Friday Rant on Saturday: Insurance

Deep C · 03-01-2008, 03:42 PM

For me its that time of year again... Home, car and boat all come due about now. Being in the worst state for this stuff only adds fuel to the fire. I have to say that my boat policy has been most comfortable for as long as I could remember. Until now...
Took a look and it was nearly double of last year.

I've had no claims, Florida has had no rash of hurricanes or other losses in the last couple years. The rates did go up already when that did happen. So I called and asked why the increase? "Because we can" was the reply

With no hurricanes and no sudden rash of boating accidents or thefts I would love to know how they got state approval for a 60-70% hike?

House: Talk about a screwed up state. Basically its nearly impossible to get insurance in the south end of the state so they had a big state backed "pool". Along came three back to back hurricanes and south Florida was again wrecked. Me, I was a good boy. Castle Deep built rock solid lost some foliage but nothing to claim. As a reward for no claims they kicked me out of the pool and told me I qualify to buy any insurance I want. I was paying under three grand in the pool. The cheapest I could find outside was over twice that! Because I was so good before they won't let me back in the pool. Stuck with double plus...

Renewal time I call my agent and tell her to get off her lazy ass and find me cheaper. I go shopping too. Find some much better stuff and find she's an agent for them too. She comes back with another high quote. I ask about the other carriers that I found cheaper that she's an agent for. She turns red saying that the one she quoted is cheapest. Keeping my business is pretty easy but won't fly if you try to bullshit me... I show her the written quotes and she blows up. Still wont back off. I'm still way high but a grand lower than she was trying to burn me with.

Open the car package... It's jumped... Again no tickets, no claims, no nothin. Another hike! A big one... Although Mini isn't licensed fully and will have a seperate policy for her car when she gets one, because she lives under my roof and is near driving age I still get whacked??? And under the policy they make sure she is not permitted to drive Mrs or My car and won't cover her???

It wouldn't fry me as bad as it does except that the two claims I have ever had in my whole life were nightmares. Had a two year old Honda Accord get t-boned by a guy who ran a stop sign. Totalled. They tried to pay me $1400 as full value of that car? I'm not that stupid. Five months of back and forth and lawyers they finally coughed up the real FMV $8400, seven grand higher than they were trying to prong me for. The other claim was for my old Dusky whos hull split sitting at the dock and went down. She had a Yamaha Excell 225 still under warranty hanging on her and that insurance company tried to throw me $1600, not grand, hundred! Same game this time eight months of crap and arbitration before they settled on the amount I had actually insured her for $12,000...
It sucks but our hands are tied. Property tax up 300 %, gas up at $4, Insurance nearly double across the board. Wish my salary would go up like that. So thats todays rant... Deep signing off for now...

whowantstoknow · 03-01-2008, 03:50 PM

I know it bites the big one....BUT BECAUSE WE CAN IS NOT AN ANSWER......or it not the right one!

i have run in to alot of people getting huge increases on boat policies in florida....there are better companies out there...you just got to look or know someone who can for you

Deep C · 03-01-2008, 03:53 PM

The new rate is still cheaper than anyone else but not by nearly as much... The "because we can" fried my butt though. I'm not sure how they justified such a large increase when we havn't had any more catastrophies since their last monster increase...

whowantstoknow · 03-01-2008, 04:13 PM

thats the whole game...i cant really tell you why things go up and down so drastically...look at gas...the people who project are the ones who make the money even if they are totally off...but we dont get any money back...its all a guessing game.

b/c you never know when another catastrophie will happen..in regards to your house..thats the price alot of us pay for living on the water...we are at their mercy.

Deep C · 03-01-2008, 04:29 PM

I'm seven miles inland on a hill surrounded by a brick wall...

Waterfront rates sometimes hit 5-10% of the value of the house!

Down here its out of control... The state is leaning on agencies and carriers. Threw out a couple. I think even Allstate is getting the boot just for asking for an increase... Then they go and grant 70% increase to the boat company after they already got 150% after the storms... Its all screwed up. Five miles north over the county line the insurance rate is like 75% less than us in Palm Beach, Broward, Dade or Monroe counties.
I have a place in Monroe county too. Astronomical also but %wise value to premium ratio not as bad. That kind of shocks me cause that one is direct waterfront, 50 feet from the Atlantic, ground floor is 4 feet above mean high water mark, was flattened by Andrew and may as well have a bullseye on it for other storms to come.

Wave Loudly · 03-01-2008, 07:05 PM

Deep, we went through some fun and games with car insurance when we bought a new one early in our marriage. They consided me an "unlicensed adult having access to the vehicle." I told them I was blind, not stupid. I also pointed out that the logic they were giving me was stupid because paying to insure seemed like it might give a stupid person the idea of "what the hell, I'll take it down the street, we're paying for it." We switched to a smarter company.

Deep C · 03-01-2008, 07:14 PM

Wave
I'd imagine that would be quite interesting... Our case is unlicensed driver of age living in household and kinda sucks but yours takes the cake! So just how many times have you taken a spin around the block?.. Ha Ha Ha... Come on you can tell me...

luv2fish67 · 03-01-2008, 07:17 PM

It sucks ...for sure, but about all we can do is charge our customers more to cover rising costs. If we want to continue operating our various businesses and still afford to eat...then someone has to pay. I raised my rates for 2008.....first increase I've had in ten years.

Green Machine · 03-01-2008, 07:17 PM

I hear you on the insurance issues. My dad owns an insurance company and does this for a living. I tell him all the time that insurance is the biggest scam ever created and A LOT more people need to be in jail b/c of insurance!

Wave Loudly · 03-01-2008, 07:36 PM

Deep, I gave it up when I broke my long cane. Also it was hard to stear while Brailing the speed limit signs and the speedometer. But, hey, if you ever want me to drive you home after a night at the bar, just pass me your keys as we go in. You can drink yourself blind, and I'll drink myself sighted! LOL

03-01-2008, 03:50 PM	#2
whowantstoknow I think Admin is going to let me have this space Join Date: Dec 2007 Location: im always in limbo... Posts: 2,532 Credits: 6,714.9 Boat: so many...so little time... Home Port: cape may, NJ Best Catch: the one i catch next...they are all great in my book! Occupation: Insurance Agent at Christi Insurance Group	I know it bites the big one....BUT BECAUSE WE CAN IS NOT AN ANSWER......or it not the right one! i have run in to alot of people getting huge increases on boat policies in florida....there are better companies out there...you just got to look or know someone who can for you Last edited by whowantstoknow; 03-01-2008 at 03:52 PM.

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03-01-2008, 03:53 PM	#3
Deep C Master of all things wet Join Date: Mar 2005 Location: The Plywood State Posts: 12,788 Credits: 30,679.5 Boat: Several Home Port: Palm Beach Best Catch: Mrs Deep Occupation: Killin Stuff	The new rate is still cheaper than anyone else but not by nearly as much... The "because we can" fried my butt though. I'm not sure how they justified such a large increase when we havn't had any more catastrophies since their last monster increase...

03-01-2008, 04:13 PM	#4
whowantstoknow I think Admin is going to let me have this space Join Date: Dec 2007 Location: im always in limbo... Posts: 2,532 Credits: 6,714.9 Boat: so many...so little time... Home Port: cape may, NJ Best Catch: the one i catch next...they are all great in my book! Occupation: Insurance Agent at Christi Insurance Group	thats the whole game...i cant really tell you why things go up and down so drastically...look at gas...the people who project are the ones who make the money even if they are totally off...but we dont get any money back...its all a guessing game. b/c you never know when another catastrophie will happen..in regards to your house..thats the price alot of us pay for living on the water...we are at their mercy.

03-01-2008, 04:29 PM	#5
Deep C Master of all things wet Join Date: Mar 2005 Location: The Plywood State Posts: 12,788 Credits: 30,679.5 Boat: Several Home Port: Palm Beach Best Catch: Mrs Deep Occupation: Killin Stuff	I'm seven miles inland on a hill surrounded by a brick wall... Waterfront rates sometimes hit 5-10% of the value of the house! Down here its out of control... The state is leaning on agencies and carriers. Threw out a couple. I think even Allstate is getting the boot just for asking for an increase... Then they go and grant 70% increase to the boat company after they already got 150% after the storms... Its all screwed up. Five miles north over the county line the insurance rate is like 75% less than us in Palm Beach, Broward, Dade or Monroe counties. I have a place in Monroe county too. Astronomical also but %wise value to premium ratio not as bad. That kind of shocks me cause that one is direct waterfront, 50 feet from the Atlantic, ground floor is 4 feet above mean high water mark, was flattened by Andrew and may as well have a bullseye on it for other storms to come.

03-01-2008, 07:05 PM	#6
Wave Loudly Sit down Shut up And fish Join Date: Jan 2006 Posts: 450 Credits: 1,521.6 Boat: Hobie Outfitter Kayak	Deep, we went through some fun and games with car insurance when we bought a new one early in our marriage. They consided me an "unlicensed adult having access to the vehicle." I told them I was blind, not stupid. I also pointed out that the logic they were giving me was stupid because paying to insure seemed like it might give a stupid person the idea of "what the hell, I'll take it down the street, we're paying for it." We switched to a smarter company.

03-01-2008, 07:14 PM	#7
Deep C Master of all things wet Join Date: Mar 2005 Location: The Plywood State Posts: 12,788 Credits: 30,679.5 Boat: Several Home Port: Palm Beach Best Catch: Mrs Deep Occupation: Killin Stuff	Wave I'd imagine that would be quite interesting... Our case is unlicensed driver of age living in household and kinda sucks but yours takes the cake! So just how many times have you taken a spin around the block?.. Ha Ha Ha... Come on you can tell me...

03-01-2008, 07:17 PM	#8
luv2fish67 Stop staring at my Avatar. Join Date: Nov 2007 Location: British Columbia, Canada /Key Largo,Fla. Posts: 361 Credits: 1,713.7 Occupation: Logger	It sucks ...for sure, but about all we can do is charge our customers more to cover rising costs. If we want to continue operating our various businesses and still afford to eat...then someone has to pay. I raised my rates for 2008.....first increase I've had in ten years.

03-01-2008, 07:17 PM	#9
Green Machine Stop staring at my Avatar. Join Date: May 2006 Posts: 365 Credits: 1,468.6 Home Port: Manasquan, NJ	I hear you on the insurance issues. My dad owns an insurance company and does this for a living. I tell him all the time that insurance is the biggest scam ever created and A LOT more people need to be in jail b/c of insurance!

03-01-2008, 07:36 PM	#10
Wave Loudly Sit down Shut up And fish Join Date: Jan 2006 Posts: 450 Credits: 1,521.6 Boat: Hobie Outfitter Kayak	Deep, I gave it up when I broke my long cane. Also it was hard to stear while Brailing the speed limit signs and the speedometer. But, hey, if you ever want me to drive you home after a night at the bar, just pass me your keys as we go in. You can drink yourself blind, and I'll drink myself sighted! LOL