I don't fully understand insurance. If you have two claims in a period, whether it be a year or two years, they feel free to cancel you. But, if I pay all premiums for 40 years, premiums which the insurance companies set, at their discretion, why do I not see the premiums go down. It seems to me what's god for the goose should also be just as good for the gander. They allow me to pay full fare for 40 years and two claims and BAM, they cancel me calling me a bad risk. I'm sorry, I just don't understand this.

Would some of the insurance agents here explain this.

I guess that's why I don't purchase boat insurance.

Boat/marine insurance is simular to auto insurance, it is based on the value of the boat plus any additional coverage you may want.
Small boats have to think of it for covering you in the event of major damage or total loss whether on the water or trailering it.
Bigger boats have the same concerns plus the possible costs of larger fuel spill cleanup and salvage operations.
How much fuel does your boat hold?
But heres the kicker, thanks to the EPAs clean water act, it is federal law to report spillage of as little as one pound of weight of any hazardous and/or volatile substance in public waters....
There are fines for failing to report plus you will be charged for the cleanup, tests and environmental impact studies done becuase of the spill. Do you trust that your federal government will be understanding and fair to you?
Don't get me wrong, I am all for clean water, but if there happens to be a tree hugger in the area, I'm certain they probably have the epa on speed dial.

Cowboy, I trust that the insurance company will be just as fair to me as Obamas EPA. I really don't see very much difference.

Simple answer...

...it's because Insurance is a scam.

ding ding ding!!

if I paid as much into my 401k as I am required to pay into my insurance, I would be able to retire 25 years early!

I think State Farm is trying to weed out fishermen. Pleasure boaters rarely tear anything up and it's all gravy, fishermen occasionally do damage. Yours is not the first I have heard about SF doing this ......

I get mine from State Farm In Wylie at Adam Leget office.He fishes and supports allot of local stuff. great guy to deal with.

Insurance is a gamble. That's it. The companies calculate risk and put a monetary value on the probability that something will happen to whatever you are insuring. They cancel you when you have several claims because they are the casino and make the rules. They have to keep the odds in their favor or else they don't exist.

My policy with Progressive has gone down, matter of fact they just sent me a notice on my renewal. They lowered the rate without me calling or asking. I've had two boats over the last 15 years with them. Filed only 2 times but one was a doozie. Never a seconds hesitation if they would take care of it and they never threatened to drop me.