Beware! GEICO Marine Insurance for 1997 and older boats

[Paul L]

Originally Posted by Capt Gill

My boat's over 20, in fact, it's 30 yrs old. I have no problem with depreciation for most items, just want the boat repaired to the condition it was before the incident, not a new boat. My issue is they depreciated the fiberglass and related parts by 80%. F/G is part of the hull and one does not normally/periodically have a depreciable timeline for replacement.

Hence the need to read the specific clauses in the policies while comparing companies, and not just focus on price.

[CaptWho]

[QUOTE=Bill Seal;2525901]"named storm"
So if the geniuses at NOAA start naming tornadoes and dust devils, GEICO will be able to weasel-word out of paying?
/QUOTE]
It's not NOAA trying to name everything, the Weather Channel seems to be trying that. Last I heard, they wanted to start naming thunderstorms which seemed REALLY stupid to me.

[Captndave1]

My boat is 1982, just had a lightning strike with damage at $10,200. Geico paid $4300. due to depreciation. They based 10% per year for depreciation on all equipment, so all items over 10 years old was paid at 10%. Some other items that were new 4 years ago was paid at 60%. My out of pocket for the repairs was over $6000. Sucks.

[Capt Gill]

Would you provide some more detail, e.g., what parts or equipment were depreciated, how old were the items at the time of loss? Also, did you review the depreciation due to partial loss clause in your policy?
I recently had a settled a claim with Geico and dealt with similar issues, although I don't take issue with reasonable depreciation it seems yours is a little over the top.

[Capt Gill]

Originally Posted by Paul L

Hence the need to read the specific clauses in the policies while comparing companies, and not just focus on price.

I did read the clause, many times, I tried to get a clarification from both Geico and my agent with unsatisfactory results finally I contacted Calif. Insurance Commissioner who then corresponded with Geico and although I never got a clarification Geico did reverse the depreciation charge and sent a check right away. BTW, I'm not trashing Geico, except for this bit of tussle they have been prompt, responsive and professional in handling my claim and I hope my last.

[Captndave1]

Unfortunately, depreciation is something we are forced to deal with. My insurance company is a division of GEICO, called SKI SAFE. They, like all insurance companies will pay what they want to pay and will argue to the death that they are right. I did have an issue with them about a math error on their part that was to their benefit, but after I made them aware of it , they corrected it. I guess it pays to pay the extra premium for replacement coverage.

[Cloroxbottle]

Increasingly, the insurance business operates like a bad payday loan outfit. But what you can afford to lose and buy the liability.

[Group9]

Originally Posted by Cloroxbottle

Increasingly, the insurance business operates like a bad payday loan outfit. But what you can afford to lose and buy the liability.

We always write checks for our boats, and we had gone to liability only for a few years. Two years ago, we went back to full coverage, and every month that we make the insurance payment, I wonder if it was a good idea.

I know one thing; when we had liability only insurance, our hurricane preparations started a lot earlier, and were a lot more serious.

[sdowney717]

Wen I got my old 1970 cruiser in 1998, I insured for liability only, and glad I did. The value of the boat was low, and to me I could handle a total loss with little financial problem. It all depends on what something is actually worth and what your net worth is as to insuring beyond liability only. I could replace my boat many times over myself and still be in fine shape. I would not even bother with liability except for the onerous fines government can place on you if you spill oil in the water. Or if your boat sinks and has to be removed.

I assume my Boat US insurance pays the cost of that.

And I have unlimited towing, which I have never used.
I have never had an insurance claim.

[Capt Gill]

" I would not even bother with liability except for the onerous fines government can place on you if you spill oil in the water. Or if your boat sinks and has to be removed."
Do you believe the taxpayers should pay the cost in the event you had an oil spill or needed your boat removed to mitigate environmental issues? Or, are you able to afford to pay out of pocket? Required lib. ins. doesn't seem unreasonable – same as with an automoble.

[sdowney717]

Originally Posted by Capt Gill

" I would not even bother with liability except for the onerous fines government can place on you if you spill oil in the water. Or if your boat sinks and has to be removed."
Do you believe the taxpayers should pay the cost in the event you had an oil spill or needed your boat removed to mitigate environmental issues? Or, are you able to afford to pay out of pocket? Required lib. ins. doesn't seem unreasonable – same as with an automoble.

Are you having reading comprehension issue with what I said? I do have liability only on the boat, for various reasons. I dont expect the government to pay anything, they would make me pay if I had no liability insurance, ok?

I wrote this

'When I got my old 1970 cruiser in 1998, I insured for liability only, and glad I did'

Getting weird response like this makes me wonder why post at all on the forum. Its just not worth bothering saying anything.

[Capt Gill]

Originally Posted by sdowney717

Are you having reading comprehension issue with what I said? I do have liability only on the boat, for various reasons. I dont expect the government to pay anything, they would make me pay if I had no liability insurance, ok?

I wrote this

'When I got my old 1970 cruiser in 1998, I insured for liability only, and glad I did'

Getting weird response like this makes me wonder why post at all on the forum. Its just not worth bothering saying anything.

You wrote:
"I would not even bother with liability except for the onerous fines..." So if it weren't for the threat of fines you'd go without ins. and if that were the case my question still stands, i.e., "Do you believe the taxpayers should pay the cost in the event you had an oil spill or needed your boat removed to mitigate environmental issues? Or, are you able to afford to pay out of pocket?
Also, you wrote, "I insured for liability only, and glad I did",
I have no idea why you're glad you did (I'm glad because ...), I'm not a mind reader. Perhaps you could proofread before hitting the send button to save readers the chore of asking you to clarify what you mean. And yes, I do have an issue comprehending what you wrote. If you believe "Its just not worth bothering saying anything" by getting one perceived negative response, well that's up to you.

[sdowney717]

Originally Posted by Capt Gill

You wrote:
"I would not even bother with liability except for the onerous fines..." So if it weren't for the threat of fines you'd go without ins. and if that were the case my question still stands, i.e., "Do you believe the taxpayers should pay the cost in the event you had an oil spill or needed your boat removed to mitigate environmental issues? Or, are you able to afford to pay out of pocket?
Also, you wrote, "I insured for liability only, and glad I did",
I have no idea why you're glad you did (I'm glad because ...), I'm not a mind reader. Perhaps you could proofread before hitting the send button to save readers the chore of asking you to clarify what you mean. And yes, I do have an issue comprehending what you wrote. If you believe "Its just not worth bothering saying anything" by getting one perceived negative response, well that's up to you.

Adding you to the ignore list, you should really enjoy your life better than pumping out this weird stuff, if possible.

[powsmias]

want to add, i did not have geico couple years ago but did have boat us towing, cost 140. at the time, got towed into marina in jersey and after arriving asked sea tow guy what it would have cost if i didn't have the sea tow insurance, h e looked at his watch and said about 1700... home run!! after getting geico i called them one day and asked what i was covered for with sea tow in case i get jammed up and was told up to 500. paid another 40 to upgrade my towing to 3000... check yours or you may get a big surprise

[svfinlandia]

Originally Posted by powsmias

want to add, i did not have geico couple years ago but did have boat us towing, cost 140. at the time, got towed into marina in jersey and after arriving asked sea tow guy what it would have cost if i didn't have the sea tow insurance, h e looked at his watch and said about 1700... home run!! after getting geico i called them one day and asked what i was covered for with sea tow in case i get jammed up and was told up to 500. paid another 40 to upgrade my towing to 3000... check yours or you may get a big surprise

I agree that you should definitely check your towing insurance, but you have me confused - TowBoatUS and Sea Tow are two separate and competing organizations. I personally prefer TowBoatUS.

Al, S/V Finlandia