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Old 11-02-2018, 11:52 PM   #21
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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.
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Old 11-03-2018, 12:49 AM   #22
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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.
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Old 11-03-2018, 07:39 AM   #23
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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?
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Old 11-03-2018, 09:23 AM   #24
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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.
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Old 11-03-2018, 10:33 AM   #25
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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?
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Old 11-03-2018, 10:35 AM   #26
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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.
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Old 12-06-2018, 12:19 PM   #27
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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.
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Old 12-07-2018, 09:20 AM   #28
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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.
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Old 02-01-2019, 06:23 PM   #29
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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?


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Old 02-01-2019, 06:47 PM   #30
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As I understand it the depreciation stops at 20%. And it applies to parts not labor. Maybe someone knows better...
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Old 02-02-2019, 01:44 PM   #31
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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.
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Old 02-02-2019, 01:55 PM   #32
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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.
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Old 02-02-2019, 01:56 PM   #33
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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.
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Old 02-05-2019, 07:52 PM   #34
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You need a depreciation waver on your policy to avoid that. It's not a very expensive option on my 1992 boat policy.
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Old 02-27-2019, 06:20 PM   #35
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Originally Posted by Dougcole View Post
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 made two claims on the Gulfstar 36 we had before the Mainship, one for almost the entire value of the boat in 2005 after Hurricane Dennis, and one for a new bimini after a hurricane in the Bahamas. I made a claim on the dinghy motor after it was stolen. I made a small claim on the trailer for the flats boat after an accident (not my fault) on the Florida Turnpike. My premium has gone up as the boats have gotten more expensive, but no giant hikes, even with a fair number of claims.

They have been fantastic to work with.


We also have them for our home, rental property, and 4 cars. I think that helps.

I also have had Allstate for 22 years covering my 38' sportfisher. The rate is reasonable but don't think were covered but for maybe half the boats total value. I recently paid for a survey that was subpar to say the least.
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Old 02-28-2019, 05:04 AM   #36
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I also have had Allstate for 22 years covering my 38' sportfisher. The rate is reasonable but don't think were covered but for maybe half the boats total value. I recently paid for a survey that was subpar to say the least.
What was subpar, the boat or the survey? I assume the boat. My question is, how does that survey relate to your insurance?
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Old 02-28-2019, 07:48 AM   #37
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What was subpar, the boat or the survey? I assume the boat. My question is, how does that survey relate to your insurance?
The survey was subpar. He valued the boat less than 50% of what its worth. I'm not sure if this will help with a new quote or hurt.
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Old 02-28-2019, 08:04 AM   #38
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I've got Geico for boat and car, and, while not perfect, it's adequate.

I do the Boat US thing and they had the best rates and coverages for my needs. However, insurance varies a LOT and there's lots of gotchas and fine print, so I could argue strongly to call a broker and get all the details.... then confirm them in writing.

I could also make a STRONG argument to self insure the hull and just get liability.... especially if one is a low risk person. Trawlers, are generally not high risk. Over time, you'll most likely come out ahead.
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Old 04-02-2019, 02:24 PM   #39
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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
Quote:
Originally Posted by Mischief Managed View Post
You need a depreciation waver on your policy to avoid that. It's not a very expensive option on my 1992 boat policy.
I finally got around to contacting our agent about the repair for a partial loss. Hobo’s 32 years old and we’re with Geico Marine. This is from our policy:

SECTION IV – COVERAGES A. HULL AND EQUIPMENT, 4. LimitOfInsurance, c. AmountPaidTo“You”InEventOfLoss, ....(2) Repair For Partial Loss, “We” will pay the reasonable cost of repairs or replacements, in accordance with quality marine repair practice, less depreciation. Depreciation shall be calculated at 10% for each year beginning with the 20th year from manufacture. In all cases, there shall remain no less than 20% residual value regardless of age...

I heard back from agent and for ~$25/year, I guess you have to ask:

Geico now has a “Partial Waiver of Depreciation” endorsement that can be added to your policy at renewal. I have attached a copy for you to look over. The additional premium for this endorsement is about $25.00 per year. With this endorsement, Geico will not deduct depreciation for repair or replacement of the following:
a. Fiberglass, plastic or wood hull materials;
b. Mast and spars;
c. Metal supports and framing for attached towers, T-tops and hard tops;
d. Bow, stern or deck railings; and
e. Glass

Also, you currently have a 0% deductible as you have been loss free for 5 or more years


Thanks folks for brining it up.
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Old 04-12-2019, 06:27 AM   #40
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Which company sells liability only?
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