{"id":5139,"date":"2021-06-21T16:00:14","date_gmt":"2021-06-21T20:00:14","guid":{"rendered":"https:\/\/aprilmarine.ca\/?p=5139"},"modified":"2021-06-21T16:06:37","modified_gmt":"2021-06-21T20:06:37","slug":"boat-insurance-why-is-my-premium-going-up","status":"publish","type":"post","link":"https:\/\/aprilmarine.ca\/qc-en\/boat-insurance-why-is-my-premium-going-up","title":{"rendered":"Boat insurance: Why is my premium going up?"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text darkrow=&#8221;&#8221;]<strong>Even if your record is spotless, you might not be safe from an insurance premium hike. Sometimes premiums go up for reasons that have nothing to do with your actions. Let\u2019s take a closer look.<\/strong><\/p>\n<p>Insurance premiums are calculated based on certain criteria about the insured:<\/p>\n<ul>\n<li>Their experience<\/li>\n<li>Their past claims<\/li>\n<li>The age and category of their boat (size, type of motor, condition, value)<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>Other outside factors stemming from the insurer\u2019s decisions or unforeseen events can affect premiums:<\/strong><\/p>\n<h2 class=\"f20\">Higher repair costs<\/h2>\n<p>Since 2015 and especially since COVID\u201319, repair costs billed by contractors and repair times have gone up an estimated 25% to 30%. More parts are being replaced instead of repaired. Additionally, the age of a boat can lead to other major expenses for the insurer. Parts for older boats are more expensive and harder to \ufb01nd. Older vessels are also more vulnerable to mechanical trouble, which means more claims. Modern boats, with their cutting-edge technology and higher building standards, are not immune to high costs either.<\/p>\n<h2 class=\"f20\">Increase in the number of claims<\/h2>\n<p>Because of COVID\u201319, many Canadians could not travel, so they decided to spend their vacation on the water. This considerable increase in the number of pleasure boaters brought its share of challenges\u2014the total number of claims also increased (+20%), very often due to a lack of boating experience.<\/p>\n<h2 class=\"f20\">Climate phenomena<\/h2>\n<p>There\u2019s no way around it: Canada is being affected by climate change. 2018 was a bad year for insurers, who paid out roughly two billion dollars, making it the fourth-most-expensive year in history for weather-related claims. Finally, the water level has been extremely low for the past two years, increasing the risk of bottoming out.<\/p>\n<h2 class=\"f20\">In\ufb02ation<\/h2>\n<p>In\ufb02ation may also impact the cost of your insurance policy. This phenomenon leads to a widespread, lasting increase in the cost of the goods we consume and the services we use.[\/vc_column_text][vc_column_text darkrow=&#8221;&#8221; css=&#8221;.vc_custom_1618929606694{margin-top: 30px !important;margin-bottom: 30px !important;border-top-width: 1px !important;border-right-width: 1px !important;border-bottom-width: 1px !important;border-left-width: 1px !important;padding-top: 30px !important;padding-right: 30px !important;padding-bottom: 30px !important;padding-left: 30px !important;background-color: #f7f8f9 !important;border-left-color: #004161 !important;border-left-style: solid !important;border-right-color: #004161 !important;border-right-style: solid !important;border-top-color: #004161 !important;border-top-style: solid !important;border-bottom-color: #004161 !important;border-bottom-style: solid !important;border-radius: 20px !important;}&#8221;]<\/p>\n<h2><span style=\"color: #004161;\">How to lower your premiums<\/span><\/h2>\n<p>First, it\u2019s important to know what your boat is really worth. By getting an estimate of your vessel\u2019s market value, you can be con\ufb01dent about what you would get if you sold it. This will also allow you to gain a better understanding of your policy\u2019s coverage amount, which depends on your protections and guarantees. For all these reasons, APRIL Marine Assistance can quickly and easily estimate the value of your boat at no charge to you.<\/p>\n<p>In addition, it is important to be more vigilant during your outings this year. It is strongly recommended to check the water levels of your favorite lakes and to invest in a depth gauge or sonar to make sure you know the depth of the water. What\u2019s more, knowing what discounts are available may help you keep more of your money! We offer you several ways to get substantial discounts on your insurance premium:<\/p>\n<ul>\n<li>Being a member of Club APRIL Marine.<\/li>\n<li>If you\u2019ve taken an 18-hour or longer navigation course, we\u2019ll reward your efforts with discounts on your policy!<\/li>\n<li>No claim in three years? We decrease your deductibles.<\/li>\n<li>One, two, three&#8230; The more boats you have to insure, the less you\u2019ll pay.<\/li>\n<li>Install a tracking system or an etched code to deter thieves and save up to 10% on your policy.*<\/li>\n<li>APRIL Marine is here to make your boating experience easier. If you have any questions about your policy, please contact your broker.<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_column_text darkrow=&#8221;&#8221;]* Conditions apply.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Even if your record is spotless, you might not be safe from an insurance premium hike. Sometimes premiums go up for reasons that have nothing to do with your actions. Let\u2019s take a closer look.<\/p>\n","protected":false},"author":5,"featured_media":5134,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[92],"tags":[],"class_list":["post-5139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurances"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Boat insurance: Why is my premium going up? | APRIL Marine<\/title>\n<meta name=\"description\" content=\"Sometimes premiums go up for reasons that have nothing to do with your actions. 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