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10-07-2023, 04:38 PM
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#1
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Senior Member
City: San Francisco
Vessel Name: Sarah McLean
Vessel Model: Mainship 30 Pilot
Join Date: Oct 2007
Posts: 121
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Insurance doubles?
Have I been sleeping 20 years? Just got my Geico policy in the snail mail
and noticed that my premium on a valuation of 64,000 for a Mainship 30
is now 1200.00. iT was previously 542.00. The boat is kept in a private Marina in Sausalito CA, not the Ukraine.
Just tell me to pay it, forget bbout or sell the boat and get out of boating. There is I suspect nothing to do about it but complain.
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10-07-2023, 04:47 PM
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#2
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Moderator Emeritus
City: Au Gres, MI
Vessel Name: Black Dog
Vessel Model: Formula 41PC
Join Date: Jul 2015
Posts: 21,185
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Welcome to Geico…. Call Peter Ricks at Novamar. When Geico went crazy on us Peter got me great coverage for a good price. 206-350-5051
__________________
Boat Nut:
If you are one there is no explanation necessary.
If you aren’t one, there is no explanation possible.
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10-07-2023, 04:49 PM
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#3
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Guru
City: West Palm Beach
Vessel Name: Sun Dog
Vessel Model: Mainship 34
Join Date: Oct 2021
Posts: 668
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Quote:
Originally Posted by adornato
Have I been sleeping 20 years? Just got my Geico policy in the snail mail
and noticed that my premium on a valuation of 64,000 for a Mainship 30
is now 1200.00. iT was previously 542.00. The boat is kept in a private Marina in Sausalito CA, not the Ukraine.
Just tell me to pay it, forget bbout or sell the boat and get out of boating. There is I suspect nothing to do about it but complain.
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That would be a fantastic price for those of us in South Florida!
__________________
Phil
Sun Dog
1983 Mainship 34
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10-07-2023, 05:01 PM
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#4
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Guru
City: Rochester, NY
Vessel Name: Hour Glass
Vessel Model: Chris Craft 381 Catalina
Join Date: Aug 2019
Posts: 7,550
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Quote:
Originally Posted by Comodave
Welcome to Geico…. Call Peter Ricks at Novamar. When Geico went crazy on us Peter got me great coverage for a good price. 206-350-5051
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Seconded. Progressive dumped a huge price increase on me a couple of years ago and Peter was able to find me better coverage for only a little more than the pre-increase price.
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10-07-2023, 05:55 PM
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#5
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Moderator Emeritus
City: Au Gres, MI
Vessel Name: Black Dog
Vessel Model: Formula 41PC
Join Date: Jul 2015
Posts: 21,185
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Peter got me betting coverage than Geicos. He got me $190K for about $1400.
__________________
Boat Nut:
If you are one there is no explanation necessary.
If you aren’t one, there is no explanation possible.
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10-07-2023, 08:18 PM
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#6
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Veteran Member
City: Pasadena
Vessel Name: Nauti'Kel
Vessel Model: 34 Mainship Pilot
Join Date: Jul 2020
Posts: 38
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I just met Peter at the Annapolis boat show Thursday. He gave me fantastic information then reviewed my current policy. He followed up with a quote with significantly better coverage then my current provider and its 25% cheaper. Highly recommend!
Rich
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10-08-2023, 12:00 AM
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#7
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Guru
City: Queensland
Vessel Model: Milkraft 60 converted timber prawn trawler
Join Date: Jul 2016
Posts: 5,482
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Quote:
Originally Posted by adornato
Have I been sleeping 20 years? Just got my Geico policy in the snail mail
and noticed that my premium on a valuation of 64,000 for a Mainship 30
is now 1200.00. iT was previously 542.00. The boat is kept in a private Marina in Sausalito CA, not the Ukraine.
Just tell me to pay it, forget bbout or sell the boat and get out of boating. There is I suspect nothing to do about it but complain.
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Yep
You've been sleeping 20 years (-;
We were paying around $1200 on a new build $80k catamaran 20 years ago
Now we are paying $4400 on not much more (they will only insure on purchase price not replacement cost)
__________________
Everything on a boat is broken, you just don't know it yet
Full time cruising is repairing boats in exotic locations
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10-08-2023, 07:48 PM
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#8
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Senior Member
City: Scappoose, OR
Vessel Name: Double-Wide
Vessel Model: 49ft Custom Power Catamaran
Join Date: Oct 2007
Posts: 127
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I have been using the BOAT Insurance Agency in Seattle since the boat was launched in 2009. The underwriter has changed several times but has been Travelers the last 2 years. I pay about twice what you were paying for a boat value just over 5 times what you list.
BIA
206-285-1350
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10-09-2023, 08:46 AM
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#9
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Guru
City: North Charleston, SC
Join Date: Sep 2010
Posts: 4,870
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Quote:
Originally Posted by adornato
Have I been sleeping 20 years? Just got my Geico policy in the snail mail
and noticed that my premium on a valuation of 64,000 for a Mainship 30
is now 1200.00. iT was previously 542.00. The boat is kept in a private Marina in Sausalito CA, not the Ukraine.
Just tell me to pay it, forget bbout or sell the boat and get out of boating. There is I suspect nothing to do about it but complain.
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Have you considered calling your agent and questioning the increase?
You will get more accurate information there than from a web forum.
You do have the choice of shopping around for a less expensive policy, but make sure the coverage is the same.
The important thing is that you have liability insurance for at least one million dollars. Don't go without that.
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10-09-2023, 10:22 AM
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#10
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Guru
Join Date: Dec 2007
Posts: 4,021
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Quote:
Originally Posted by rwidman
Have you considered calling your agent and questioning the increase?
You will get more accurate information there than from a web forum.
You do have the choice of shopping around for a less expensive policy, but make sure the coverage is the same.
The important thing is that you have liability insurance for at least one million dollars. Don't go without that.
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We had the same problem with Geico...calling them was a waste of time as no one there knows anything about boats. Will switch coverage as soon as possible.
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10-09-2023, 03:05 PM
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#11
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Guru
City: West Palm Beach
Vessel Name: Sun Dog
Vessel Model: Mainship 34
Join Date: Oct 2021
Posts: 668
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Geico actually lowered my policy by 10% this year. I'm still paying almost $1500/yr for just under $40k agreed value. Based on the age and length of my boat I'm happy for what I have. At least I will hopefully be good for another year. Southeast Fl is a crappy place to be for any insurance (homeowners, auto, marine, health), it's beyond ridiculous. For all of our policies we pay close to $40k/yr
__________________
Phil
Sun Dog
1983 Mainship 34
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10-09-2023, 10:29 PM
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#12
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Guru
City: Phoenix, AZ
Vessel Name: Enigma
Vessel Model: 1997 Wellcraft Excel 26 SE
Join Date: Mar 2015
Posts: 658
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Quote:
Originally Posted by PhilPB
Southeast Fl is a crappy place to be for any insurance (homeowners, auto, marine, health), it's beyond ridiculous.
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Isn't that because of the uninvited guests from June to November?
Those guys can make a big mess.
__________________
>>>>>>>>>>>Action
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10-09-2023, 10:57 PM
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#13
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Moderator Emeritus
City: Au Gres, MI
Vessel Name: Black Dog
Vessel Model: Formula 41PC
Join Date: Jul 2015
Posts: 21,185
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Quote:
Originally Posted by rwidman
Have you considered calling your agent and questioning the increase?
You will get more accurate information there than from a web forum.
You do have the choice of shopping around for a less expensive policy, but make sure the coverage is the same.
The important thing is that you have liability insurance for at least one million dollars. Don't go without that.
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Geico apparently has lost all sense about boats in the last couple of years. They tried telling me that BUC book prices were more accurate than soldboats.com. They said they use BUC if the boat is in the book otherwise they use soldboats. Soldboats.com is pretty up to date and BUC is always way out of date. They wouldn’t see that the obvious solution was to check soldboats and compare that price to BUC. No reasoning with them… And we were Boat/US Geico customers for over 40 years.
__________________
Boat Nut:
If you are one there is no explanation necessary.
If you aren’t one, there is no explanation possible.
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10-10-2023, 05:36 AM
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#14
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Guru
City: Vermont
Vessel Name: Luna C.
Vessel Model: 1977 Marine Trader 34DC
Join Date: Sep 2020
Posts: 1,511
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We pay around $1100yr for agreed value of $28000 in Vermont. We should be getting our renewal letter any day, we'll see if our rate changes. Progressive.
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10-10-2023, 06:58 AM
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#15
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Guru
City: Solomons Island Md
Vessel Name: Fryedaze
Vessel Model: MC 42 (Overseas Co) Monk 42
Join Date: Sep 2011
Posts: 1,721
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GEICO will drop us in January. Here is what I have so far in my research:
Current Gieco policy: $2334, hull 124k , 1 mil liability, no cruise restrictions, named storm deductible $5350, decreasing deductible.
1989 Overseas MC 42
Progressive: $1050, hull value 126k, 500k liability, won't do 1 million liability, no cruise restrictions , survey req
Chubb: $1710 hull 72k, 1mil liability, 32 Lat July Nov restrictions , 2% deductible. Survey req
Cincinnati: $1859, hull 126k, 1 mil liability, 2% deductible, 6k wind deductible, no survey, restrictions Virginia Beach July Nov
State Farm: $1614, hull 126k, 1 mil liability, $250 deductible, survey, no cruising restrictions.
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10-10-2023, 07:21 AM
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#16
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Guru
City: West Palm Beach
Vessel Name: Sun Dog
Vessel Model: Mainship 34
Join Date: Oct 2021
Posts: 668
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Quote:
Originally Posted by Action
Isn't that because of the uninvited guests from June to November?
Those guys can make a big mess.
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That's one reason for sure. The other is massive amounts of litigation for everything. Most advertising on tv and radio is for attorney's offerings to "help you make your money"
__________________
Phil
Sun Dog
1983 Mainship 34
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10-10-2023, 07:26 AM
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#17
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Guru
City: Phoenix, AZ
Vessel Name: Enigma
Vessel Model: 1997 Wellcraft Excel 26 SE
Join Date: Mar 2015
Posts: 658
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Thanks
__________________
>>>>>>>>>>>Action
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10-10-2023, 07:39 AM
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#18
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Guru
City: West Palm Beach
Vessel Name: Sun Dog
Vessel Model: Mainship 34
Join Date: Oct 2021
Posts: 668
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And then we have exorbitant health insurance. It's crazy when I think about how much we pay annually for all of our policies.
__________________
Phil
Sun Dog
1983 Mainship 34
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10-10-2023, 08:19 AM
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#19
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Senior Member
City: Lake Wales/Greenbackville
Vessel Name: "OLD BAY"
Vessel Model: 1979 Grand Banks #599
Join Date: May 2022
Posts: 287
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Insurance companies need to make money for their shareholders, pay their employees, and cover their payouts. Object is to collect more money then they pay out.
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10-10-2023, 09:03 AM
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#20
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Guru
City: West Palm Beach
Vessel Name: Sun Dog
Vessel Model: Mainship 34
Join Date: Oct 2021
Posts: 668
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Quote:
Originally Posted by Old Sea Dog
Insurance companies need to make money for their shareholders, pay their employees, and cover their payouts. Object is to collect more money then they pay out.
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They are certainly making money off of us.
__________________
Phil
Sun Dog
1983 Mainship 34
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