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Old 16-05-2020, 07:47   #1
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BoatUS way overpriced, switched to Allstate

BoatUS/GEICO increased my premium to $3007 for a $250k policy, with Allstate it's less than half of that. I had no claims with BoatUS, insured for 15 years, excellent credit, same job for over 10 years and its a federal job so very secure!. BoatUS couldn't provide one reason, period, for the insurance rate doubling, except that the boat was 3 years older today than it was 3 years ago. I suspect that GEICO bought BoatUS, took on incredible debt, and now is forcing their policy holders to pay for their acquisitions. Or, as one boat inspector said this past week that they were paying out with BoatUS pretty dubious claims that had nothing to do with accidents. Either way, I just wanted to pass on to all of you that if you are shopping around, look at Allstate as it was MUCH cheaper. Even with the cost of having to provide a recent in water insurance survey, it was still much cheaper.



Cheers!
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Old 16-05-2020, 07:50   #2
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Re: BoatUS way overpriced, switched to Allstate

GEICO sucks. Do a search of these forums for the small print on depreciation and other issues.
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Old 16-05-2020, 08:16   #3
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Re: BoatUS way overpriced, switched to Allstate

Does anyone have practical experience with AllState or others with actual claims? I use BoatUS. Previously, I had an insurance via Farmers (one of their subsidiaries) which was half the price, but the service was quite terrible. Although I never had a claim, I didn't feel comfortable they understood the boating business if I ever needed to file a claim.
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Old 16-05-2020, 08:40   #4
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Re: BoatUS way overpriced, switched to Allstate

With any of the big multi-line insurers claim processing can be a crap shoot. They usually hire local claims adjusters. Some are very good, some are clueless. Sometimes the clueless ones can work out to your advantage, sometimes not.

In my experience, the big companies tend to fairly handle claims, IF they know what fair is. But if you have a history of 5 claims in the last 6 years, DO expect a lot of care before they pay.
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Old 16-05-2020, 08:48   #5
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Re: BoatUS way overpriced, switched to Allstate

I'd be worried if I were paying LESS than 1.2% for insurance.


Read the fine print.


Once sentence in your policy is the difference between it making you whole and not paying you for damages.
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Old 16-05-2020, 08:52   #6
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Re: BoatUS way overpriced, switched to Allstate

I am a P&C adjuster and went to Allstates training.
After the training, the guy asked me if I was ready to get started and I told him I would never work for a company that paid out with these guidelines.
You see there is the policy and then adjuster guidelines in assessing what they will pay.

I dont know if the guidelines would be the same for marine policies, but they seem to look for ways NOT to pay instead of looking for all the ways they can pay based on policy guidelines.
Currently I have mine marine policy with State Farm only because of my experience when working for them
USAA today has a good rep with adjusters as well
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Old 16-05-2020, 08:55   #7
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Re: BoatUS way overpriced, switched to Allstate

We had a policy increase with Geico/BostUS as well..but one of the reasons was my credit couldn’t be verified for some reason..found out through an enquiry that they had my wife’s SS# instead of mine.. that dropped the premium substantially .

One bitch that I have with the Geico /Boat US is that they dropped the investigative services..that in its self was worth the premium as we had a claim that was covered under that service and saved our butts in the long run..
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Old 16-05-2020, 09:14   #8
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Re: BoatUS way overpriced, switched to Allstate

All of my insurance except for the boat is with USAA. I will check with them before I come up for renewal in July. Frankly, I really don't trust BoatUS because of a bad experience with them after hurricane Isabel nearly 20 years ago. It didn't have anything to do with insurance but it left a bad taste in my mouth and I have never forgiven them.


USAA's boat insurance is through Progressive but I don't know anything about their price or service.
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Old 16-05-2020, 09:18   #9
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Re: BoatUS way overpriced, switched to Allstate

I am dealing with Geico right now. They hired a Surveyor that(according to him) "is not familiar with my kind of boat. A 46ft ,aft cabin, trawler. From everything I am be told(by yard,in house adjuster, and Surveyor) the Surveyor is blowing smoke up every bodies butt. I can't get anybody to move forward. It is quite frustrating!
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Old 16-05-2020, 09:25   #10
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Re: BoatUS way overpriced, switched to Allstate

I had a claim with BoatUS after the last hurricane in South Florida. I can't say enough good things about how my claim was handled. I used one of the best megayacht repair facilities in the area for my repair - not cheap. No problem having the repair approved. BoatUS bought me a brand new dinghy. I even claimed for my stretched-out dock lines and they paid for a new set!

They had a disaster team in my marina within HOURS of the storm's end. There was a lot of back-and-forth with BoatUS with questions. I NEVER had a problem getting them on the phone and they we invariably pleasant and helpful. I feel very fortunate that they have continued to insure me and I wouldn't leave them.
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Old 16-05-2020, 09:28   #11
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Re: BoatUS way overpriced, switched to Allstate

We still have BoatUS, but the one claim I filed after we were hit while in our slip was terrible. Our stern rail, was bent out of shape and some fibreglass damage from where a 'mystery' boat hit us and rode up over the stern. (Pretty sure we know who, but can't prove it.) Anyway, after filing a claim with documentation for the repair of the boat and replacement of the railing, they 'depreciated' the cost 80% (The maximum they were allowed) because of the age of the boat, then took out the deductable. For a $2300+/- claim, we got $600 and they raised our premium. (35 year old boat.) I will never file a claim less than total loss again.
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Old 16-05-2020, 09:32   #12
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Re: BoatUS way overpriced, switched to Allstate

My auto insurance firm, USAA, and others are giving rebates because of fewer cars on the road, what with the Wuhan Flu.

I wonder if marine insurers will do the same? Here in southern New England the boating season is off to a late start = less exposure.
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Old 16-05-2020, 09:38   #13
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Re: BoatUS way overpriced, switched to Allstate

Quote:
Originally Posted by Tenedos View Post
Does anyone have practical experience with AllState or others with actual claims? I use BoatUS. Previously, I had an insurance via Farmers (one of their subsidiaries) which was half the price, but the service was quite terrible. Although I never had a claim, I didn't feel comfortable they understood the boating business if I ever needed to file a claim.
I have used Allstate for 12 years and did have one large claim arising out of a racing collision. It was settled fairly and quickly and my premiums, which are quite low, did not increase. I have GEICO for car insurance but definitely recommend Allstate for boat insurance.
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Old 16-05-2020, 09:41   #14
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Re: BoatUS way overpriced, switched to Allstate

Does anyone have experience with Progressive? I used them for about 10 years on my 17 whaler that I trailered. Only had one claim and that was for towing home on a flatbedwhen my trailer disintegrated at a boat ramp. They paid without question.
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Old 16-05-2020, 09:44   #15
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Re: BoatUS way overpriced, switched to Allstate

Quote:
Originally Posted by Tenedos View Post
Does anyone have practical experience with AllState or others with actual claims? I use BoatUS. Previously, I had an insurance via Farmers (one of their subsidiaries) which was half the price, but the service was quite terrible. Although I never had a claim, I didn't feel comfortable they understood the boating business if I ever needed to file a claim.
Over the years I have twice asked for quotes from BoatUS. My experience: BoatUS premiums were more than double what I was paying AllState.

As to claim experience... I've had several with AllState including one in which my boat was beached during a hurricane. In every situation, service was prompt. An adjuster came right out, surveyed the damage and approved all repairs. In the situation with the hurricane, we had to hire the largest crane in town to reach out over a low-rise condo, lift the boat off the beach and place it on a tractor-trailer rig. Then the mast was removed and the boat transported to a boat yard some miles away.

In my experience, AllState has been terrific.
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