Reply
 
Thread Tools Search this Thread Display Modes
 
Old 11-03-2018, 12:52 AM   #21
Senior Member
 
City: Orting, WA
Country: United States
Vessel Name: "Meannder"
Vessel Model: Camano Troll
Join Date: Nov 2017
Posts: 254
while I have not dealt with geico on any boat claims, they are a total pain to deal with in auto related matters. I deal with insurance carriers every day and they are one of the most difficult to work with. Who knows, maybe their boat adjusters are better, but Bilgewater doesn't make it seem so.
__________________
Advertisement

ctjstr is offline   Reply With Quote
Old 11-03-2018, 01:49 AM   #22
Veteran Member
 
City: Berkeley, CA
Country: US
Vessel Name: Andiamo
Vessel Model: Kha Shing Sundeck 40
Join Date: Aug 2018
Posts: 42
Geico really low balled me too

The adjuster I had was a total jerk - Grant Beach. Sent a check of $500 for over 30k loss. I was fortunate to have a friend who is a lawyer because if the amounts aren't over 6 figures it just isn't worth it for them to fight. He was curious about maritime law

Long story short Geico spent over 30k fighting me. I ended up getting 16k a year later.

My lawyer gave me some good advice. Take a long boring video of EVERYTHING that is insured. Bits of line, welcome mats, extra impellers etc etc. Pull out every drawer and video everything inside.

It may have been in my favor that the Beach guy was so rude. It ticked off my attorney enough to make him fight it the whole way even though the amounts were really small for him.

He, the lawyer, also explained that the insurance companies know it doesn't pay to fight them unless the settlement is well into 6 figures. Even for a 30k claim they can make you jump through hoops that cost thousands just like they do for a $500,000 claim.
__________________

Andiamo2018 is offline   Reply With Quote
Old 11-03-2018, 08:39 AM   #23
TF Site Team
 
Bacchus's Avatar
 
City: Seneca Lake NY
Country: US
Vessel Name: Bacchus
Vessel Model: MS 34 HT Trawler
Join Date: Nov 2014
Posts: 2,287
Bilgewater
Was your policy a declared value policy?
I've been w Boat US insurance since started boating and always been pleased but never have had a claim.
Recently switched to Geico w the Boat US conversion so anxious to hear experiences.
I thought w a total loss you received the declared value (less deductible?) Is that not how itvworks? I thought depreciation only comes in w partial loss claims?
__________________
Don
2008 MS 34 HT Trawler
"Bacchus"
Bacchus is offline   Reply With Quote
Old 11-03-2018, 10:23 AM   #24
Newbie
 
City: Punta Gorda
Country: USA
Vessel Name: Red Lady
Vessel Model: Marlow Pilot 34
Join Date: Apr 2018
Posts: 2
I have had Geico Marine insurance for several years and have been very satisfied, albeit I have not had any claims. Cost is very competitive.

Purchased the policy through a broker (Novamar Insurance Group out of Bradenton, FL) that I have used for 15 years.
craiglarmon is offline   Reply With Quote
Old 11-03-2018, 11:33 AM   #25
TF Site Team
 
Larry M's Avatar
 
City: JAX, FL
Country: USA
Vessel Name: Hobo
Vessel Model: Krogen 42-120
Join Date: Nov 2008
Posts: 7,322
Has Geico fully intergrated BoatUS boat insurance with Seaworthy? I see references for Geico Marine Insurance and also for Geico/Boat US. Are they the same? Or are they for different markets/boat size/navigation limits?

BoatUS, I think, primarily sold boat insurance for US navigation limits with a available riders for Mexico and the Bahamas. You could apply for insurance on line or call and talk to who ever answered the phone.

Seaworthy sold a lot of yacht polices for domestic and off-shore navigation. We were insured through them from Africa to the US (BoatUS wasn’t in the market at the time). I would always and still deal with a specific agent who would tailor the policy for us.

Anyone know?
Larry M is offline   Reply With Quote
Old 11-03-2018, 11:35 AM   #26
Guru
 
ancora's Avatar
 
Join Date: Dec 2007
Posts: 3,637
We are with Boat/US Geico, and just had a $140.00 increase. Since we have not had to have a boat survey in the 18 years we've owned the boat we will stay with them.
ancora is offline   Reply With Quote
Old 12-06-2018, 01:19 PM   #27
Senior Member
 
bgillroy's Avatar
 
City: Marathon, FL & On Loop
Country: usa
Vessel Name: Maka Honu
Vessel Model: Ta Yang, 42 Tayana PH Trawler 1976
Join Date: Mar 2014
Posts: 119
If wesuffereda major loss, whether or not ithought the check'looked okay' i would engage my own surveyor to get an independent judgement before I settled.
bgillroy is offline   Reply With Quote
Old 12-07-2018, 10:20 AM   #28
Veteran Member
 
Bryant's Avatar
 
City: Fleming Island, Fl
Country: USA
Vessel Name: Sakura Perdido
Vessel Model: Grand Banks 36 Classic
Join Date: Jul 2016
Posts: 63
Geico boat insurance

[QUOTE=Dougcole;711668]I've had the same Allstate policy for 20 plus years on all my boats. I started it with a 17' Aquasport and just kept moving it up to the next boat. It now covers both my 18' flats boat, the dinghy and my Mainship 40.


I looked at moving to Allstate from GEICO. Two different agents told me Allstate wouldn’t Insure a boat over 35Ft. When I offered to move all my insurance to Allstate they said that they would insure my trawler. Then I found out that Allstate’s wreckage removal is only up to 5% of the value of the boat. If your boat sinks during a hurricane and requires a barge and crane to be removed, you are only going to get a max of $5000 on a hundred thousand dollar boat. That isn’t going to even touch your removal costs. I spoke to a professional wreckage removal and salvage company. They warned me away from Allstate and State Farm for this reason. He said he had good luck working with GEICO who has a wreckage removal limit of $500k. If you have a policy with anyone, you better check the spill limits which are statutory at $939k I believe and what your wreckage removal limits are. Especially if you are on the Atlantic or Gulf Coast.

For the people who are saying they don’t survey their boats, you can get an insurance survey done for $550 on a 36 foot boat. It’s easily done when the boat is out of the water for bottom painting or cutlass bearing work. Besides helping with your insurance or selling the boat if you decide to, if you are going 8 to 10 years with no survey you are setting yourself up for some major and costly problems. I just had a survey done while doing a major refit. Several large issues were discovered that we weren’t aware of which I was able to address while the boat was out of the water. A good survey every 5 years will pay for itself.
Bryant is offline   Reply With Quote
Old 02-01-2019, 07:23 PM   #29
Newbie
 
City: Washington, DC
Country: United States of America
Vessel Name: Morgan Marie (to be renamed)
Vessel Model: Viking 44 Motoryacht
Join Date: Jun 2016
Posts: 4
Depreciation Factored into Repairs

I just read the policy details for my GEICO policy on my (just purchased) 1990 44' Viking Motor Yacht. It says that they cover repairs to the boat less depreciation, figured at 10% per year past the 20th anniversary of the boat's manufacture date. By my math, that means that they cover on 10% of repairs. Am I reading that right? Does anyone actually pay for the full cost of repairs?


Rick
charlesryager is offline   Reply With Quote
Old 02-01-2019, 07:47 PM   #30
Guru
 
Comodave's Avatar
 
City: Au Gres, MI
Country: US
Vessel Name: Never Say Never
Vessel Model: President 41 DC
Join Date: Jul 2015
Posts: 3,084
As I understand it the depreciation stops at 20%. And it applies to parts not labor. Maybe someone knows better...
Comodave is online now   Reply With Quote
Old 02-02-2019, 02:44 PM   #31
Veteran Member
 
Bryant's Avatar
 
City: Fleming Island, Fl
Country: USA
Vessel Name: Sakura Perdido
Vessel Model: Grand Banks 36 Classic
Join Date: Jul 2016
Posts: 63
Geico

Two years ago I lost all the canvas on my bridge deck to a thunderstorm. The adjuster valued the replacement cost at 7k or so. I got the full amount minus my deductible of $500. I have an ‘84 Grand Banks. The wording of your policy is also important. If you have an “agreed upon value”, they will insure up to that value, minus the appropriate deductible.
Bryant is offline   Reply With Quote
Old 02-02-2019, 02:55 PM   #32
Guru
 
BandB's Avatar
 
City: Fort Lauderdale
Country: USA
Join Date: Jan 2014
Posts: 15,867
Quote:
Originally Posted by charlesryager View Post
I just read the policy details for my GEICO policy on my (just purchased) 1990 44' Viking Motor Yacht. It says that they cover repairs to the boat less depreciation, figured at 10% per year past the 20th anniversary of the boat's manufacture date. By my math, that means that they cover on 10% of repairs. Am I reading that right? Does anyone actually pay for the full cost of repairs?


Rick
On your policy, they would cover 90% of parts cost at year 21, 80% at year 22, 70% at year 23, 60% at year 24, 50% at year 25, etc.

Yes, plenty of policies including some written by Geico pay full cost and don't depreciate parts.
BandB is offline   Reply With Quote
Old 02-02-2019, 02:56 PM   #33
Guru
 
BandB's Avatar
 
City: Fort Lauderdale
Country: USA
Join Date: Jan 2014
Posts: 15,867
Quote:
Originally Posted by Bryant View Post
Two years ago I lost all the canvas on my bridge deck to a thunderstorm. The adjuster valued the replacement cost at 7k or so. I got the full amount minus my deductible of $500. I have an ‘84 Grand Banks. The wording of your policy is also important. If you have an “agreed upon value”, they will insure up to that value, minus the appropriate deductible.
Actually we're talking two separate issues. Agreed value on loss of boat and value of parts on partial losses. Some with agreed value still depreciate parts.
BandB is offline   Reply With Quote
Old 02-05-2019, 08:52 PM   #34
Veteran Member
 
City: Raymond NH
Country: USA
Vessel Name: Mischief Managed II
Vessel Model: 1992 Tollycraft 44 CPMY
Join Date: Oct 2018
Posts: 45
You need a depreciation waver on your policy to avoid that. It's not a very expensive option on my 1992 boat policy.
__________________

Mischief Managed is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off





All times are GMT -5. The time now is 02:46 AM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0
Copyright 2006 - 2012