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#1
posted to rec.boats
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It's not fuel prices that's going to kill the boat market
It's insurance! Or lack thereof. In Florida, it is now impossible to
insure a boat over 30' long valued at more than $100,000 if the boat: a) doesn't have a trailer and/or b) is more than 5 model years old (2001 and older are uninsurable if they're over 30 feet and valued at more than $100,000) I just applied for quotes from NBOA, Boater's Choice, Progressive, and 2 or three others. All said the same thing: no dice. Progressive was willing to write my boat for $100,000 coverage (it's valued at $113k though) to the tune of $4500/year. I'm with Boat/US, and insured for $113,000 for just under $3000/year. I was looking to save some money, and it's apparent that that isn't going to happen. Read this thread on thehulltruth.com to understand how bad it is in Florida now: http://www.thehulltruth.com/forums/t...114956&start=1 Guys cannot get financing on boats because they can't insure them. |
#2
posted to rec.boats
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It's not fuel prices that's going to kill the boat market
NOYB wrote: It's insurance! Or lack thereof. In Florida, it is now impossible to insure a boat over 30' long valued at more than $100,000 if the boat: a) doesn't have a trailer and/or b) is more than 5 model years old (2001 and older are uninsurable if they're over 30 feet and valued at more than $100,000) I just applied for quotes from NBOA, Boater's Choice, Progressive, and 2 or three others. All said the same thing: no dice. Progressive was willing to write my boat for $100,000 coverage (it's valued at $113k though) to the tune of $4500/year. I'm with Boat/US, and insured for $113,000 for just under $3000/year. I was looking to save some money, and it's apparent that that isn't going to happen. Read this thread on thehulltruth.com to understand how bad it is in Florida now: http://www.thehulltruth.com/forums/t...114956&start=1 Guys cannot get financing on boats because they can't insure them. Sorry to hear about your insurance difficulties. Nothing similar is happening in this area of the country- so I'm willing to bet it has a lot to do with the $$$$$$$$$ in losses the boat insurance companies suffer whenever your several hurricanes per year blow through. Sort of like trying to buy fire insurance on a house 50-feet from a blast furnace. Those rates sound astronomical to insure a $100k boat, but it makes some sense to evaluate local risk rather than just "average" it out against everybody in the country- whether they live in a hurricane zone or not. Kind of like the 450-pound diabetic trying to buy medical insurance- it wouldn't be fair to the 190-pound jogger to just average the two of them together and charge them both the same rate as one is many times more likely to suffer an expensive incident than the other. |
#3
posted to rec.boats
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It's not fuel prices that's going to kill the boat market
"Chuck Gould" wrote in message ups.com... NOYB wrote: It's insurance! Or lack thereof. In Florida, it is now impossible to insure a boat over 30' long valued at more than $100,000 if the boat: a) doesn't have a trailer and/or b) is more than 5 model years old (2001 and older are uninsurable if they're over 30 feet and valued at more than $100,000) I just applied for quotes from NBOA, Boater's Choice, Progressive, and 2 or three others. All said the same thing: no dice. Progressive was willing to write my boat for $100,000 coverage (it's valued at $113k though) to the tune of $4500/year. I'm with Boat/US, and insured for $113,000 for just under $3000/year. I was looking to save some money, and it's apparent that that isn't going to happen. Read this thread on thehulltruth.com to understand how bad it is in Florida now: http://www.thehulltruth.com/forums/t...114956&start=1 Guys cannot get financing on boats because they can't insure them. Sorry to hear about your insurance difficulties. Nothing similar is happening in this area of the country- so I'm willing to bet it has a lot to do with the $$$$$$$$$ in losses the boat insurance companies suffer whenever your several hurricanes per year blow through. Sort of like trying to buy fire insurance on a house 50-feet from a blast furnace. Those rates sound astronomical to insure a $100k boat, but it makes some sense to evaluate local risk rather than just "average" it out against everybody in the country- whether they live in a hurricane zone or not. Yup. Sounds fair. Just like the rest of the country's tax dollars shouldn't have to pay for security against terrorist attacks in cities like NY, Seattle, LA, Chicago, etc. Nor should our tax dollars pay for the cleanup in New Orleans. |
#4
posted to rec.boats
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It's not fuel prices that's going to kill the boat market
"NOYB" wrote in message .net... "Chuck Gould" wrote in message ups.com... NOYB wrote: It's insurance! Or lack thereof. In Florida, it is now impossible to insure a boat over 30' long valued at more than $100,000 if the boat: a) doesn't have a trailer and/or b) is more than 5 model years old (2001 and older are uninsurable if they're over 30 feet and valued at more than $100,000) I just applied for quotes from NBOA, Boater's Choice, Progressive, and 2 or three others. All said the same thing: no dice. Progressive was willing to write my boat for $100,000 coverage (it's valued at $113k though) to the tune of $4500/year. I'm with Boat/US, and insured for $113,000 for just under $3000/year. I was looking to save some money, and it's apparent that that isn't going to happen. Read this thread on thehulltruth.com to understand how bad it is in Florida now: http://www.thehulltruth.com/forums/t...114956&start=1 Guys cannot get financing on boats because they can't insure them. Sorry to hear about your insurance difficulties. Nothing similar is happening in this area of the country- so I'm willing to bet it has a lot to do with the $$$$$$$$$ in losses the boat insurance companies suffer whenever your several hurricanes per year blow through. Sort of like trying to buy fire insurance on a house 50-feet from a blast furnace. Those rates sound astronomical to insure a $100k boat, but it makes some sense to evaluate local risk rather than just "average" it out against everybody in the country- whether they live in a hurricane zone or not. Yup. Sounds fair. Just like the rest of the country's tax dollars shouldn't have to pay for security against terrorist attacks in cities like NY, Seattle, LA, Chicago, etc. There is no comparison between people choosing to live in hurricane alley and folks living in large cities that terrorists chose to target. Nor should our tax dollars pay for the cleanup in New Orleans. Don't complain about your high insurance costs or your being uninsurable. And don't expect taxpayers to pay the bill so you can build a new house after your is destroyed by a hurricane. *You* chose to purchase a house in hurricane alley. You knew the risks and you are now paying the price. |
#5
posted to rec.boats
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It's not fuel prices that's going to kill the boat market
" JimH" not telling you @ pffftt.com wrote in message . .. "NOYB" wrote in message .net... "Chuck Gould" wrote in message ups.com... NOYB wrote: It's insurance! Or lack thereof. In Florida, it is now impossible to insure a boat over 30' long valued at more than $100,000 if the boat: a) doesn't have a trailer and/or b) is more than 5 model years old (2001 and older are uninsurable if they're over 30 feet and valued at more than $100,000) I just applied for quotes from NBOA, Boater's Choice, Progressive, and 2 or three others. All said the same thing: no dice. Progressive was willing to write my boat for $100,000 coverage (it's valued at $113k though) to the tune of $4500/year. I'm with Boat/US, and insured for $113,000 for just under $3000/year. I was looking to save some money, and it's apparent that that isn't going to happen. Read this thread on thehulltruth.com to understand how bad it is in Florida now: http://www.thehulltruth.com/forums/t...114956&start=1 Guys cannot get financing on boats because they can't insure them. Sorry to hear about your insurance difficulties. Nothing similar is happening in this area of the country- so I'm willing to bet it has a lot to do with the $$$$$$$$$ in losses the boat insurance companies suffer whenever your several hurricanes per year blow through. Sort of like trying to buy fire insurance on a house 50-feet from a blast furnace. Those rates sound astronomical to insure a $100k boat, but it makes some sense to evaluate local risk rather than just "average" it out against everybody in the country- whether they live in a hurricane zone or not. Yup. Sounds fair. Just like the rest of the country's tax dollars shouldn't have to pay for security against terrorist attacks in cities like NY, Seattle, LA, Chicago, etc. There is no comparison between people choosing to live in hurricane alley and folks living in large cities that terrorists chose to target. Sure there is. I have a much lower chance of being the victim of a terrorist attack than someone living in NY...and NY'ers have a lower chance of getting hit by a Cat 3 or higher hurricane. And guess what? The risks are directly related to where we each chose to live. Nor should our tax dollars pay for the cleanup in New Orleans. Don't complain about your high insurance costs or your being uninsurable. And don't expect taxpayers to pay the bill so you can build a new house after your is destroyed by a hurricane. *You* chose to purchase a house in hurricane alley. You knew the risks and you are now paying the price. I don't mind paying the price. It's not the cost that I'm complaining about. It's the fact that there is no insurance company willing to write a new policy for a boat over 30' long valued at more than $100,000...unless that boat is a 2002 or newer. The problem with insurance companies is that there is no federal oversight (thanks to the McCarron-Ferguson Act), and they're not subject to anti-trust legislation. It's the only industry that has that has the benefit of such an unlevel playing field. Congress has the Constitutional authority to regulate interstate commerce. What is a better example of interstate commerce than an insurance company headquartered in Hartford, CT selling an insurance product to a guy down in Florida? The entire problem spills over directly to health insurance too. Corporations, labor unions, and the US government can buy their insurance in a state that has affordable premiums and cheap coverage, and provide that coverage for members no matter where they live. Small businesses have no such luxury, because Senate Democrats have managed to stall a vote on the Small Business Health Fairness Act. I'd like to see the insurance industry regulated the way that public utilities like power companies are regulated. |
#6
posted to rec.boats
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It's not fuel prices that's going to kill the boat market
NOYB wrote: I'd like to see the insurance industry regulated the way that public utilities like power companies are regulated. That's pricless. Gore the right ox, and suddenly even the staunchest of conservatives is calling for more government regulation of private industry. :-) All the comparisons about terrorist threats being greater in NY, Seattle, Chicago or what not don't have anything to do with why your boat insurance is so high and whether or not it should be so high based on the risk you choose to run by living where hurricanes are commonplace. Your boat insurance premuims aren't underwriting losses suffered by terrorist attack in large cities, and if there is some sort of insurance premium one can pay to be insured against loss by terrorism- none of that money if going into a fund to buy new boats for Floridians who get smashed up by a hurricane. The insurance companies should not be forced to sell you cheap insurance, or even accept ridiculous levels of risk if they don't want to. Falls under the category of free enterprise, don't you know. I'd like to buy insurance against getting one year older next birthday- but there isn't anybody willing to write it at any price because it is a certainty that if I live to my next birthday I will indeed be a year older. Rather than call for government regulation forcing people to sell policies that don't make any sense, I think I'll just adapt to getting older. Seriously, it's a darn shame that you guys are having trouble buying boat insurance down there- but no company should be forced to make suicidal business decisions just to make boating more convenient in the hurricane zone. |
#7
posted to rec.boats
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It's not fuel prices that's going to kill the boat market
On Thu, 24 Aug 2006 01:30:56 +0000, NOYB wrote:
I'd like to see the insurance industry regulated the way that public utilities like power companies are regulated. As in many states, Florida does regulate insurance companies. "Insurance companies are private businesses that must make a profit to survive and fulfill their ability to pay claims filed by insureds. It is a highly regulated, carefully controlled profit, however. Rates for nearly all lines of insurance must be approved by the Office of Insurance Regulation. The maximum allowable rate of return is generally 5 percent, with 2 to 3 percent returns more typical on an actual basis. Excess profit laws exist in several lines of insurance requiring automatic rate rollbacks when the maximum approved profit level is exceeded. They have been rarely activated." From: http://www.flains.org/public/ht_irate.html-ssi |
#8
posted to rec.boats
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It's not fuel prices that's going to kill the boat market
"NOYB" wrote in message k.net... " JimH" not telling you @ pffftt.com wrote in message . .. "NOYB" wrote in message .net... "Chuck Gould" wrote in message ups.com... NOYB wrote: It's insurance! Or lack thereof. In Florida, it is now impossible to insure a boat over 30' long valued at more than $100,000 if the boat: a) doesn't have a trailer and/or b) is more than 5 model years old (2001 and older are uninsurable if they're over 30 feet and valued at more than $100,000) I just applied for quotes from NBOA, Boater's Choice, Progressive, and 2 or three others. All said the same thing: no dice. Progressive was willing to write my boat for $100,000 coverage (it's valued at $113k though) to the tune of $4500/year. I'm with Boat/US, and insured for $113,000 for just under $3000/year. I was looking to save some money, and it's apparent that that isn't going to happen. Read this thread on thehulltruth.com to understand how bad it is in Florida now: http://www.thehulltruth.com/forums/t...114956&start=1 Guys cannot get financing on boats because they can't insure them. Sorry to hear about your insurance difficulties. Nothing similar is happening in this area of the country- so I'm willing to bet it has a lot to do with the $$$$$$$$$ in losses the boat insurance companies suffer whenever your several hurricanes per year blow through. Sort of like trying to buy fire insurance on a house 50-feet from a blast furnace. Those rates sound astronomical to insure a $100k boat, but it makes some sense to evaluate local risk rather than just "average" it out against everybody in the country- whether they live in a hurricane zone or not. Yup. Sounds fair. Just like the rest of the country's tax dollars shouldn't have to pay for security against terrorist attacks in cities like NY, Seattle, LA, Chicago, etc. There is no comparison between people choosing to live in hurricane alley and folks living in large cities that terrorists chose to target. Sure there is. I have a much lower chance of being the victim of a terrorist attack than someone living in NY...and NY'ers have a lower chance of getting hit by a Cat 3 or higher hurricane. And guess what? The risks are directly related to where we each chose to live. And folks living in Hawaii have a lower chance of seeing snow in January than those living in Alaska. And guess what, the risks are directly related to where we choose to live. So what does snow have to do with insurance? Nothing, just like insurance has nothing to do with taxes. BTW: How many terrorist attacks were there in New York last year? How many hurricanes were there in Florida last year? How about 2004? 2003? 2002? Hmmmm, and I thought the odds were the same. Nor should our tax dollars pay for the cleanup in New Orleans. Don't complain about your high insurance costs or your being uninsurable. And don't expect taxpayers to pay the bill so you can build a new house after your is destroyed by a hurricane. *You* chose to purchase a house in hurricane alley. You knew the risks and you are now paying the price. I don't mind paying the price. It's not the cost that I'm complaining about. It's the fact that there is no insurance company willing to write a new policy for a boat over 30' long valued at more than $100,000...unless that boat is a 2002 or newer. Insurance companies are not in the business of losing money nor should they be forced to. Don't like it? Move. Otherwise accept the consequences of your choice to live in hurricane alley. |
#9
posted to rec.boats
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It's not fuel prices that's going to kill the boat market
Don't complain about your high insurance costs or your being uninsurable.
And don't expect taxpayers to pay the bill so you can build a new house after your is destroyed by a hurricane. *You* chose to purchase a house in hurricane alley. You knew the risks and you are now paying the price. NOYB wrote: I don't mind paying the price. It's not the cost that I'm complaining about. It's the fact that there is no insurance company willing to write a new policy for a boat over 30' long valued at more than $100,000...unless that boat is a 2002 or newer. Isn't that complaining about cost? All you have to do is go buy a new boat. If you pre-2002 boat is truly perfect, then all you have to do is get a custom builder to crank out an exact replica. Money doesn't solve everything, but it can easily solve problems like that. The problem with insurance companies is that there is no federal oversight (thanks to the McCarron-Ferguson Act), and they're not subject to anti-trust legislation. It's the only industry that has that has the benefit of such an unlevel playing field. Congress has the Constitutional authority to regulate interstate commerce. And not so very long ago, the Republican battle cry was "Deregulation!" So these things come & go in cycles. The entire problem spills over directly to health insurance too. Corporations, labor unions, and the US government can buy their insurance in a state that has affordable premiums and cheap coverage, and provide that coverage for members no matter where they live. Small businesses have no such luxury, because Senate Democrats have managed to stall a vote on the Small Business Health Fairness Act. That's right, I knew you'd find a way to blame the Democrats. But hey, as long as *you* do it, it's not partisan hackery! I'd like to see the insurance industry regulated the way that public utilities like power companies are regulated. As I've said before, NOYB, you're not really a conservative. You're a socialist dressed up to party in a theocratic dictatorship suit. Regards Doug King |
#10
posted to rec.boats
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It's not fuel prices that's going to kill the boat market
NOYB wrote: I'd like to see the insurance industry regulated the way that public utilities like power companies are regulated. Whoa, what happened to the republican mantra of a few years ago, when you righties wanted every industry deregulated? |
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