Big insurance increase from Geico/Boat US

[fryedaze]

I have been waiting for the axe to fall on my Geico insurance. Today I got my renewal notice. Price drop $60. Vanishing deductible continues to drop, now $700. 42 ft boat 32 years old. Cruising range US and Canada. Only restriction in Hurricaine plan if in Florida. Go figure. I read a lot of comments that they won't ensure old boats.

 

[OldDan1943]

I have been waiting for the axe to fall on my Geico insurance. Today I got my renewal notice. Price drop $60. Vanishing deductible continues to drop, now $700. 42 ft boat 32 years old. Cruising range US and Canada. Only restriction in Hurricaine plan if in Florida. Go figure. I read a lot of comments that they won't ensure old boats.

You buy from Geico direct and not through an agent?

 

[catalinajack]

I have been waiting for the axe to fall on my Geico insurance. Today I got my renewal notice. Price drop $60. Vanishing deductible continues to drop, now $700. 42 ft boat 32 years old. Cruising range US and Canada. Only restriction in Hurricaine plan if in Florida. Go figure. I read a lot of comments that they won't ensure old boats.

Same with me. Rate decreased by $260. Boat is 38yo, 44 feet.

 

[fryedaze]

You buy from Geico direct and not through an agent?

Agent

 

[drf6]

Post #144 indicates that if you are in Maryland Geico must maintain the coverage from an independent agent for two years.
I tried to "reason" with Geico again concerning our canceled policy to no avail for our 40 foot Pilgrim. They flat out were not interested. We have another policy with them for a 25 foot Atlas Acadia (independent agent). I asked what will happen when that policy expires in April. They said no problem. They will simply roll that policy over into about in house account. I informed them if they think they are going to keep my business after how we were treated on the Pilgrim they are sadly mistaken. They didn't seem to care.

 

[O C Diver]

My Chubb "Masterpiece Policy " renewal has arrived. The premium increased $284. I understand that there were significant losses this year and we all get to share the burden. Clearly with the significant national inflation, there are increased costs of doing business. While I'm not thrilled with the increase, everything essentially has remained the same as far as coverage and agreed value. Shopping for a new policy would no doubt require a new survey as the purchase survey is now 8 years old. So I'll write a check and see what happens next renewal.

Ted

 

[Bryant]

Insurance

Agent

If you bought a GEICO policy through an agent it will be cancelled when the policy expires. You will have to renew directly with GEICO as if you are buying for the first time and they will require a new survey. I just went through that hell. Be proactive and start asking questions now. I only had 1 months notice to get all that done.

 

[BandB]

If you bought a GEICO policy through an agent it will be cancelled when the policy expires. You will have to renew directly with GEICO as if you are buying for the first time and they will require a new survey. I just went through that hell. Be proactive and start asking questions now. I only had 1 months notice to get all that done.

Except in Maryland as was stated above, so he has 2 years.

 

[SeaMoose]

GEICO/Boat US 1976 boat, no rate change no cancellation. Just paid it.

Go figure. Guess I need to stop believing everything I read on the interwebs.

 

[hmason]

Well this is an interesting thread. I called Boat US (which insures through GEICO) directly to see if they would insure a boat I was considering purchasing. I was not going to make a purchase I couldn't insure. The boat is a 2001 Pacific Mariner 65 and would be located in FL all year including the hurricane season. They required a hurricane plan, did not ask for a survey. They took a deposit and sent a binder to begin on the date I specified and will move that date if required. I was surprised and pleased. (It is an agreed value policy.)

 

[BandB]

Well this is an interesting thread. I called Boat US (which insures through GEICO) directly to see if they would insure a boat I was considering purchasing. I was not going to make a purchase I couldn't insure. The boat is a 2001 Pacific Mariner 65 and would be located in FL all year including the hurricane season. They required a hurricane plan, did not ask for a survey. They took a deposit and sent a binder to begin on the date I specified and will move that date if required. I was surprised and pleased. (It is an agreed value policy.)

Wifey B: One of our fave boats. We were even very close to having a new, slightly altered one of the PM 65 built right before the sale of Westport to Chouest. They were still willing but made no sense. Just because someone is still willing doesn't mean you should force.

In one of hubby's "business idea every hour" flashes he even imagined a new US Builder based on the heritage of the Bayliner Pilothouse models between 40 and 60', if I have that accurate, and then the Pacific Mariner 65 and 85 to fill that gap of great boats discontinued. They all came out of the same "school of design" I'd call it as did all the Westport models also. There's just a beautiful continuity of line and practicality and performance.

That's an area GB was into until they were out of and now maybe into again more, especially now that they go up to 85'.

You should love the PM 65. Although built long before Westport bought PM, Orin Edson owned PM before that merger and the influence of him and of Bill Garden and all those people shows on the design and the construction techniques from everything I've heard. I think you'll be pleased with the ride, the speed, and the space of the boat and wonder to yourself, "Why isn't anyone building a boat like this now?" Some are and perhaps some have advanced but I've never known anyone with it who didn't love it. Only reason at one time they'd hit the used market was someone moving up to an 85.

 

[Bryant]

Insurance

GEICO/Boat US 1976 boat, no rate change no cancellation. Just paid it.

Go figure. Guess I need to stop believing everything I read on the interwebs.

Did you buy from an agent or directly from GEICO? GEICO is cancelling all policies sold through independent agents when those policies come up for renewal. Apparently Maryland has a two year requirement so those policies are good for another year. Perhaps your state does as well. If you arrange with GEICO to have them start a new policy immediately so there is no lapse in coverage they will insure you. If your boat is over 40 years old and your coverage lapses they will no longer insure you. As long as coverage with them is maintained, they will grandfather you. My boat has been insured with GEICO for 6 years but through an agent. I was told that my auto payment was cancelled so I called to ask why. That’s when I found out that GEICO was cancelling policies sold by agents. I only had 30 days to get the boat surveyed and apply for a new policy directly from GEICO. That was how I found out about the issue with agents, boat ages etc. I don’t know your situation but I’m recommending that everyone who is insured by GEICO to call them and have a conversation so you know exactly where you stand so you don’t get blindsided like I did.

 

[BandB]

Did you buy from an agent or directly from GEICO? GEICO is cancelling all policies sold through independent agents when those policies come up for renewal. Apparently Maryland has a two year requirement so those policies are good for another year. Perhaps your state does as well. If you arrange with GEICO to have them start a new policy immediately so there is no lapse in coverage they will insure you. If your boat is over 40 years old and your coverage lapses they will no longer insure you. As long as coverage with them is maintained, they will grandfather you. My boat has been insured with GEICO for 6 years but through an agent. I was told that my auto payment was cancelled so I called to ask why. That’s when I found out that GEICO was cancelling policies sold by agents. I only had 30 days to get the boat surveyed and apply for a new policy directly from GEICO. That was how I found out about the issue with agents, boat ages etc. I don’t know your situation but I’m recommending that everyone who is insured by GEICO to call them and have a conversation so you know exactly where you stand so you don’t get blindsided like I did.

He bought from Boat US. Geico did not drop those, although a few specific policies were dropped. However, they continue to sell through Boat US.

 

[SteveK]

Geico seems to be eliminating agents in order to offer insurance at a competitive price by reducing commission overhead. As insurance rates climb, the agents commission is left to be negotiated.

Maybe unrelated, maybe not. Condo insurance.
Here in BC the gov made insurance agents disclose their commission on the never ending rate increases for condo buildings. 18-22%. This is a very significant part of the costs to condo owners considering that it is mandatory by law to have this insurance, no opt out. Agents are order takers. Underwriters are few and most agents share the same underwriter.

I will not be surprised if in the coming years competition between agents dropping commission % to offer lower rates or even insurance direct from the underwriter replacing agents becomes the norm.

 

[hmason]

To Wifey B: Thank you for your thoughts on the Pacific Mariner. Everyone we speak to that knows the boat has only good things to say. We consider ourselves lucky to have found the brand.

 

[OldDan1943]

Well this is an interesting thread. I called Boat US (which insures through GEICO) directly to see if they would insure a boat I was considering purchasing. I was not going to make a purchase I couldn't insure. The boat is a 2001 Pacific Mariner 65 and would be located in FL all year including the hurricane season. They required a hurricane plan, did not ask for a survey. They took a deposit and sent a binder to begin on the date I specified and will move that date if required. I was surprised and pleased. (It is an agreed value policy.)

A hurricane plan is pretty much a no brainer, move to a safe anchorage if necessary, standard tie-up and double up all lines. If necessary make crude diagram indicating the dock ties, and opposite tie.
I usually stay with the boat and adjust the lines as necessary.

 

[Pura Vida]

GEICO went up about 25% I use Chubb now and saved 10% over my old GEICO rate.

 

[Iggy]

I have NOT read every post or kept up with them.

But just an FYI. I to was searching for an Inc Co. for my new to me boat last year when I bought it. I was getting prices in the $2,800 to $3,300 range. I found Safeco Ins Co. a division of Liberty Mutual. Cost this year was $1,800 but if I paid in full it dropped to $1,600. Good luck!

 

[Group9]

Just got our renewal letter today from Geico (through Boat US) for our 49 year old boat. The premium went down about $200.

Thanks to everyone who had me worried about this for the last six months for nothing.

We’ve been through about six hurricanes with Geico and never had to file a claim (or even had any damage, while boats that stayed and rode them out in our marina were sunk or damaged). We follow our filed hurricane plan religiously and apparently, it’s a good one. Maybe that’s the difference, I don’t know.

 

[cardude01]

What is your hurricane plan?

 

[backinblue]

My Plan:

 

[cardude01]

???

 

[Group9]

What is your hurricane plan?

We have a specific place we take it to, about ten miles north of the gulf, where we spider web tie it off in a bayou. We do it so often, it’s become easy.

 

[cardude01]

Good plan. You have that good local knowledge.

I have no knowledge of Pensacola hurricane holes, and I live too far away, so headed to Lake Ponchatrain in June or maybe In May. I have an apartment in Nola so I’m there pretty often.

 

[boomerang]

I usually stay with the boat and adjust the lines as necessary.

WTH??? You're joking, right? That's what you have insurance for! If you're in the middle of a hurricane the LAST thing you're going to worry about is adjusting your docklines! I stayed at our house in VA when hurricane Irene (barely a cat 1 storm) came through. I won't do that again. When trees were snapping like match sticks, I could've given a rats ass how my boat was doing at the time! It actually did fine because I had it sprung between 4 docks and everything battened down).

 

[Comodave]

We have a specific place we take it to, about ten miles north of the gulf, where we spider web tie it off in a bayou. We do it so often, it’s become easy.

What happens when you get to your specific place and someone has already taken it? Do you have a backup place?

 

[Bryant]

Insurance

Just got our renewal letter today from Geico (through Boat US) for our 49 year old boat. The premium went down about $200.

Thanks to everyone who had me worried about this for the last six months for nothing.

We’ve been through about six hurricanes with Geico and never had to file a claim (or even had any damage, while boats that stayed and rode them out in our marina were sunk or damaged). We follow our filed hurricane plan religiously and apparently, it’s a good one. Maybe that’s the difference, I don’t know.

My posts were pretty specific. GEICO is cancelling policies issued through independent agents and requiring new policies to be issued directly through GEICO. If your policy doesn’t lapse they may reissue. If they do they may grandfather you. Otherwise, they are no longer issuing new policies on boats over 40 years old. That’s directly from GEICO.

 

[Group9]

What happens when you get to your specific place and someone has already taken it? Do you have a backup place?

I have about three of them! A friend and I, another boat owner, raft off together at this hole and we have been expecting that every year that another hurricane hits and people see us come back with zero damage. So every year, at the start of hurricane season, we take one of our small boats, and familiarize ourself with several backup plans and locations, just in case.

But, we also take ours up to our hole at the first chance of a hurricane. Like I said, we've done it so many times at this point, that's it easy. We already have the lines and fenders ready to go, and between us, we own four smaller boats, so chances of one of them not being ready to use is pretty slim.

And, we can see our boats from the Interstate (that's where this picture was taken from) so it's easy to check on them after the hurricane when it's hard to get around. This is a picture from the first time I put it there five or six years ago.

The key is, don't start first looking for a safe hidey hole when a hurricane is already knocking on the door!

 

[Group9]

My posts were pretty specific. GEICO is cancelling policies issued through independent agents and requiring new policies to be issued directly through GEICO. If your policy doesn’t lapse they may reissue. If they do they may grandfather you. Otherwise, they are no longer issuing new policies on boats over 40 years old. That’s directly from GEICO.

Well, all I know is, I just got my renewal letter on my 49 year old boat, so I don't really care.

And, at my age, you would think I would know better than to pay any attention to 99 per cent of what people say on the internet, anyway, so there's that.

 

[rpackard]

Does anyone know of a source for liability only insurance for a 1977 trawler. To use in Alaska and BC?