Boat Insurance Price Hike - Not Happy

[sailorboy1]

seems to me there have been LOTS of GIECO boat insurance price hike threads lately

[basssears]

Originally Posted by svfinlandia

In a previous thread I cautioned against progressive insurance for the fact that they cheated me out of over $1000 when I totaled my motorcycle.
They may ensure your boat and the premium may be OK but beware if you have a claim.
BTW - they know nothing about sailboats.

All, S/V Finlandia

When I was doing my search I did get a quote from them, the premium was reasonable but it didn't give me a very good feeling for the reasons you note above... it seemed they had no real idea what they were quoting, I got the feeling I'd be able to get a policy, show it to my marina so they knew I had one, and pay premiums year after year but I just KNEW if I ever had a claim they suddenly sit up and take notice and try to cheat me out of anything they could think of or deny claim outright. Again, no actual experience, just the vibe I got from the way the policy was written and my interactions with them.


-- Bass

[sail sfbay]

One very important insurance provision non-marine insurers are not likely to include is Fuel Spill Liability. I have received quotes from non-marine insurers that did not include this provision. Needless to say I did not insure with them. Let's say as a consequence of an *accident or sinking, your boat has just discharged 100 gallons of fuel into the water. An environmental cleanup crew is dispatched, and maybe the marina has to be shut down for a day. You could be handed a substantial bill; under U.S. federal law, boaters can be held liable for up to $939,800.

[sailingchiro]

Originally Posted by Pandor

Hmmmm. I’ve never heard of someone carrying a policy with $0 deductible before. I don’t understand how that would work. The idea behind a deductible is there must be some dollar figure where you don’t mind forgoing the insurance payment and will just dig into your own pocket to keep from having to file a claim. Otherwise, filing smaller claims will certainly make the company raise your premium (best case) or drop you entirely.

What is your claim history like? This will have a bearing on recommendations.

But you can try Progressive.

I had diminishing deductible and it was down to $0. Then Geico dropped me. My insurance went from $900 to $3000 in one year about 4 years ago. Then dropped 1 week ago. Not much fun.

[shimari]

Originally Posted by BozSail

The reason my deductible was previously $0 is the policy had a 25% reduction of deductible (started out at $1,000), for every year of no claims. Now, in order to lower the agreed upon value to reduce the premium, they require starting over again with the $1,000 deductible. I don't mind increasing the deductible to $1,000, but I don't want to reduce the agreed upon value down to $20,000. And that's where the premium reduction comes from.

I think a previous poster is correct that the company doesn't like the fact that it's a 40 year old boat.

Oh well... I'll try getting a quote from Progressive.

Progressive also has a disappearing deductible. I've been happy with them for 12 yrs.

[sailingchiro]

Originally Posted by BozSail

The reason my deductible was previously $0 is the policy had a 25% reduction of deductible (started out at $1,000), for every year of no claims. Now, in order to lower the agreed upon value to reduce the premium, they require starting over again with the $1,000 deductible. I don't mind increasing the deductible to $1,000, but I don't want to reduce the agreed upon value down to $20,000. And that's where the premium reduction comes from.

I think a previous poster is correct that the company doesn't like the fact that it's a 40 year old boat.

Oh well... I'll try getting a quote from Progressive.

My boat was too big for Progressive, or that is what they said. I don't know if it is your age of boat or not, Geico told me they are no longer writing new sailboat policies. I don't understand the age problem because the older boats cost less in a catastrophic loss such as a hurricane.

[shimari]

Originally Posted by sailingchiro

My boat was too big for Progressive, or that is what they said. I don't know if it is your age of boat or not, Geico told me they are no longer writing new sailboat policies. I don't understand the age problem because the older boats cost less in a catastrophic loss such as a hurricane.

I don't know about an age issue with Progressive, but I know they won't insure boats over $500k.

[skipper53]

My 1977 Islander is still insured by Geico. We did an agreed value, not
replacement coverage. Many older boats seem to be built heavier and stronger than some of the newer ones. Think we'd get a discount for having a good old boat. And an even better rate as we've proven howx to keep from losing them!
I'm guessing Geico had to give the gecko a HUGE RAISE!

[Cadence]

Is there not a point where the premium exceeds it's worth. Insurance is a business and they don't want to insure something for more than it is worth.
Sometimes it's hard to realize a boat has a quickly diminishing value no matter how dear to you.
I look at my life insurance that way.

[skipper53]

Exactly why we do an agreed value policy. By the way, the Admiral felt that way about my life until I suggested we change to a decreasing term policy. Keep the premium down by reducing the death benefit every year. Told her by the time I go it won't pay anything.

[sail sfbay]

Originally Posted by Cadence

Is there not a point where the premium exceeds it's worth............

Have never seen that in all my years of boat ownership...........perhaps a abandoned boat?

[mickand]

My 1982 41ft trawler has been insured with Geico since 2015. This year's premium only went up $95 which I found surprising but won't argue with.

[sail sfbay]

You boaters with older boats that have Geico and small premium increases are very lucky. They recently declined to insure my 1984 powerboat because it was too old. They would insure my 2005 sailboat but their premium was higher that my current provider.

[Bill Youmans]

Seriously consider going "Bare" with no hull insurance but only liability insurance as liability could really sink you financially. If most older boats are in the 20,000 to 50,000 $ value--think of it as a car bought new and in 12 years is basically worthless. Thats how much you are risking with a total loss of your boat which most likely every 12 to 15 years will not occur or wreck you financially and liability only cost me 88 $ for one year. Now I don't sail or winter in hurricane waters as am in Great Lakes so can likely "risk more".

[newhaul]

Originally Posted by Bill Youmans

Seriously consider going "Bare" with no hull insurance but only liability insurance as liability could really sink you financially. If most older boats are in the 20,000 to 50,000 $ value--think of it as a car bought new and in 12 years is basically worthless. Thats how much you are risking with a total loss of your boat which most likely every 12 to 15 years will not occur or wreck you financially and liability only cost me 88 $ for one year. Now I don't sail or winter in hurricane waters as am in Great Lakes so can likely "risk more".

Who are you with?
What is your vessel?