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Mav got me thinking last week, so I did some checking. I am a longstanding USAA customer and use them for most all coverage (except wave runners, because they didn't cover PWC's). My boats were grandfathered with USAA, but (as someone stated) they are not underwriting new boat policies and now refer to Progressive.
I called BoatsUS for a quote. The quote for each boat was less than what I was paying at USAA (for better coverage), but higher than what I was paying for my Waverunners. I was impressed with the coverage and it seemed like a good deal for the boats but not the PWC's. They do not offer discount's for multiple boats/PWC's.
I then called Progressive through the USAA link. I was very pleasantly surprised! When I combined a policy for my ski boat, Pontoon, and two PWC's, I saved a bunch. The policy will cost about the same amount as my previous USAA policy on 2 boats and I can drop the old PWC policy! The Progressive policy is USAA approved and works in conjunction with my USAA Umbrella policy.
All quotes depend on age, experience, credit rating, and driving/boating records, but I think it's worth a call to both BoatsUS and Progressive....even if you are a devoted customer with USAA or other providers.
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| Name: |
Osms
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| Subject: |
Boat Insurance (again)
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Date:
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2/2/2010 6:33:16 PM
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USAA has become less and less competitive, since they decided to take all veterans and families--their risk must have gone up. Two years ago I dropped everything (house, cars, boats, sea doo, umbrella) with USAA and currently pay about 60% of what I paid them. It helps to shop around--loyalty will get you higher premiums.
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I have not been able to beat USAA when looking at a package deal for my needs with home and auto and they still provide very good service for us. I would have no problem changing if I found better value, but if one is out there I can't find it. I did get quotes from several companies you and others suggested a while back, but nothing beat what I have....and I will continue to shop around every year or two just to keep them honest. I think each person/family will get different results when applying based on the situation; it does pay to shop around.
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| Name: |
Talullahhound
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| Subject: |
Boat Insurance (again)
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Date:
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2/2/2010 8:01:34 PM
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One of the things I've always liked about USAA is their customer service. Haven't had that many claims, but each time it was handled promptly and courteously. Plus they always seem to bend over backwards to make it easy for the customer.
I'm wondering what your experience has been with the customer service end of other companies?
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| Name: |
Osms
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| Subject: |
Boat Insurance (again)
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Date:
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2/2/2010 9:06:32 PM
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I have been a USAA member for 40 years (still have life ins). My experience with their customer service was good considering you never talked with the same rep twice and all business was conducted on the phone. Problem started when we lived on the coast. From 2002 till 2007 my homeowners went up 329% with USAA with no claims. I believe USAA has dumped Florida homes all together. Had a friend with a loss during Katrina, had to sue USAA and collected 100% of claim with jury decision--that's not my kind of insurance company--they've gotten just like all the rest.
I just shopped my auto insurance with USAA and they were 81% higher than the company I have--and I have a clean driving record. When USAA used the criteria of active duty officers only for membership they were very competitive because the risk pool was preferred. To say the least, I'm pleased with my decision. Thing I can't understand is they pay no sales commissions, and they claim to be non-profit, but they still can't be competitive. USAA may still beat State Farm, Allstate, etc--but they're not competitive either.
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| Name: |
Barneget
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| Subject: |
Boat Insurance (again)
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Date:
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2/2/2010 10:20:23 PM
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We have 25 years with USAA, homes, vehicles, and vessels. I do a "health check" on personal and business insurance every 2 years. Every time, I can identify individual components that are priced higher than the competition, but in total, every time the total USAA package is less. The risk isn't limited to enlisted folks. Our 1986 Homeowners binder ink was still wet when my cooking resulted in a kitchen blaze. They promptly processed our claim. Multiple vehicle damage claims over the years, no injuries, some comprehensive, others collision / liability, and no issues. Estimates were reasonable, payment was prompt. Latest claim was from the April hail storm, USAA totalled the car, then sold it to me with a salvage title. Had 3 teen drivers on the policy, hitting deer, jumping curbs, failing to stop before they bump the car stopped at the yield sign (each had 1 incident at a yield sign), no issues, no cancellations. Hurricane Ivan caused extensive damage to in laws Perdido property. 6 feet of water, wind took the roof off the east side of the house. USAA had adjusters there 4 days after the storm (Sunday), check books out. Took us 9 months to rebuild, and with the exception of the deductibles, they were kept whole, no argument. They even gave them a extraordinarily high number for the sailboat. This year, our Homeowners went up $74, just under 3% and our Automobile dropped $410, a full 10%. I think some of us had our good driver rating reinstated. My frustration with USAA is in their offerings. No PWC or new boats (Bennington and jet skis with Progressive) no motorcycles (Dairyland), no lake place (it has wheels, but great hail storm experience with Foremost). For P+C, and Umbrella, I can't find anyone to beat USAA.
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| Name: |
alabamaangler
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| Subject: |
Boat Insurance (again)
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Date:
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2/2/2010 10:26:12 PM
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let me weigh in (no pun intended) on this issue and question.
My employment and profession is a Claims Adjuster, not for a marine insurance company but another specific niche market segment. I have investigated, handled, settled, and defended many kinds of insurance claims for over 20 years and I can tell you that there are some wolves out there in sheepskins. Be careful.
When evaluating insurance coverage, the premium cost should be a small component of the equation. While the "sales force" or "marketing department" may "sell" a policy, it is the Claims Department that delivers the promise that is sold with each policy. If the Claims Department of an insurance company does not place good faith and fair claims handling practices at the core of its operation, what benefit will a "cheaper" premium bring you? You buy insurance coverage in anticpation of a claim, right? Wouldn't you want the best claims service you can get, if and when (hopefully not) that occurs?
I will sum it up here like most other industries.....you get what you pay for. Exercise due diligence - not just with the up front premium cost, but more importantly with the delivery of the promise and sold with each policy. Is the insurance company gonna "do right", or not?
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| Name: |
Osms
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| Subject: |
Boat Insurance (again)
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Date:
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2/2/2010 10:57:46 PM
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Unfortunately, I have seen insurance companies at their worst, after Katrina. I had minimal loss which was handled properly by USAA, six weeks late after 3 calls, but that's ok. Friends, neighbors, etc., were lied to, denied, threatened, and they finally sued all of the wonderful insurance giants and won, because the insurance industry decided it was cheaper to deny and fight in court rather than pay. If you have a dented fender, sure they'll fix it in a heart beat, but if you have a total loss of a house or a major injury your beloved agent or loved company won't know your name. BTW, the insurance companies that provided the best service on the coast were the smaller companies with limited exposure.
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| Name: |
Talullahhound
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| Subject: |
Boat Insurance (again)
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Date:
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2/3/2010 7:33:21 AM
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I've always had a theory that whenever there is a mass diaster, like Katrina, where there is widespread damage and a lot of claims, people will be much worse off insurance-wise, than just the run of the mill claims that most of us experience.
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| Name: |
Osms
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| Subject: |
Very true---but
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Date:
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2/3/2010 10:15:26 AM
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it shouldn't be that way. It brings out the greed and worst of the insurance companies.
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| Name: |
GoneFishin
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| Subject: |
Total Coverage
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Date:
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2/3/2010 4:00:04 PM
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Bama is totally correct about checking claim service before price. One of the top companies, if not the top, for claim service is Chubb. The are expensive but really deliver. They were the first to cover 9/11 claims and received few complaints on Katrina. Agents and brokers in surveys have rated them the top claim paying company. Chubb adjusters even make customers aware of coverage they did not know they had.
The survey below lists a large number of companies.
URL: http://www.badfaithinsurance.org/indexdetaillist.html
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| Name: |
Osms
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| Subject: |
Total Coverage
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Date:
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2/3/2010 9:40:49 PM
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Very interesting link. Haven't seen that before but it does verify the experience after Katrina. State Farm, Allstate, Nationwide, and USAA all fall on the worst side. I remember a couple of friends that had good experiences with Amica and seems I remember Chubb came through also.
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| Name: |
lamont
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| Subject: |
Recent Price Increases
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Date:
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2/4/2010 8:41:22 AM
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Because of the recent storms, hail storms in particular, most all companies have experienced rather hefty rate increases for Homeowners Insurance in the Southeast. Most compamies, such as State Farm, simply increased premiums. Other companies, such as Allstate, kept premiums stable but, now require auto coverage, which is more profitable, when writing the Homeowners. Good friend of mine has had USAA his whole life and just got his Homeowner's renewal. He had a 23% increase in premium. He got it elsewhere for $460 cheaper. You gotta shop.
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| Name: |
Osms
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| Subject: |
Recent Price Increases
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Date:
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2/4/2010 9:26:01 AM
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Thanks lamont, I thought I was a voice in the wilderness there for awhile. Brand loyalty will cost you.
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You aren't in the wilderness and it pays to shop and compare. If I find a better value (coverage/price/claims) for my needs, I'll be the first to jump on it. I think these discussions are very valuable for all of us and I always welcome the input from those who will share their experiences.
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