Geico vs Boat US Insurance

[Tom and Maje]

We had Seaworthy, which was excellent insurance. Then GEICO bought them and it's been crap. They wanted to send a check to the St. Martin boatyard we were in and didn't seem to understand that foreign countries don't take US checks. We told them to sent it to my MIL, and it's been almost two weeks and nothing. Friends who were struck by lightening waited 6 months to get their check.

I'm looking for other insurance.

Maje

[Captndave1]

My insurance through Geico is underwritten by a company called Ski Safe, My boat is a 1982 Irwin Citation 34. I have full coverage except hurricane, but spills are covered. I elected to not have hurricane coverage due to additional cost and the place I keep my boat is very well protected.

[btrayfors]

Last summer (2015) my boat was damaged due to an encouter with a Derecheo and hurricane-force winds. This resulted in one TowBoat US and two Boat US insurance claims, one in Maryland for the evident damage from the storm and one in Maine for latent damage from the storm which didn't show up until we got to Maine.

Boat US was WONDERFUL in the way they handled both claims. I've had Boat US insurance for many years and never made a claim until now. They have my loyalty.

Bill

[stgermain45]

Originally Posted by tikirawker

I was told Gieco doesn't insure boats over 27 feet.
Is this not true?

Not true. We just insured our 46 a couple weeks ago with Geico.

[sailor1924]

Does Geico require a current survey?

[CREX]

I always went with National marine underwriters. A lot cheaper by 1/2 and even more than anyone else. But that was in the late 90's. They were great and coverage was more extensive because they included Bahamas. Boat U.S. said good for 50 miles offshore. When I stated bimini was 47 miles they said out of country, even If I hadn't checked in. You will need a recent survey with NMU.

[32irwinSWFl]

I just tried the online application for Geico boat ins,,,,and their quote was almost double what I am paying with Veritas insurance (Progressive). Have been happy with them for the past 4 yrs.

[stgermain45]

Originally Posted by sailor1924

Does Geico require a current survey?

Yes they do. I'm not sure how "current" it needs to be as my survey was a week old since I just bought the boat. They also come back with items from the survey that they recommend/require(?) to be fixed.

[sailersteve]

I second the Allstate Insurance, for $300,000 liability = $61.00 a YEAR !
Progressive Insurance for $300,000 liability $190.00 down & $62.00 a MONTH !
These were my quotes 3 years ago when i wanted to keep my 24ft-er at a sailing club .
I also remember seeing on the back cover of a magazine that Boat US insurance is or was Progressive insurance . It pays to shop around . just sayin.

[snippet]

I bought a 1985 Cape Dory 31, got quotes from several insurers and went with BoatUS. All said they would require a survey. Several were unwilling to insure the boat for the surveyed market value. BoatUS was least expensive for as good as or better insurance coverage.
A few months later Geico called (not BoatUS) and said they made a mistake on the premium charged and refunded over $200. I'm a happy owner of a hole in the water with good insurance.
So, yes: over 27 ft., required survey, competitive premiums, and BoatUS sells Geico. Berkshire Hathaway is a hands-off owner.

[Dave Lochner]

There are lots of factors that go into calculating the insurance premium that makes it difficult to just compare how much one boat owner pays compared to another.

First, there are policy differences. Is it agreed hull value? Or is it cash value? How much is the deductible? What about oil spill liability? Medical? Personal Liability?

Then there is the cruising grounds, Great Lakes are likely cheaper than Florida.

And less not forget the insured party, you. How's your credit rating? How's your driving record? What's your experience?

And finally the boat, is it suitable for its intended uses and sailing grounds.

The cheap part of insurance is the liability part, the expensive part is the Agreed Hull value. I have 2 policies from the same company (BoatUS) on 2 boats, one with an Agreed Hull Value of $20K and one with an AHV of $90K, the premiums are about 10% of the AHV for each, ~$200 and ~$900.

[btrayfors]

Originally Posted by Dave Lochner

T........ I have 2 policies from the same company (BoatUS) on 2 boats, one with an Agreed Hull Value of $20K and one with an AHV of $90K, the premiums are about 10% of the AHV for each, ~$200 and ~$900.

Oops, no Dave. The premiums are 1% of AHV, not 10%.

Bill

[jackheape]

Just my two cents. I have Geico auto insurance and now boat insurance as well. When I first bought the Hunter 34 we insured it through Boat US. Switched to Geico after getting a quote that was half of Boat US for the same coverage. I checked every other insurer out there I could find online and geico beat them as well so I switched. It might have made a difference that our vehicle was with them as well. Never had a claim yet or a problem.

I will say this though. From what I have heard, if you are insured by Geico they treat you fairly well. If you are not insured by them and are filing a claim against someone who is, you better start right off with a lawyer. Supposedly they have a tendency to not pay and ignore you until an attorney is involved. Heard that from several friends personal experience, and a long time lawyer friend as well who has had to sue them several times.

[Dave Lochner]

Originally Posted by btrayfors

Oops, no Dave. The premiums are 1% of AHV, not 10%.

Bill

Damn, decimal points, they just keep moving around.

[Dave22q]

I was a satisfied GEICO customer for years.When I bought my boat they were unwilling to insure me but I do not recall why. Might have been too big, too old or in Florida (hurricane exposure). I still think they are a good outfit but half price sounds like one of those deals that are just too good to be real. I would have to do a lot of line by line comparison before switching from Boat US.