>>>> 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
>>>> b) is more than 5 model years old (2001 and older are uninsurable if
>>>> 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
>>>> 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
>>>> Read this thread on thehulltruth.com to understand how bad it is in
>>>> 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.