Insurance hell

[Boatsb]

yes another insurance nightmare.

My boat is over 40 years old.

My boat is over 40 foot

my boat is only insurable by two companies that write policies for boats like mine in Florida and they know it.

after a month of back and forth they told me I needed to update the survey before they would even consider it and will not even quote a price.

Its nice to know I am a target for their abuse.

[MarioG]

I have noticed that when ever you ask for a quote they ask you for the hull ID #. I asked them why? I'm currently buying the boat! I always get the same reply "it's required". I tell them that I have a great, current survey so give me a quote based on the info given. No Dice!

Then it dawned on me, they ask for the hull ID# up front to see if they already have quoted (or cover) that same Hull ID#. In the insurance co evil eyes, why should they have to lower the rate they currently have on the very same vessel you are about to buy?

That's what happens when the State of Florida drops the ball on all of us. Only one or two insurance co in Florida writing policies with no competition and are free to rape while they can because they can. and the state doesn't give a crap. but worse of all, nobody cares enough to do something about it. You would figure that marine business like brokerage firms in Florida would have complained about few sales due to lack of coverage in Fl.

Tallahassee is to blame. The state insurance commissioner should be burned at the stake.

[Genesis]

Well Mario, what would you have the IC do?

The state can't exactly force someone to do business!

[MarioG]

Legislation requiring ALL insurance co to offer all types of insurance in the state of Florida, not just the ones that fall into a niche. If they don't comply, they got to get out of FL. An example is Statefarm offering only car insurance in florida but all types of insurance anywhere else. it's been like this for MANY years, but it is now at the point of being perverse.

[SeaEric]

You draw a legislative line in the sand they will all leave the state. This is not much different than trying to get coverage for my little condo in Ft Lauderdale. No company wants to write it because I'm east of I-95. 99% of the time the weather in So. Fl. is wonderful. But during the other 1% there's lots of destruction. Its just the way it is.

[Pascal]

insurance work by spreading the risk over a large pool of customers. the problem is that insurance companies are now allowed to pick the risks and profiles on which they are guaranteed a profit, leaving everybody else out in the cold. Boats or home or auto.

insurance companies should be allowed to pick states or exclude groups. That would spread out the risks, and while customers in low risks areas would pay a little more we wouldn't be facing the crisis we are facing.

this should be done at the federal level... allow smaller companies to do business only in a handful of states but those writing policies nationwide shoudl have to cover everyone.

as much as i believe in free market, it gets to a point where this is getting to be ridiculous

[Genesis]

Well actually I DO believe there are two things that the IC SHOULD do:

1. If you sell a line anywhere, you have to sell it here, or you can't sell ANYTHING here.

2. No pup companies. Period. Take the risk across the entire base of the United States or don't take it here at all.

Everyone says they'd all leave. They're wrong. Its all about P&L, and none of the big companies would forego the auto business here.

[Boatsb]

My auto insurance is based on my driving record for liability and value of the vehicle and repair cost factored in for collision/replacement.

Since I have 30 years of safe boating without a claim and they can check that why should they be allowed to pass on me because my boat is older or larger than the norm? Thats what the IC needs to look at. Do not punish me for the sins of others.

[kemosabe421]

Over and over you hear that it's the governments fault. They should do something when something doesn't go our way. To those of you that want the government to set prices, so be it. Government should also regulate how much money you make each year. If government feels that you make too much money, government should cut your pay! When government dictates what companies charge for their product, free enterprise ceases. Let the free enterprise system work. Over time, insurance companies will come back into the market and competition will bring prices back down. It may not happen as fast as we would like but it will happen. Remember, companies are in business to make money for their stockholders....not to be your friend or to cut you a deal. Also remember that government is 99.9% never the solution.

[Boatsb]

But insurance is a regulated industry. Just not properly regulated. Government inefficiency?