Insurance going crazy

[movin on]

Been with Geico since 2017
Started at $2200 for 250k boat value boat 13 years old
Last year $4500
Got renewal yesterday $9300
Called an they said increase across the board
Anyone else?
Will not be staying with these crooks

 

[O C Diver]

Been with Geico since 2017
Started at $2200 for 250k boat value boat 13 years old
Last year $4500
Got renewal yesterday $9300
Called an they said increase across the board
Anyone else?
Will not be staying with these crooks

Yes, time to shop. Plan on an insurance survey.

Ted

 

[Comodave]

We had Boat/US, Geico, for over 40 years but dropped them last year because they got crazy. Try Peter Ricks at Novamar. He got us much better coverage and the price was very reasonable. He is a member here. 206-350-5051. No affiliation other than being a satisfied customer.

 

[SeaLion]

Speaking of insurance… what liability limit would you recommend in order to satisfy most marina/yard requirements one might find in the US, Canada and Bahamas?

$300,000? $500,000? More?

Thanks!

 

[CharlieO.]

Most marinas I've shopped at are 300,000 liability but some have gone to 500,000.

 

[tpbrady]

My next renewal in June came in at $2111 for hull coverage and $1M in liability. It was an 11% increase from last year. Policy was written through Chubb. The boat is 1995 Nordic Tug 42.

Tom

 

[ancora]

Geico raked us over the coals with two insurance surveys, one to come up with the defects and a follow up survey to insure (pun intended) that the "defects" were attended to. When this policy lapses its Novamar for us.

 

[Simi 60]

Speaking of insurance… what liability limit would you recommend in order to satisfy most marina/yard requirements one might find in the US, Canada and Bahamas?

$300,000? $500,000? More?

Thanks!

Bizarre
America being such a sue happy country I would have thought you'd need far more.

In Oz, $10,000,000 is the minimum requirement

 

[SeaLion]

Bizarre
America being such a sue happy country I would have thought you'd need far more.

In Oz, $10,000,000 is the minimum requirement

Yikes! That would cost more than the boat!

 

[OA486AGC]

We had Boat/US, Geico, for over 40 years but dropped them last year because they got crazy. Try Peter Ricks at Novamar. He got us much better coverage and the price was very reasonable. He is a member here. 206-350-5051. No affiliation other than being a satisfied customer.

Echo the advice from Comodave and our experience with Peter has been awesome....

 

[Cicio]

I am in a different "boat" LOL! Trying to get insurance in FL as an absentee owner on a boat I am under contract with. Holy crap I had no idea it was gonna be this big of a pain in the butt!

The only quote I have gotten so far requires me to move the boat 100 miles from the cone of any named storm or they don't pay... ummm so you mean there is no hurricane coverage then right? Because if I am 100 miles form the cone there is no way my boat will be damaged lol! What a bunch of malarky

 

[PhilPB]

I am in a different "boat" LOL! Trying to get insurance in FL as an absentee owner on a boat I am under contract with. Holy crap I had no idea it was gonna be this big of a pain in the butt!

The only quote I have gotten so far requires me to move the boat 100 miles from the cone of any named storm or they don't pay... ummm so you mean there is no hurricane coverage then right? Because if I am 100 miles form the cone there is no way my boat will be damaged lol! What a bunch of malarky

That's just crazy. The cone moves so there would not much of a chance for you to run from it.

 

[OA486AGC]

Our insurance is $4300 on our 48' OA....

 

[O C Diver]

I am in a different "boat" LOL! Trying to get insurance in FL as an absentee owner on a boat I am under contract with. Holy crap I had no idea it was gonna be this big of a pain in the butt!

The only quote I have gotten so far requires me to move the boat 100 miles from the cone of any named storm or they don't pay... ummm so you mean there is no hurricane coverage then right? Because if I am 100 miles form the cone there is no way my boat will be damaged lol! What a bunch of malarky

I think there's another way (the insurance company side) to look at this. If you look at hurricane Ian and the thousands of boats lost in SW Fl, there will likely be a percentage of owners who think, " it's insured, not my problem if the hurricane takes it away." While there are owners that make a great effort to keep their boat safe and have a viable hurricane plan, there are probably more owners who tell the insurance company they have a plan, but don't follow through with it.

After hurricane Ian and the loss of all those boats, I find it hard to understand how an insurance company doesn't have a 33% deductible for named storm loss or claims in the prime hurricane zone.

I see a time coming when insurance companies will have large deductibles for named storm claims of movable assets (unlike a house). The idea that you choose to evacuate but not take your car and the insurance has to pay for it, seems ridiculous to me.

For the record, I'm a Fort Myers resident and my boat is based in Fort Myers. My insurance policy has me North of Savannah, GA between June 1st and November 1st. My insurance is very reasonable as I take a proactive approach of keeping it away from named storms.

Ted

 

[Comodave]

I am in a different "boat" LOL! Trying to get insurance in FL as an absentee owner on a boat I am under contract with. Holy crap I had no idea it was gonna be this big of a pain in the butt!

The only quote I have gotten so far requires me to move the boat 100 miles from the cone of any named storm or they don't pay... ummm so you mean there is no hurricane coverage then right? Because if I am 100 miles form the cone there is no way my boat will be damaged lol! What a bunch of malarky

See post #3. There may be no alternative but if anyone can help you Peter can and will.

 

[Cicio]

I think there's another way (the insurance company side) to look at this. If you look at hurricane Ian and the thousands of boats lost in SW Fl, there will likely be a percentage of owners who think, " it's insured, not my problem if the hurricane takes it away." While there are owners that make a great effort to keep their boat safe and have a viable hurricane plan, there are probably more owners who tell the insurance company they have a plan, but don't follow through with it.

After hurricane Ian and the loss of all those boats, I find it hard to understand how an insurance company doesn't have a 33% deductible for named storm loss or claims in the prime hurricane zone.

I see a time coming when insurance companies will have large deductibles for named storm claims of movable assets (unlike a house). The idea that you choose to evacuate but not take your car and the insurance has to pay for it, seems ridiculous to me.

For the record, I'm a Fort Myers resident and my boat is based in Fort Myers. My insurance policy has me North of Savannah, GA between June 1st and November 1st. My insurance is very reasonable as I take a proactive approach of keeping it away from named storms.

Ted

I think your logic is sound and I would rather them say that there is a 40% deductible for named storms than that I have to move it 100 miles from the cone.

 

[Cicio]

See post #3. There may be no alternative but if anyone can help you Peter can and will.

Thank you... I have been told by the broker not to get too many agents on it at once because it can muddy the deal. I'll let this guy get me what he has and then likely reach out to Peter to see if there are other options if I am not happy.

Thanks for the advice.

 

[Comodave]

It should not do anything to the boat sale deal. Unless the broker is going to get a commission on your insurance…. Give Peter a call and just ask him to give you some advice. Tell him I said to call. We talk sometimes for hours about boats, he is really great.

 

[AlanT]

Been with Geico since 2017
Started at $2200 for 250k boat value boat 13 years old
Last year $4500
Got renewal yesterday $9300
Called an they said increase across the board
Anyone else?
Will not be staying with these crooks

Just renewed 1995 72' Wendon, 3% deductible. Rate 1% on value. ie: about what you paid initially. Through Jack Martin Agency in Newport RI.

 

[OldDan1943]

It has been my experience is the ins company will not bother talking with you until a month before the policy expires then, they drop the hammer with a huge raise.

May I suggest we get up of list of owners who are searching for a better deal and a list of insurance agency then if enough of us will go with he agency, we might get a good deal???

 

[magna 6882]

Mine came in yesterday at $2630.00.Went down $400 from last year.

 

[Senojev]

I have same coverage on a 2010 NT 37 East Coast top to bottom for $2500 with Global Marine.

 

[BruceK]

Yikes! That would cost more than the boat!

I can confirm $10M Liability is the norm in Australia. How in litigious USA could.5M be adequate.
Cost is woven into premium which is about 1.25% of sum insured.

 

[tiltrider1]

You really can’t compare insurance trends between the West Coast and Florida. In Florida you have many underwriters pulling out. Add to that the big national’s who need to make up for losses.

On the West Coast we have underwriters who specialize only in this low risk market. This prevents the big national’s from being able to spread their losses across the full country and stay competitive in the West Coast.

So it is not surprising that insurance could spike up in Florida while going down in the PNW.

 

[jgwinks]

I am in a different "boat" LOL! Trying to get insurance in FL as an absentee owner on a boat I am under contract with. Holy crap I had no idea it was gonna be this big of a pain in the butt!

The only quote I have gotten so far requires me to move the boat 100 miles from the cone of any named storm or they don't pay... ummm so you mean there is no hurricane coverage then right? Because if I am 100 miles form the cone there is no way my boat will be damaged lol! What a bunch of malarky

The big problem with that is hurricanes often change course just before land fall. You could be 200 miles away in the morning and take a direct hit in the afternoon. And they won't pay. The only safe way is to not be there at all during the season. And that's not so safe anymore, the last big storm hit September 15, two weeks after the season was "over".

 

[OldDan1943]

Of course there is the possibility of putting it on the hard. You have to make and pay for reservations, use them or not.
Some yards require boats on the hard be taken out of the yard.
ME? To date, I double the lines, hunker down and drink coffee and watch TV or a DVD. You could make all the proper preparations and then go to a motel, assuming you have made reservation, unless the motel has evacuated its guests

 

[Shrew]

I don't like these direct sellers like Geico and Progressive. They are the agent, they are the underwriter.

I prefer going with a multi-line agency. For the boats, I specifically use marine insurance agencies that specialize writing marine policies from a number of different underwriters.

Since the OP is in the US, give these folks a call:

https://maritimeinsuranceinternational.com/

 

[OldDan1943]

For ashore stuff, I use an onshore company.
Boats, a firm that specializes in marine stuff.

 

[Comodave]

Peter at Novemar got us $190,000 stated value from Markel for $1,500. We had Geico but they went nuts so we changed. Peter said to get either Chubb or Markel. He looked at Chubb but said Markel had a betting rate. I didn’t need a survey. And Markel had better coverage than Geico.

 

[O C Diver]

And that's not so safe anymore, the last big storm hit September 15, two weeks after the season was "over".

Hurricane season is June 1st through November 30th. My insurance company let's me go South of Savannah after November 1st. Where did you come up with September 1st as being the end of hurricane season?

Ted