Advice on insurance

[Capecodder]

Was the cheque in the file your payment not cash or a refund cheque not given to you? And why was it for 5 years. When you paid your premiums I assume you were invoiced first and you were not just sending a cheque based on the quoted amount.
The 5 years is the puzzle because it suggests the agent collected your payments and was ready to return your money if you ever asked for it or made a claim.

Guess I haven’t been on here a while,, five years everything was fine no major changes, in the next couple years big increases request for hurricane plan surveys pictures….. then the year I did not receive an invoice or contact from the local agent, I telephoned she told me she just now, “found” a refund check for the then current insured year, (my payment had been processed over year before) from insurance company in my folder….

I do travel a lot but my mail is forwarded, but email, cell phone text are all consistently monitored

 

[AlanT]

I was previously insured by GEICO through a broker. Now looking for a new carrier. I got several quotes from the broker, with one from Markel being the most likely. Some companies won’t quote us because of our liveaboard status…CHUBB being one.

Since State Farm doesn’t work though independent brokers, I decided to call them directly. I can get essentially the same coverage with them with a much lower deductible and better navigational limits.

I saw a couple of comments from folks insured by State Farm in this thread. Is there anyone else who can comment on their experience with State Farm?

Thanks, Mike
Tuscan Sun
Kadey-Krogen 48 NS

I haven't looked at an SF policy in years but you should read it. Pay particular attention to coverages such as: Resultant damage following machinery damage/breakdown/wear and tear etc: Agreed Value or Declared value or Actual value at time of loss (with deductions for depreciation). Is policy "all risks of Physical loss or damage" with exclusions that you can evaluate or is it a select list of "Named Perils". Good luck, have fun and maybe you can find a broker who has done this legwork for you and can advise you on potential pitfalls of SF coverage.

 

[Comodave]

We had Boat/US, now Geico, for over 40 years. We bought a new boat last July. Over the winter we did about $60K in upgrades to it. I sent the receipts to Geico. They told me that the boat was way overvalued currently so they wouldn’t raise the insured value. I called and asked how they determined the”current fair market value”. They said BUC and NADA books. I asked about soldboats.com and they said they would only use that if the boat wasn’t in the books and mine is in the books. After a long discussion with them making no sense, they just kept using their talking points. I called Peter at Novamar, Pau Hana here on TF. Told him what was going on and he laughed. He said he hears this every week. I told him what I was looking for and within a couple of minutes he had quotes from Chubb and Markel. He said Markel would actually give me a $70K increase in my insured value and the premium was a couple of hundred a year more than Geico. The Markel policy also had better coverages the Geico in several areas and equal coverage in the rest. Guess how quickly I told Peter to get the policy for me. Sad that I had to change insurers after 40+ years but Geico was out of their mind with their new valuation policy. They actually told me that just because the current boat sales prices were high that didn’t mean the boats were worth more. I can’t recommend Peter highly enough. No affiliation except an extremely happy customer.

 

[AKDoug]

I was previously insured by GEICO through a broker. Now looking for a new carrier. I got several quotes from the broker, with one from Markel being the most likely. Some companies won’t quote us because of our liveaboard status…CHUBB being one.

Since State Farm doesn’t work though independent brokers, I decided to call them directly. I can get essentially the same coverage with them with a much lower deductible and better navigational limits.

I saw a couple of comments from folks insured by State Farm in this thread. Is there anyone else who can comment on their experience with State Farm?

Thanks, Mike
Tuscan Sun
Kadey-Krogen 48 NS

My experience with State Farm was 100% positive, filed a claim after a minor collision and they settled it promptly. No increase in my rates, no experience with filing a claim on my own vessel, I keep my deductible high and nothing has ever happened that exceeded the deductible.

I am moving to a different policy when I enter Mexico, because State Farm only covers Alaska, Canada, and the West Coast 50 miles into Mexico.

 

[BuoyCall]

Chris,
I'm anxious to know why the difference in pricing, who you went with and if you wouldn't mind posting the agents name?


I'm with Geico through Boat US and while I think they are ok, I never have gotten another quote.

Geico was good when they got into the game but have since stopped renewing policies. I get alot of calls from prospective clients who are not getting renewed by geico for no reason.

 

[Jmackai]

To Chris my agent is teri chamberlin out of San diego it's novamar insurance we were covered for our trip from San Diego thru the canal to Colombia aruba then the bvi

 

[BuoyCall]

To Chris my agent is teri chamberlin out of San diego it's novamar insurance we were covered for our trip from San Diego thru the canal to Colombia aruba then the bvi

If you dont mind, Who was the carrier that covered you...always looking for a new carrier for unique situations like that for new clients. Thanks?