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Old 02-12-2020, 18:30   #1
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Geico insurance

I just received this email:

Dear Policyholder:

This is to provide notice as required pursuant to N.J.S.A. 52:27EE–51 that GEICO Marine Insurance Company filed on November 23, 2020 with the New Jersey Department of Banking and Insurance a request for a rate increase in the amount 42% for Inland Marine Insurance-Personal Boatowners coverage.

Under the proposed filing, the average policy will see a rate change of 25%. The impact of the filing on your rates may vary substantially, depending on the terms of your policy and your individual circumstances.

While this rate action is necessary in your state, we would like to advise that most policies will see a smaller rate increase. The maximum rate change in any single policy term will be 30%.

Thank you for your business.
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Old 02-12-2020, 19:44   #2
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Re: Geico insurance

They raised my premiums by 22% two years in a row. Rates are likely to continue to rise. Losses from storms continue to go up. The fear of greater storm activity in the future may cause some insurers to abandon the boat market altogether.
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Old 02-12-2020, 20:08   #3
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Re: Geico insurance

My insurance (Progressive/USAA) went up about 25% this fall. I'm in NY on Long Island Sound.
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Old 02-12-2020, 21:34   #4
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Re: Geico insurance

I was with GEICO for a long time, boat and three cars. They started raising my rates year after year and I finally shopped insurance and got a dramatic decrease for the same coverage.
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Old 03-12-2020, 06:54   #5
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Re: Geico insurance

Quote:
Originally Posted by neflier View Post
I was with GEICO for a long time, boat and three cars. They started raising my rates year after year and I finally shopped insurance and got a dramatic decrease for the same coverage.



Same thing happened to me. My current insurer just informed me they are no longer insuring boats. Pulling out of market due to rise of inclement conditions? Insurance companies employ sophisticated tools to study future trends. Maybe they are onto something.
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Old 03-12-2020, 07:05   #6
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Re: Geico insurance

Quote:
Originally Posted by landsend View Post
Same thing happened to me. My current insurer just informed me they are no longer insuring boats. Pulling out of market due to rise of inclement conditions? Insurance companies employ sophisticated tools to study future trends. Maybe they are onto something.
The time to worry is if they only insure boats that are 300 cubits in length
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Old 03-12-2020, 07:07   #7
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Re: Geico insurance

My rate on two boats has remained relatively constant and is still dirt cheap over the last 10 year period here in Michigan...

I only carry liability!
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Old 03-12-2020, 08:08   #8
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Re: Geico insurance

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Originally Posted by dennisjay View Post
They raised my premiums by 22% two years in a row. Rates are likely to continue to rise. Losses from storms continue to go up. The fear of greater storm activity in the future may cause some insurers to abandon the boat market altogether.
Us, too. From $1550 per year in 2017 when we bought this boat, to $2848 in 2020. No claims.

It's seems unfair that they increase the rates on the people whose boats didn't sink, to pay for the claim money to people whose boats did sink, but that's the way insurance works, I guess.

At some point, we'll probably just go to liability only on our boat. I moved our boat to it's hurricane hole four times this year, and every time I did, half the boats in our marina stayed where they were. They got away with it for a while.

Finally, this last one, Zeta, sunk about eight of them in our harbor. But, a lot of the ones that left the marina and anchored, ended up on land, too.
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