I want to alert boat owners about a certain clause in boat insurance plans that I just stumbled across this past week. I was told by my agent that this clause is put in place by the majority of, if not all, insurance companies.
I had my boat insurance through Allstate Insurance and decided to cancel my policy due to better pricing with a competitor. Back in December, I paid for a full year of coverage. When I changed insurance companies, I received a check from Allstate for a little less than half of my annual premium.
I contacted my agent and was told that recreational vehicles (boats and motorcycles) are front-loaded, whereby the insurance company charges you more in the beginning months of your plan year than in the final months.
Therefore, in my case, I was charged for six months of coverage when I only received three months.
This is just another way for insurance companies to take advantage of the consumer, meanwhile reporting record profits. I hope one of our state or federal representatives will read this letter and do something about it.
In the meantime, boaters, beware when you are canceling your boat insurance policy.
Larry Jock
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