Insurance premium went down - same coverage

Know there is another thread running on insurance premiums. Since this is a big thumbs up, figured I start a separate thread.

This is my forth year with ACE insurance. The premium went down $33 for the same coverage. Asked my broker / agent to have ACE quote for expanded coverage area for this years trip around the Great Loop. Gave them my expected itinerary (each month and approximate area) and explained that I would be actively cruising March through November, 5K to 6K miles. Also needed to have my western boundary expanded out to Alabama. No additional charge for expanded coverage area!

Sorry other people are having issues with rising insurance premiums. Thankfully not all insurance companies are doing this! Need to say thank you when your insurer is bucking the trend.

Ted

Maybe they heard that attending the SE Gathering was so enlightening that you were that much less of a risk.

After attending last years, they dropped my premium to zero and have been nice enough not to bother me yet this year for one.

Word gets out ya know....

"Insurance premium went down - same coverage"


That is great Ted. But be careful to read the policy in detail to make sure they did not "automatically"depreciate the asset and therefore reduce the coverage on the boat &/or the riders

Big Mon, you are one lucky dude!

You're fortunate. I've had ACE, no claims, and they wanted to increase my premium 25%. Maybe because of hurricane risk on the Texas Gulf Coast.

Drake said:

You're fortunate. I've had ACE, no claims, and they wanted to increase my premium 25%. Maybe because of hurricane risk on the Texas Gulf Coast.

Click to expand...

Think that's part of my luck regarding premium stability. Insurance seems to focus on identifying and parsing risk. In my case, I'm out of Florida during hurricane season. Think part of their risk assessment is likely boating experience. Being a licensed charter boat captain for 30 years probably factors into their risk assessment. Obviously, I'm ok with this as it benefits me. But I willing to accept that I would pay higher premiums if I choose to cruise to areas with potentially greater risk. As an example, I would expect to pay more if I wanted to cruise to Cuba.

Ted