Cruisers Forum
 


Reply
 
Thread Tools Search this Thread Rate Thread Display Modes
Old 02-03-2021, 15:21   #1
Registered User
 
cburger's Avatar

Join Date: May 2006
Location: Nyack, NY
Boat: Westsail 32
Posts: 1,669
Images: 1
Thoughts on Geico BoatUS Insurance

So reviewing my Geico BoatUS insurance policy come to find a 36% rate increase in one year and the hull agreed value dropped form 35k to 29k.
When I reviewed previous policy cost rate has increased almost 50% in 4 years.

Boat has been on hard for last three years, never had a claim been a loyal customer for 15 years. Would appreciate some thoughts on this,wondering if anyone has reccomendations for different insurance provider?
__________________
"All men are created equal, some just more than
others" KD2RLY
cburger is offline   Reply With Quote
Old 02-03-2021, 15:45   #2
running down a dream

Join Date: Mar 2006
Location: somewhere in the deep south
Boat: CD30 MKII
Posts: 2,386
Images: 6
Send a message via Yahoo to gonesail
Re: Thoughts on Geico BoatUS Insurance

my Geico policy went down this year. go figure
__________________
some of the best times of my life were spent on a boat. it just took a long time to realize it

gonesail is offline   Reply With Quote
Old 03-03-2021, 10:52   #3
Registered User
 
cburger's Avatar

Join Date: May 2006
Location: Nyack, NY
Boat: Westsail 32
Posts: 1,669
Images: 1
Re: Thoughts on Geico BoatUS Insurance

Thank you, after speaking with Geico today even less satisfied. Do any members hear have any suggestions regarding marine insurance companies that may be better suited to dealing with older classic sailboats?
__________________
"All men are created equal, some just more than
others" KD2RLY
cburger is offline   Reply With Quote
Old 03-03-2021, 10:58   #4
Registered User

Join Date: Jul 2020
Location: SoCal
Boat: Beneteau 323
Posts: 258
Re: Thoughts on Geico BoatUS Insurance

Try Markel. Not sure about their view on older boats, but they do have marine side of business.

https://www.markelinsurance.com/boat
George_SD is offline   Reply With Quote
Old 03-03-2021, 11:16   #5
Registered User
 
flyingfin's Avatar

Join Date: Oct 2016
Location: Cape Haze,FL
Boat: Carver,Cobia,Nacra, Columbia
Posts: 741
Re: Thoughts on Geico BoatUS Insurance

What is your deductible? Many policies in Florida now have deductible of up to 20% to 30% of agreed value, sometimes ya gotta share the risk
flyingfin is offline   Reply With Quote
Old 03-03-2021, 12:33   #6
Registered User
 
cburger's Avatar

Join Date: May 2006
Location: Nyack, NY
Boat: Westsail 32
Posts: 1,669
Images: 1
Re: Thoughts on Geico BoatUS Insurance

Highest they go is 5%, they are telling me the reason for the large increase in the are of the country I live in. Policy up almost 100% in 5 years.
__________________
"All men are created equal, some just more than
others" KD2RLY
cburger is offline   Reply With Quote
Old 16-03-2021, 11:19   #7
Registered User
 
XtaSea's Avatar

Join Date: Jan 2016
Location: Pacific Northwest (USA), Mediterranean (Turkey), On Your Boat (Anywhere)
Boat: Unobtainium Dreamo 48
Posts: 119
Re: Thoughts on Geico BoatUS Insurance

I got a quote from Geico 1.5 years ago. Received 28 voice mails and countless dial-ins since then. Yes I am counting.

Unlikely to take a policy with them.
XtaSea is offline   Reply With Quote
Old 16-03-2021, 11:33   #8
Registered User

Join Date: Oct 2014
Posts: 5,220
Re: Thoughts on Geico BoatUS Insurance

It is typical to see lowering adjustments to agreed hull values as boats are depreciating assets. Simple enough to obtain competitive bids but be sure you are doing apples to apples comparisons of the details of the scope of coverage and deductibles.

If you intend to keep it on the hard, ask for a policy that is specific to such stored use. Three years on the hard, that has to have been considerable expense for no benefit.
Montanan is offline   Reply With Quote
Old 09-05-2021, 17:28   #9
Registered User

Join Date: Jan 2015
Location: RI
Boat: Catalina 400 - 41 ft
Posts: 9
Re: Thoughts on Geico BoatUS Insurance

The same happened to me this year: 40% increase in premium and 16% drop in agreed hull value along with non-responsive customer service call with Geico. I have gotten some traction and conversation going by filing a complaint with BoatUS Consumer Affairs. I highly encourage anyone with BoatUS/Geico insurance experiencing similar issues to do the same. I think if we get enough people to do this we can get BoatUS to recognize that their reputation is being negatively affected by Geico's actions.

As a side note, any change in insurance company is most likely going to require a survey. I had one done and am shopping around, but still want to elevate the awareness with BoatUS.

To reach BoetUS Consumer Affairs: consumerprotection@boatus.com
ri4sail is offline   Reply With Quote
Reply

Tags
boat, insurance

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
BoatUS/GEICO: premiums up 40% for next year?! antoha General Sailing Forum 1 11-01-2021 09:00
Geico insurance Rchido General Sailing Forum 7 03-12-2020 08:08
Beware! GEICO Marine Insurance for 1997 and older boats Wind River Boat Ownership & Making a Living 120 09-10-2019 18:39
Geico vs Boat US Insurance EmeraldCoastSailor Dollars & Cents 83 06-12-2017 18:29
Boatus Insurance Wildrice Off Topic Forum 5 09-06-2008 11:34

Advertise Here


All times are GMT -7. The time now is 18:00.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.