I realize that there are many reasons from the standpoint of a boat owner shopping insurance that may cause you to not want to disclose your current premium or share another quote you may have. I know that some feel people feel that “hiding” the premium is in their best interest, but I think it is important for people to realize why they should actually share that information.

Here is an outline of two of the major benefits for disclosing current premiums or the other quotes you may have in hand when calling around for quotes.

For some of you, there are not many options for insurance and if you have already “made a lot of calls” you may already be holding the best rate. A good agent will be able to tell you within the first couple of minutes whether or not they have a carrier that may be able to “beat” or “compete” with the rate you already have. For example, “I got a call from someone who had a Spectre with a top capable speed of 118mph that wanted a competitive quote. The caller refused to disclose their current carrier and/or their current premium. I took the app, got the quotes and came back to the caller. The caller AFTER ALL the work said, “That premium is far too high. I am with State Farm and am paying $690 a year for full coverage on my Spectre” Had this been disclosed from the start, I would have not wasted the callers time and would have been honest with the caller that there was no point in shopping the insurance, he had the lowest rate possible.”

Sharing your current premium or the rates you have in your hand might actually help you in the grand scheme of things. Let’s say you have a quote for $2000 per year with Company A. You call company B and their rate comes in at $2099. Your predicament is that you really like Company B but want a lower premium. By telling Company B that you have a lower quote you are opening up the door for them to apply what I like to call their “just in case” credits, which might bring that premium from $2099 to $1899. By simply “showing your cards” you just got a lower overall rate and saved $100 more than you would have had you not disclosed the information. Now, does every carrier have these “credits” available, no, but in today’s market, IT’S WORTH A SHOT! 
So, next time you’re hesitant to share information with the broker you are working with, think twice about it. From my perspective, it only helps facilitate the process of shopping insurance and obtaining quotes AND could save you more money annually than if you hadn’t.
Boating season is upon us! Get those boats insured under a good insurance policy before you put it in the water! Feel free to call or go online for a quote: