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  #1  
Old 08-26-2019, 01:44 PM
erino erino is offline
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Default Unexpected Insurance Hike !

I have a 2014 Reata with a 175-Vrod.


Somehow between paying my homeowers insurance bill, car insurance bill, camper insurance bill, snowmobile insurance bill and umbrella policy, I somehow missed paying my boat insurance bill. Not sure how it happened but I just missed the bill. After getting a cancellation notice I quick call my agent and got it insured. The new bill came (same price) and I paid it. 2 weeks go by and I get another bill asking for an addition $175 (which is about 80% additional). I called my agent and asked what the additional charge was for. She called me back saying that the underwriter reviewed my policy and applied a "speed rating" surcharge. I asked what a speed rating was and she said that it was applied because the under writer determined that the rating is based on 58-mph. About the best that I can do is 48-mph.



Insurance company is Foremost. Anyone else ever come across this ?


My other question is that when they reissued the policy I now have a 1-month gap in coverage. My agent says that is not a problem like it can be for cars. Is this true ?



I have had the same agent for almost 30 years with farmers. Last year my agent was forced into retirement and I was appointed this new agent. I had never had a policy lapse in 30 years without my agent calling me to ask why I hadn't paid my bill yet and that if not paid it would cancel.
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Reata 1850
Merc V-rod 175
Humminbird 1199, 1159, 859 and Helix 7g2n
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  #2  
Old 08-26-2019, 01:54 PM
Insurancepro Insurancepro is offline
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Join Date: Mar 2006
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Quote:
Originally Posted by erino View Post
I have a 2014 Reata with a 175-Vrod.


Somehow between paying my homeowers insurance bill, car insurance bill, camper insurance bill, snowmobile insurance bill and umbrella policy, I somehow missed paying my boat insurance bill. Not sure how it happened but I just missed the bill. After getting a cancellation notice I quick call my agent and got it insured. The new bill came (same price) and I paid it. 2 weeks go by and I get another bill asking for an addition $175 (which is about 80% additional). I called my agent and asked what the additional charge was for. She called me back saying that the underwriter reviewed my policy and applied a "speed rating" surcharge. I asked what a speed rating was and she said that it was applied because the under writer determined that the rating is based on 58-mph. About the best that I can do is 48-mph.



Insurance company is Foremost. Anyone else ever come across this ?


My other question is that when they reissued the policy I now have a 1-month gap in coverage. My agent says that is not a problem like it can be for cars. Is this true ?



I have had the same agent for almost 30 years with farmers. Last year my agent was forced into retirement and I was appointed this new agent. I had never had a policy lapse in 30 years without my agent calling me to ask why I hadn't paid my bill yet and that if not paid it would cancel.


I have been able to help a lot of the members here to better understand Marine Insurance. That is all we do is watercraft. Feel free to give me a call and we can go over your needs. Thanks Bob Luellen 517-627-8080
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  #3  
Old 08-26-2019, 01:56 PM
Misdirection Misdirection is online now
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I would recommend pricing out new policies with a few other insurance companies. Just make sure you get comparable quotes to your current coverage.

I would also call back your current agent and let them know if they raise your rate by $175, you'll move all your policies!

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  #4  
Old 08-26-2019, 02:05 PM
grizzley grizzley is offline
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Join Date: Mar 2012
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I went through something a little different with homeowners ins., they jacked my premium up a lot because I had a policy with a low deductible, BUT if I raised the deductible it came back down neat what I had been paying before. Problem solved----went with another ins. co. that insured the boat, more coverage of firearms, more coverage on the house, and for less money.
Don't be afraid to shop around, BTW, I switched from Nationwide to Erie, so I'm not with some obscure co., plus I have my 66 L-72 Impala insured thru Hagerty, that saved me a bunch over having it insured through a normal insurance co.
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