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Old 10-16-2018, 07:29 PM   #1
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Geico Boat Insurance

Good evening all. Looking for insurance quotes on a GB 32 1974 through GEICO. Any opinions among members? Good/Bad? I've had auto coverage for a number of years with GEICO
and satisfied. Any thoughts are appreciated.
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Old 10-16-2018, 07:36 PM   #2
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I keep asking, but I think your 32’ length is still all they will do. My insurance went up 18% this year, but they still won’t quote me on my 36’.
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Old 10-16-2018, 08:25 PM   #3
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Geico insures my 52’ and has done for past 3 years. Decent coverage but higher on the price curve. First year was competitive but had hefty price hikes year 2 and 3 although deductibles are falling away with a good claims history. Never made a claim So can’t comment on their service. So far the relationship has been one way, I give them money, they take it.
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Old 10-16-2018, 08:43 PM   #4
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I recently ran the "new boat" insurance gauntlet and found Geico (under the guise of BoatUS) was one of the few companies that would write a new policy in Florida.

Historically BoatUS is one of the absolute best companies. However they were only bought by Geico a few years ago, so time will tell if the quality takes a dive.
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Old 10-16-2018, 08:47 PM   #5
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Thanks guys. I just got my binder from them. Trick is to call them directly. The online quote was going all over the place. Once I got a real person on the line they were more than willing to take my money. Good survey helped too. Can’t wait till next year. Lol
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Old 10-16-2018, 09:46 PM   #6
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Have had BoatUS insurance for years. When they switched carriers to Geico last year, my insurance went up 50%. I shopped around and made the switch to Charter Lakes, carrier is Markel. About 30% lower rate for better coverage.
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Old 10-16-2018, 10:11 PM   #7
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I had Seaworthy for years. They were bought by Geico a couple years ago.

So far my rates have not gone up much at all. Just a few percent, like everything else.

Great coverage, easy to deal with, and a TF member is their head underwrighter for the PACNW.
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Old 10-16-2018, 10:12 PM   #8
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I had GEICO for several years in South Florida for my 1980 58’ Hatteras. My premiums actually went down little by little over the years. When Irma damaged the boat substantially last year, GEICO was a pleasure to deal with. They even paid for some things I didn’t think they would. They were quick to assess my claim and get me towed and hauled out at a yard of my choosing. I would recommend GEICO and it’s good to know they are still writing in South Florida. I hadn’t asked yet. My boat was totaled and I haven’t found another one yet.
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Old 10-17-2018, 12:25 AM   #9
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I use progressive for the small boat I carry. Cheaper than Geico. Had Geico car insurance, but as I got older the rates went up too fast. Progressive was about 200/yr cheaper.
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Old 10-26-2018, 04:15 PM   #10
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Insurance

Quote:
Originally Posted by averybill View Post
Good evening all. Looking for insurance quotes on a GB 32 1974 through GEICO. Any opinions among members? Good/Bad? I've had auto coverage for a number of years with GEICO
and satisfied. Any thoughts are appreciated.

Got our geico via boatus. Saved us a lot of money and got better coverage over auto owners ins even though we have multi policies with auto owners.

No complaints.
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Old 10-26-2018, 04:42 PM   #11
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Quote:
Originally Posted by Knot Salted View Post
Got our geico via boatus. Saved us a lot of money and got better coverage over auto owners ins even though we have multi policies with auto owners.

No complaints.
I have Travelers and just got a Seaworthy/Geico quote. Its $600 less and much higher coverage with no hurricane dates, although it has a 7k named storm deductible. Liability is 1M vs 300k, spill is 939k vs 300k, medical payments 25k vs 10k, unisured boater 500k vs 100k.
The agreed value has a 2% deductible decreasing to 1%.
I am interested in hearing about any Geico stories on increasing premiums.
Our only rub is the need to pay for a survey. My survey is 8 years old.
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Old 10-26-2018, 05:10 PM   #12
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Dave: The cost of the survey is part of the reason we haven’t looked at other companies and are still with Geico/Seaworthy (we haven't had a survey since 2010) plus they haven’t given us a reason to change. Last year they dropped the deductible to 0 other than a named storm. This year the premium dropped over $600 to ~1% of our hull value. With an agreed value policy and $250 deductible on electronics, we’re not looking. From your post and talking to others, they seem to be aggressively going after the business. We have no seasonal restrictions and our navigation limits are Brownsville, TX to Northern Maine and as far south as the Turks and Cacos including the Bahamas.
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Old 10-26-2018, 08:55 PM   #13
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Geico

We lost our Mainship 34 to Florence. Had Geico through BoatUS. We purchased it in March, and had just completed prepping the boat for the Fall cruising season. I contacted them about the loss, and sent photos to show it sunk at it's slip. Weeks went by without hearing anything. Stopping by the boat one day (1/2 mile from the house) we found it in the process of being raised. The crew said it was being taken to a local boat yard. Called Geico multiple times before getting connected to anyone in the Catastrophe Team handling my boat. I wanted them to know the condition of the boat before the storm, as we had just purchased it in March and had a good survey, plus I had done a lot of work to her. The survey valued the boat at $28 to $30K. Geico said send them any information I thought was important. I sent copies of pages from the survey. I sent copies of pages from the log books to show a 240hp Perkins installed in1993, and a new tranny in 1999. Also sent pictures of the manuals. I also sent a detailed listing of my work, including replacing all four ports, four house bank batteries, and one engine start battery. They came back with a value of $24,500, which I refused. I was dealing with a middle man (Justin) who was nice enough, but had no authority to change anything. I said it was ludicrous that the boat would devalue that much in 7 months, especially since I had done nothing but repair and upgrade the boat since owning it. A few days later, they came back with an offer of $27,500, which I refused. When I brought up my list of improvements, Justin said their surveyor said all that was "routine maintenance" and not improvements. I was stunned at such an idiotic statement, and told him so. I also stated that I could not replace my boat with another Mainship with lesser equipment and value with what they were offering. Justin said to send proof of that. So I copied ads for the three 1978 Mainships on Yachtworld, all with original 160 hp engines, averaging $30K, and sent it to them, along with a scathing letter expressing my dissatisfaction with the process. My key element was their surveyor looking at the boat without contacting me. He knew nothing of it's condition or equipment, just went by the sodden hulk sitting on the hard. I also told them I would accept $32K as a fair price. A few days later, a woman called and offered $31K, which I accepted, less 5% deductable for a named storm. This process took over three weeks to resolve, and I know they have a lot of claims to resolve. But I feel they tried to low ball me and get on with other claims. A little communication early on could have made a terrible situation easier to cope with. As it was, even though I eventually got what I thought was a fair price, the aggravation and time consumed fighting them has jaded me on ever doing business with them again. All I can say is keep good records and all your receipts, and keep fighting until you get satisfaction.
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Old 11-02-2018, 01:44 PM   #14
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I just changed from Geico because they don't understand that a boat can be out of the water (on the hard) for the winter in New England. They don't give any financial consideration to that fact. I went with Atlantic Specialty Insurance Company (through our broker) with better coverage, for less.
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Old 11-02-2018, 01:48 PM   #15
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Geico Insurance

I have a Grand Banks 36 in Florida. My first year with GEICO was very inexpensive. 2nd year they went up ALOT! Third year has gone up a little. Trouble is, almost no one else will insure in FL and those that will are 2 to 3 times what GEICO charges. My agent is Heritage Ins. If you can get a reasonable quote from GEICO now, I'd take it because I fear that in the future, obtaining yacht insurance on the Gulf or Atlantic coast is going to be very difficult or very expensive. Good luck!
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Old 11-02-2018, 02:47 PM   #16
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Not sure where this “nobody will insure in Florida “ stuff comes from, we were able to get quotes from several carriers for 1st time boat owners with a 70’ boat. We went with a Markel policy through the Marine Trawler Owners Association which offer better terms for less money.
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Old 11-02-2018, 03:20 PM   #17
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I didn't say "Nobody would insure in Florida" What I said was "Geico is much less than all of the other quotes that I've gotten and that many insurance companies won't insure at all in Florida. I'll check out the companies you listed, as I'm also in Jacksonville, Fl now. What I said was is that afordable yacht insurance for large boats is becoming harder and harder to obtain and that it will become even more so in the future due to huge losses in the insurance industry due to storms.
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Old 11-02-2018, 04:10 PM   #18
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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.
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Old 11-02-2018, 07:10 PM   #19
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We are new with Geico and had been told Geico was the only company left that did not require a haul out in FL in the event of a pending named storm. We are on W Coast of FL.....There are virtually no haul out places left in FL.... Now in an argument with them over boat value based on the final survey and the numerous upgrades made to this 39' power cat. I'm of the belief that the Underwriters are not reading the details because this has become ludicrous. I'll be looking around for a new carrier and hope to overcome that haul out issue.
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Old 11-02-2018, 07:21 PM   #20
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For 2017 I had Boat US/Geico on my 1986 Gulfstar 44 MY. Boat is in New England. I had a good survey that was done in 2017. For 2018 they increased the price by 80%. I ended up going with Pantaenius for about the same price as 2017.
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