General Category - Pearson Owners and Enthusiasts > General Discussion

Boat Insurance scam-

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Alma:
I've been with Boat US insurance over 20 years. ALMA has had the same Boat US policy for over 15 years. This week I got my renewal with my new Declarations Page.

Imagine my surprise when Boat US took it upon themselves to downgrade the Agreed Value of ALMA from 28 grand to 21! ( almost a 1/3!)
This with no notice, letter, inspection of the vessel or survey. ...AND the same premium!


Most of us simply cut a check in the Spring and move forward with the list of items on our boat's to-do lists.
Maybe you will want to take a close look at your insurance Dec Page and make sure you are getting what you think you are getting!

I called Boat US Insurance and spoke to a rep, then had HIM call an underwriter and straighten out my Agreed Value.

They called back and are sending me new paperwork reflecting the AGREED "Agreed Value"!

I've heard horror stories about Boat US only paying for having one side of a hull painted after a claim- Great... Half gelcoat. Half PAINT.

Insurance companies know we need an expensive and superfluous new Marine Survey to change carriers (my survey said Diesel Generator in tip top condition). Guess what- ALMA has no generator! If she DID it wouldn't be Diesel with an Atomic Four GAS auxiliary!

Watch out mariners. The sea is unpredictable- Insurance companies Less So.

Bill1188:
I have been with USAA for 33 years, insuring everything I own. They just lowered the value of my boat, rightly so, to a value we agreed on. Dropped my premium accordingly. The claims I have had were fair, dealt with in a timely fashion, and paid in a correct amount. Be advised, their new policies are now underwritten by Progressive. Progressive is hot and cold when dealing with them. Friend just went through hell with a claim with Progressive. One call to USAA straightened it out and he got his check.

selene:
Alma - thanks for documenting this.  I had the same problem and forgot to mention it. <duh> should have posted something.

I have been with BoatUS for about 6 years, this year found my boat value reduced by about a third.  Sounds familiar?

Called them up, gave them a right bollocking, and they returned it to the original value. And after all I invested in Selene, I darn well should hope so! Probably should bump it up further.

Probably some fellow with the new insurance company said "Hey, let's drop all boat values by 30%, see if anybody notices; if they do, we'll put 'em back for that boat...if not....heh heh heh"

Grumble.

Bill1188:
Like I said, I do not think USAA is the problem here. Probably Progressive. Stick up for what you think is correct.

Dolce_Vita:

--- Quote from: Alma on March 01, 2015, 05:36:33 PM ---...Imagine my surprise when Boat US took it upon themselves to downgrade the Agreed Value of ALMA from 28 grand to 21! ( almost a 1/3!)
This with no notice, letter, inspection of the vessel or survey. ...AND the same premium!

Most of us simply cut a check in the Spring and move forward with the list of items on our boat's to-do lists.
Maybe you will want to take a close look at your insurance Dec Page and make sure you are getting what you think you are getting! ...
--- End quote ---

I too have BoatUS insurance.  After your note, I went and double-checked my coverage and it's still the same.  But my policy doesn't renew until October, so I'll be sure to keep an eye on it then!

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