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Blue Sky Price Increase


Medico

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If you are with Blue Sky for your insurance needs, be prepared when you get your renewal notice. They have a HUGE increase across the board. For example mine went from approx. $2000 to approx. $2700. They stated they had not had an increase in about 5 years and hit everyone all at once. This is with NO claims and NO infractions. Needless to say, I'm shopping around.

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I, too, received a large increase. When I compared last year's premium to the renewal I noticed that the increase was almost entirely in the collision and comprehensive components. The increases in all the other categories were trivial. I have a "declared value" policy that completely protects our investment in the coach; my assumption is that experience has demonstrated to BS that the cost of repairing these machines is higher than anticipated. That's not too surprising with custom-designed machines many of which were manufacturer by out-of-business companies. If my Beaver needed body repair all the fiberglass parts would have to be manufactured without benefit of existing molds.

 

A declared value policy deprives an insurance company of the benefit of a depreciating asset to repair Therefore, an insurance company loses one of the factors that normally disguises "implicit premium increases." What I mean by this is that with car insurance the customer is satisfied if his premium doesn't increase but that constant premium disguises the fact that his car is worth less than it was the year before which reduces the insurance company's maximum risk. The customer really is receiving a premium increase (for collision and comprehensive) but he doesn't see it.

 

The other current problem for insurance companies is that extremely low interest rates significantly reduces the rate of return on invested premium dollars. Insurance companies have to use relatively conservative investments since they have to be able to cover losses when necessary. For the past several years, conservative investments haven't provided much of a return.

 

I've decided to stay with BS if for no other reason that I now have no deductible for either collision or comprehensive. This is potentially a $1000 benefit to me for each of those coverages. I hope not to need it, but if I did the saving would almost immediately pay back any premium savings I could expect.

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We also got hit with a large increase on Blue Sky when up for renewal this past Sept. We then got new quotes from nearly a half dozen companies, but Blue Sky still was less. So we stuck with it this year. But please do share if you find something that comes in better, because I am always open to looking.

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Unfortunately my premium increase includes a $1000 deductible, and is still very high. If it were a $0 deductible I would not be quite so upset.

 

Didn't you sign up for vanishing deductible when you started with BS? It's only a few dollars a year for both collision and comprehensive. Technically, my deductible is still $1000 for each but I won't have to pay it for a first occurrence.

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I will have to check. I just requested a new agent as the original agent did NOT do a good job. We just discovered she had not added contents to our FT'ers insurance. I suspect she also did not add vanishing deductible. I will discuss this with the new agent. I sent the paperwork to her Fri. evening to make this change.

 

Since I have until Jan. 23rd to make a decision, I will be shopping around, but also suspect I will be stuck with the higher premium. I'll see then post back if I find something better.

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It sure sounds as if your original agent was out to lunch. When we started full-timing I developed a detailed spreadsheet of what we had onboard. It added up to a surprisingly large amount. Since I had the spreadsheet BS gave us no problem in providing coverage for the full amount and also a special rider for my wife's fancy sewing machine. Keep that in mind when you add the personal property coverage since the initial amount they offered was way too low for us.

 

I also have $100 deductible coverage on the MH windshield and, like many companies, chips and dings are repaired without charge.

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Here in Florida, full glass coverage is NOT optional. I also have that, but have never used it. I will be talking to the new agent sometime this week. I just requested a quote from the new FMCA Insurance. I'll see what they say.

 

I think I would have preferred small increases each year. It's easier to budget for those. Of course my SS went up a whooping $32 a month this year! That sure makes budgeting easier. ;)

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  • 3 weeks later...

FMCA Insurance is a new member benefit. The quote is less, but does not include aux. building insurance. I am still checking on this since I do have $10K insurance on my lot in Florida. It's about $153 per month. The quote from FMCA was several hundred dollars cheaper. I have until Jan 23rd to decide.

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FMCA Insurance is a new member benefit. The quote is less, but does not include aux. building insurance. I am still checking on this since I do have $10K insurance on my lot in Florida. It's about $153 per month. The quote from FMCA was several hundred dollars cheaper. I have until Jan 23rd to decide.

 

 

What insurance Company is the FMCA insurance with. I am pretty sure FMCA itself is not underwriting it.

 

Dave O

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Allied RV Insurance (A Nationwide company) was the best of the two companies offered. Unfortunately they do not offer the Adjacent Structure coverage. This is the only thing holding up my decision right now. I have to ponder on this. Since I have almost a month before our renewal date, this gives me some time.

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I just received the Blue Sky renewal policy on my CR-V and the total increase is $4 for the entire year.

 

Actually, when I compare the blue book value of the toad to the "declared" insured value of the MH and its contents the difference in premiums doesn't seem all that large, even before one makes an allowance for the fact that repair parts for the MH may have to be custom fabricated since its manufacturer is no longer in business. Although "totalling" a vehicle is a low-probability of occurrence event, even small collision "events" with the MH will be far more costly to repair than the CR-V. Yes, my original policy was a real bargain, but I'm beginning to realize that even this renewal isn't all that bad.

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  • 3 weeks later...

Update: We went to Good Sam insurance and believe it or not, they quoted Blue Sky at over $300 less than the original BS agent's quote. We went with the new Blue Sky quote. It is still about $300 higher than last year, but we found the policy last year had not added a couple of important coverages for us so we are pleased with the new policy. We have switched to a 11 month payment rather than an annual premium. It was only $30 per year more and easier to budget.

 

National General with Good Sam was considerably higher this year. I did not realize the Good Sam agents could also quote other companies. I guess the extra discount was another great benefit we received with out GS membership.

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Be sure the quote from FMCA includes ALL the coverages you have/need. They quoted my insurance and was several hundred dollars lower than my current policy. After looking closely found the missing coverages and questioned them on it and it came back into the too expensive category.

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