Maybe I missed something, but I thought this wasn't a bad year as far as storm / hurricane claims, and a whole bunch of new customers buying boats. Maybe it's the increasing lack of experience in new boaters that's driving my premium up.

Anyway, I'm curious what others are seeing for percentage increases.

Ted

 

[SiestaG]

9% for the same policy, nav limits, coverage amounts. Had to pull teeth to get them to stay at the same agreed value. They wanted to lower AV 20% (and would kept the "old" premium - coincidence? Their way of hiding the real premium increase?).

 

[Stout]

Ins. Increase

Ours renewed in August, up 10% same coverage and navigation area- Oregon up to the northern end of Vancouver Is. we have coverage through Chubb who bought Ace a few years ago.

 

[O C Diver]

Ours renewed in August, up 10% same coverage and navigation area- Oregon up to the northern end of Vancouver Is. we have coverage through Chubb who bought Ace a few years ago.

Yes, I to have Chubb who absorbed my Ace policy.

Ted

 

[Stout]

Ted, our coverage is probably comparable, just different geographical location. I guess we in the NW are helping you all in the SE .

 

[O C Diver]

Ted, our coverage is probably comparable, just different geographical location. I guess we in the NW are helping you all in the SE .

All 13 of you?

Ted

 

[Leatherneck]

My policy renews in January. It is up 13%. Same navigation area and coverage. Chubb Masterpiece policy provided by Ace.

 

[SteveK]

renewed in July, went up 2%. I guess they will nail me in 2021

 

[EngNate]

Renewal Nov 19, no changes, same price. Beacon

 

[fgarriso]

And, in 2021 your boat is a year older.

 

[Comodave]

Ours went up a bit but I raised the agreed value so I am not sure what accounts for what part of the increase.

 

[Shrew]

Mine renews in April, so I have yet to find out.

Between April 2017 - April 2020, I've seen an increase of 6.2%, but in all honesty that really equates to an increase of $55.00 USD per year. Percentage is a nice statistical representation, but what are we talking about in real world money? More than a single dinner out or a round of drinks?

There comes a time when the effort is not worth the reward. Like collecting bottles on the side of the road for nickels where the time and effort costs more than the financial gain.

 

[BandB]

3% through Lloyds but to achieve that they placed with different insurers.

I've heard everything from 0 to 20% but then the 20% switched carriers and ended up only 5%.

2019 and prior years impacted this year significantly. The impact of 2020 would still be to come, but lets keep in mind for the US it was a record hurricane season. In marine insurance, you can many companies getting out of the market at the start of the year so that impacted rates as much as claims. Not unusual as insurers will try to buy their way in with low rates and then when that backfires, get out.

 

[Jay N]

My Chubb policy initially went up 26.2% this year - -

But I whined to my broker who was able to get a reduction to only 15%!

Looking back to 2010, the total premium increase is 3.62% per year even with this year's increase.

I can live with that, but I wish that most of it didn't have to happen in one year.

 

[O C Diver]

My Chubb policy initially went up 26.2% this year - -

But I whined to my broker who was able to get a reduction to only 15%!

Looking back to 2010, the total premium increase is 3.62% per year even with this year's increase.

I can live with that, but I wish that most of it didn't have to happen in one year.

That's about how mine went. Maybe a 1 or 2% increase for 3 years or more and then 13%.

Ted

 

[BandB]

That's about how mine went. Maybe a 1 or 2% increase for 3 years or more and then 13%.

Ted

The competitive market likely prevented increases they should have previously implemented. When competitors left the market, then they felt they could make up for them all I guess.

 

[O C Diver]

The competitive market likely prevented increases they should have previously implemented. When competitors left the market, then they felt they could make up for them all I guess.

I think the concept of increasing a premium on the same risk is somewhat flawed. This seems more about raising revenue as opposed to qualifying true risk exposure.

Decades ago I had a UPS shippers account. After some number of years they raised the insurance cost (X pennies per $100). I called my sales representative to complain. There response was cost of claims was increasing. To which I responded, so your employees are breaking more stuff, stealing more packages, or making more bad decisions as to when not to require a signature. No response.

At that same time, if you're weekly insurance bill was over $100 per week, you could buy independent insurance for half the price.

Ted

 

[rslifkin]

I'll shop around just for fun before my next renewal (July). At the last one (July 2020), my cost surprisingly went down by $7 (so basically no change). Not like my car insurance that went up almost 20% in August, despite driving (both mine and others) being way down, no changes to my policy, no claims, etc.

 

[BandB]

I'll shop around just for fun before my next renewal (July). At the last one (July 2020), my cost surprisingly went down by $7 (so basically no change). Not like my car insurance that went up almost 20% in August, despite driving (both mine and others) being way down, no changes to my policy, no claims, etc.

Most personal auto insurance got sizeable reductions during this year for at least a month or two.

 

[rslifkin]

Most personal auto insurance got sizeable reductions during this year for at least a month or two.

I got a small rebate for 2 months, but a couple months after that at renewal time, rates jumped by significantly more than the rebates were. Seems to be a jump across my whole area, as I quoted around and everyone had gone up.

 

[Simi 60]

Last year our insurance went up nearly 400% and deductible 700%
That was with Pantaenius with Chubb Insurance Australia Limited and Berkshire Hathaway Speciality Insurance Company as underwriters.
Had been with them 3 years and have never made a claim
Needless to say we are not with them anymore.

They claim it was because our vessel is over 18m in length and it was confirmed in writing, that construction and vessel usage had nothing to do with it.
Fiberglass that never leaves a marina berth would be the same.

But that was BS because we know others that have an even larger timber vessel insured with them, on anchor in an area that does actually get hit by cyclones and their premium did not increase

Before we cancelled we told them of this other vessel and they came back with a considerably better price, but still double the premium we got elsewhere. - even if they matched it the damage was done.

 

[fryedaze]

My Geico policy dropped 10% this month.
With no change in agreed value and a reduction in the deductible. Policy has vanishing deductible.

 

[ScottC]

Upon telling my insurance company that my boat would remain on-the-hard and in a locked building all year (due to corona), they dropped my premium by about 35%.

 

[BandB]

Last year our insurance went up nearly 400% and deductible 700%
That was with Pantaenius with Chubb Insurance Australia Limited and Berkshire Hathaway Speciality Insurance Company as underwriters.
Had been with them 3 years and have never made a claim
Needless to say we are not with them anymore.

They claim it was because our vessel is over 18m in length and it was confirmed in writing, that construction and vessel usage had nothing to do with it.
Fiberglass that never leaves a marina berth would be the same.

But that was BS because we know others that have an even larger timber vessel insured with them, on anchor in an area that does actually get hit by cyclones and their premium did not increase

Before we cancelled we told them of this other vessel and they came back with a considerably better price, but still double the premium we got elsewhere. - even if they matched it the damage was done.

Pantaenius had such moves in many areas. They've had a very difficult time. They stopped offering new policies in the US.

 

[Bud]

IMHOP Insurance companies do not want to insure larger vessels beacause allthough there are not many claims it increases there leverage ratio to much. For insurance Companies it is liabilities (agreed values ect..that they have agreed to pay out) versus equity. They need good ratios to get lower interest money/investors. The low amount of claims does not show up well in the ratios which is the primary factor they are judged by.
The Insurance Companies for Homes pulled out of Florida some time ago so,
Here in Florida we have state government backed Insurance Company called Citizens Insurance for wind insurance for homes and there is Federal backed insurance for flood insurance for homes. As a result of this prices have gone up substantially For example: a small ground level house (1000sqft) here in the Florida Keys if mortgaged has to pay $8000 a year for wind and flood insurance.
The moral of the story is insurance companies left to there own devices/choices will slowly eliminate the more vulnerable sectors to increase there bottom line.

Bud

 

[markpierce]

Stock levels (overall) and hamburger prices are the best measures of inflation, in the long run. The government likes to tax inflationary/imaginary gains, assuming most will be ignorant of confiscation of their assets.

 

[BruceK]

Not everyone checks last years premium for change. Now insurers here are required to state last years premium on the renewal invoice. Leads to some interesting discussions, especially in the virtual absence of inflation.

 

[markpierce]

Not everyone checks last years premium for change. Now insurers here are required to state last years premium on the renewal invoice. Leads to some interesting discussions, especially in the virtual absence of inflation.

Huh? In terms of life-sustaining items like food, inflation is out of control. The price of hamburgers has doubled in the last 10-15 years. Same with grocery prices. Five dollars an hour used to be nice wage in the 1970s. In my seven-decade life, the inflation has been over 1,000 percent. Most times when purchasing meal from a drive-thru, the price is higher than the last.

 

[BruceK]

Huh? In terms of life-sustaining items like food, inflation is out of control. The price of hamburgers has doubled in the last 10-15 years. Same with grocery prices. Five dollars an hour used to be nice wage in the 1970s. In my seven-decade life, the inflation has been over 1,000 percent. Most times when purchasing meal from a drive-thru, the price is higher than the last.

https://www.google.com/search?client=firefox-b-d&q=us+inflation+rate
Maybe they see you coming.
And remember, there is more world outside US borders.

 

[BandB]

Huh? In terms of life-sustaining items like food, inflation is out of control. The price of hamburgers has doubled in the last 10-15 years. Same with grocery prices. Five dollars an hour used to be nice wage in the 1970s. In my seven-decade life, the inflation has been over 1,000 percent. Most times when purchasing meal from a drive-thru, the price is higher than the last.

Doubling in 10-15 years is definitely not out of control. Wages in the 70's? Omg. Move forward. $1 at your time of birth is worth 20 dollars today. That is only an average inflation of 3.55% per year. Now some things are going up due to shortages related to the pandemic. Beef, Pork, and Chicken would be examples of that.