Thoughts on Geico BoatUS Insurance

[cburger]

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?

[gonesail]

my Geico policy went down this year. go figure

[cburger]

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?

[George_SD]

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

https://www.markelinsurance.com/boat

[flyingfin]

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

[cburger]

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.

[XtaSea]

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.

[Montanan]

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.

[ri4sail]

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

[geoleo]

Originally Posted by cburger

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?

Try SKISAFE

[Tetepare]

Use the Search function.

Geico sucks.

Read the fine print. The depreciation is based on age so if your old boat is damaged they pay crap.

Geico always sucked. Few bucks less, you have a hard collision they drop you. Insurance for Karens. Dump them.