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Old 05-10-2016, 15:42   #61
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Re: Geico vs Boat US Insurance

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Originally Posted by Jrs1958 View Post
After Geico bought Seaworthy they raised rates in FL 20%+
Looks like something similar for GEICO gobbling up Boat US. My Boat US rate for the last three years was just over $US2,700 but GEICO wants $US3,800. When I called up to asked about it they said it was due to a state wide increase. Friend in North Carolina got a decrease.

I am shopping around now.
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Old 04-02-2017, 15:15   #62
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Re: Geico vs Boat US Insurance

My insurance with boatus/Geico went down by 20%, so I'm a happy camper.

I did notice there is now an exclusion clause around abandoning. If you abandon: which means the act of voluntarily giving up, surrendering, deserting, or relinquishing property and all rights to its control with the intention of terminating ownership and without the intention of vesting ownership with any other person or entity.

I'm not sure if this refers to mooring it somewhere in Florida and leaving it there, or getting off the boat at sea because you're seasick.
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Old 20-04-2017, 10:14   #63
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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.
It can also be affected by what the company WANTS to insure.

I used to have Allstate auto - for many years. I tried to insure a motorcycle with them, and they quoted me fully DOUBLE what Progressive quoted.

I told my agent "I guess you guys don't want to insure my motorcycle." He replied "Actually, you're right. We prefer not to, but we will for a much higher price."

Also finding Geico quote on the '92 Catalina 30 MKII to be about half of BoatUS (even though they insure through Geico) so that's a hard one to figure out.

Scam? Not really. Complicated & nonsensical? Quite often.
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Old 24-05-2017, 22:21   #64
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Re: Geico vs Boat US Insurance

Does anyone self-insure?
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Old 24-05-2017, 22:32   #65
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Re: Geico vs Boat US Insurance

Some of the insurance companies that advertise the most and offer the best rates will raise the rates on the 1st or 2nd renewal. I have used Geico on small boats and cars and found that is exactly how they operate. I suppose some people renew without looking over their papers.
I price my insurance every time.
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Old 24-05-2017, 22:47   #66
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Re: Geico vs Boat US Insurance

That's fine if they do. At least I'll have gotten the first year "cheap" - which is harder when you buy your first boat and have no record of safe and claim-free operation. If Geico bumps their price for the second or third year, I'll reevaluate the rest of the pack. I had a quote or two that weren't that much higher, so I'll just go with the flow.

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Old 24-05-2017, 23:04   #67
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Re: Geico vs Boat US Insurance

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Does anyone self-insure?
Howdy Limpet,

By "self-insure" do you mean not contract with an insurance company and just pay out-of-pocket for a loss or accident?

I suppose if someone had a boat that cost more to insure than it was really worth (like all my cars...) Then it would make sense as far a loss or damage. But in this litigious society, I can't imagine being wealthy enough to be able to fork over $100-$300K in case somebody wants a piece of me. I guess if you have enough $$$ to have a killer attorney on retainer that may not be a problem.

My full-coverage us costing me about 5% if my purchase price. Sure, if the boat sank I would live, but if somebody sued me for 6 figures, I'd be in deep doo doo. Wouldn't most people?
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Old Yesterday, 09:13   #68
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Re: Geico vs Boat US Insurance

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Originally Posted by Lepke View Post
Some of the insurance companies that advertise the most and offer the best rates will raise the rates on the 1st or 2nd renewal. I have used Geico on small boats and cars and found that is exactly how they operate. I suppose some people renew without looking over their papers. I price my insurance every time.
This is EXACTLY what we experienced trying Geico, both car and boat. We switched to Markel after the first year and pay less than we did with Geico, even with an additional liveaboard endorsement (similar to homeowner's policy). Pays to shop around.
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