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Old 07-04-2016, 14:55   #31
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Re: Geico vs Boat US Insurance

I don't see it mentioned here, but we have Progressive. Rates are cheaper than both Geico and Boat US for same exact coverage limits. I find Progressive claims department easy to work with, although I have only ever had an auto claim to date.
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Old 07-04-2016, 15:53   #32
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Re: Geico vs Boat US Insurance

Not sure how they measure up but as a member of the Power Squadron I have insurance available . Might be another option.

USPS Boat Insurance
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Old 07-04-2016, 17:56   #33
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Re: Geico vs Boat US Insurance

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Originally Posted by OS2Dude View Post
When I got my BOATUS policy a few years back, I saved a LOT over my then policy with Progressive (They handled marine coverage for USAA), plus the insured value was higher. I have not looked elsewhere for marine coverage.

I just got my renewal and BoatUS is now an agent for GEICO.
I had the same experience with Progressive/USAA a couple of years ago. I am happy with my BoatUS policy and have compared it closely with coverage offered with other providers. I will be renewing in a couple of months, so will be interested to see if the GEICO connection changes anything.
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Old 09-04-2016, 15:46   #34
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Re: Geico vs Boat US Insurance

Been with Boat US for many many years..excellent response when we had a dispute between a marine yard and the engine rebuild company..fingers where pointing at one another..you all know the drill..however Boat US stepped in settled the dispute.

On another note ..noticed the new underwriter for Boat US is now Gieco and the new policy now states that coverage for our vessel is now the inland and near shore waters of the US and Canada instead what we where previously covered only the Chesapeake and its tributaries.
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Old 10-04-2016, 03:01   #35
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Re: Geico vs Boat US Insurance

Does anyone care to explain WHY different companies would charge different amounts for the same level of coverage?

Intuitively this makes no sense... aside from each company having different operating cost and profit margins... or actuarial stats.

I find insurance a sort of "scam"... because of the variable rates for the same coverage.
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Old 10-04-2016, 03:21   #36
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Re: Geico vs Boat US Insurance

I had Boat US for years.
Last boat cost $3,134 to insure, not inclduing a Power Squadron membership to get a 10% discount.
Switched to Ace last month, new bill $2,037, no Power Sqadron required, but they require an EPIRB for crossings to the Bahamas. I had thought of getting one anyways, $400 with built in GPS.

CEICO spends a 1/3 of their cost on silly TV ads, staying away from them for that reason.
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Old 10-04-2016, 07:01   #37
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Re: Geico vs Boat US Insurance

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Originally Posted by Sandero View Post
Does anyone care to explain WHY different companies would charge different amounts for the same level of coverage?

Intuitively this makes no sense... aside from each company having different operating cost and profit margins... or actuarial stats.

I find insurance a sort of "scam"... because of the variable rates for the same coverage.
The big driver is risk. From the insurance companies point of view, how likely is it that they will have pay a claim. The other factor is size of the claim. A boat worth $20K is obviously going to cost them less than a boat worth $100K.

A third less important factor is how big the insurance companies reserves are and what the re-insurance rates are. Right after a large hurricane where many boats are damaged and claims are high we all see a rate increase in order for the company to rebuild its reserves.

Risk factors are based on the type of boat, where the boat is located, and the policy holder. There are probably a few other factors too. Policy holder risk factors are big. Boaters with clean driving records, excellent credit ratings, and a history of few or no claims get the best rates. Throw in a DWI, a bankruptcy, or lots of claims and the perceived risk goes up along with the premiums.

A company also looks at its pool of insured boaters. Some companies are willing to take greater risks and as a result they have higher premiums. Others are more restrictive, chasing "safer bets" that no claim will be filed and their premiums are lower. One of the ways BoatUS manages this is by reducing the deductible for those who do not file claims. This rewards good boaters by minimizing their expenses when they do file a claim, helps to reduce the number of small claims, and builds loyalty.

How well a company understands the market is also a factor. Insuring with a company or through an agency that specializes in yacht insurance means that you are working with a company that better understands the risks involved and can better understand the risk they are taking when you are insured.

Its not a scam, so much as a complex business. Actuarial, the folks who figure this stuff out make a lot of money.
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Old 10-04-2016, 07:02   #38
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Re: Geico vs Boat US Insurance

I got quotes from several companies a year ago for my Irwin 43. The best coverage and best cost was IMIS. Beat BoatUS by a large number. Haven't had any claims experience.
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Old 16-04-2016, 14:08   #39
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Re: Geico vs Boat US Insurance

Got my renewal just today from Geico ( was seaworthy, through Novamar) premium up by 11% on last year which sucks
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Old 16-04-2016, 16:58   #40
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Re: Geico vs Boat US Insurance

Insured my first sailboat - first boat ever - with Seaworthy turned Gieco. A 38 foot fiberglass sloop built in 1983. Best price by half. Many insurance companies flat out said no.

Have received a tow under insurance and no issues. I'm happy with having such a large company behind the policy. I have my car with Gieco also, but I don't think it makes a difference.


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Old 16-04-2016, 18:45   #41
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Re: Geico vs Boat US Insurance

Had Boat US insurance for 30 years. No claims. Last Month I sent them a ck for my 2016 Insurance. One week later I received a letter saying Geico is the new underwriter. Letter said that the policy would pay agreed value on boats up to 20 years old. then knock 20% 0ff agreed value for every year after that. The agreed value would however never drop below 20% Of original insured value. In one year the value of my policy has dropped 80% while my premium has remained unchanged. Time for me to self insure and drop everything except liability. S/V ROSY W28 1977
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Old 18-04-2016, 11:23   #42
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Re: Geico vs Boat US Insurance

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Letter said that the policy would pay agreed value on boats up to 20 years old. then knock 20% 0ff agreed value for every year after that. The agreed value would however never drop below 20% Of original insured value. In one year the value of my policy has dropped 80% while my premium has remained unchanged. S/V ROSY W28 1977
This is not totally correct.

First, the depreciation is only on replacment parts (so no effect on hull damage/value for instance) and only on a partial loss (so no effect on what you would be paid if you had a total loss - which would still be the agreed value).

Second, your old policy already also had depreciation for parts in the small print. In fact the policy has gotten "more valuable" because the old depreciation clause started at 10 years and it is now 20 years.

Third, I am told the depreciation is now 10%, not the 20% you mention.

They are obviously doing a terrible job explaining this.
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Old 18-04-2016, 14:23   #43
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Re: Geico vs Boat US Insurance

Boat US is now requiring an updated survey to get a rider for the Annapolis Bermuda race. Pissed me off!
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Old 18-04-2016, 15:32   #44
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Re: Geico vs Boat US Insurance

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Boat US is now requiring an updated survey to get a rider for the Annapolis Bermuda race. Pissed me off!
I can tell you that is not a 'general policy'. It is something they have asked of you. If your normal coverage area is not blue water, it makes some sense to me, as Bermuda is offshore and would be outside your normal coverage. And their costs to fix/recover are MUCH higher.

But, yea, it is a pain.
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Old 18-04-2016, 18:22   #45
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Re: Geico vs Boat US Insurance

Evan, not unreasonable, but they did not require it 2 years ago for the same race or last year for Annapolis Newport. No warning, 2 weeks after I applied, they called me to tell me that was now required.
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