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Old 09-21-2021, 12:59 PM   #1
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Big insurance increase from Geico/Boat US

Got my notice recently about new premium, a 24% increase from last year which was my first year. This brings the annual up to almost $2700. Keep in mind our season here is less than 6 months. I have had no claims. Only stated reason for increase "is to cover the rising cost of of providing insurance for your investment."
Anyone else get bitten? I guess it's time to do some shopping. I have USAA for all other insurance so I'll try them first.
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Old 09-21-2021, 01:05 PM   #2
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USAA will not insure that size vessel, but they will refer you to Markel where you will get some "consideration" as a USAA member.
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Old 09-21-2021, 01:07 PM   #3
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Pat T, double that for me, in FL
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Old 09-21-2021, 02:28 PM   #4
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Same here, Pat. Mine went up about the same amount.

BTW, I grew up in Westchester, near Lagrange. Went to the Lagrange Theater thru my adolescence. Family in nearby Western Springs and Maywood in the 1960-70's. Did you go to LT?
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Old 09-21-2021, 02:48 PM   #5
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Mine up about the same as well.
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Old 09-21-2021, 03:14 PM   #6
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My insurance is GEICO, but recieved a notice they will not renew in April.

Pete has promised to get me insurance in April, so I don't worry. Pete ALWAYS comes thru!!
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Old 09-21-2021, 03:16 PM   #7
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Last time I tried Markel (via USAA as a 41 year member) they said they would not write the wind coverage. Best of luck.


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Old 09-21-2021, 03:18 PM   #8
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Originally Posted by Pat T View Post
Got my notice recently about new premium, a 24% increase from last year which was my first year. This brings the annual up to almost $2700. Keep in mind our season here is less than 6 months. I have had no claims. Only stated reason for increase "is to cover the rising cost of of providing insurance for your investment."
Anyone else get bitten? I guess it's time to do some shopping. I have USAA for all other insurance so I'll try them first.
This is when you find a good marine broker who deals with many companies and put them to work to see if you're on the best plan for you or there is better.
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Old 09-21-2021, 03:57 PM   #9
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My insurance is GEICO, but recieved a notice they will not renew in April.

Pete has promised to get me insurance in April, so I don't worry. Pete ALWAYS comes thru!!

Yup, he did well for me after Progressive jacked my rates massively this summer. New policy (through Markel via Peter) is only slightly more expensive than my pre-increase rate, but for better coverage.
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Old 09-21-2021, 06:14 PM   #10
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If this helps, I just insured with AIG. Permitted cruising range full west coast, between Baja and Alaska coastal. 2% hull deductible. Agreed value. Full coverage. 0.67% of hull.
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Old 09-21-2021, 07:08 PM   #11
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This rapidly gets to the point where insurance is unaffordable or unattainium, or just ridiculous.



It's one thing to raise the price because the boat is worth more, but another thing to raise it as a percentage where they get more and more of the value in premiums. What happens when it hits 5 or 6 percent?.... or even 25%... or more?



I hope there's good choices for liability for those that want to go bare on the hull.
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Old 09-21-2021, 07:17 PM   #12
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Try IMIS in Annapolis. I’ve had them for years and they always found me a reasonable price
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Old 09-21-2021, 07:40 PM   #13
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My strong guess is rates are going up since they underpriced the risk of hurricane losses. Dorian cost them billions. Same thing with insurance for homes at risk from fire on the west coast.
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Old 09-22-2021, 05:29 AM   #14
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My strong guess is rates are going up since they underpriced the risk of hurricane losses. Dorian cost them billions. Same thing with insurance for homes at risk from fire on the west coast.
That may be part of it, but my broker (E F Hutton ) commented last December that prices had increased due to losses from a large number of first time boaters getting in since they weren't traveling out of the country because of covid.

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Old 09-22-2021, 07:51 AM   #15
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I just paid my Markel premium. Down $250 from last year.
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Old 09-22-2021, 08:56 AM   #16
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As I shop around to replace my sold boat, from what I am seeing is that the entire boating industry is experiencing very sharp price increases. From new boats, used boats, marina slips, dive services, and repair services. All insurance companies are facing increased costs too. Given the recent losses and the increase in fair market value of boats, insurance rates should go up. That they have gone up only 25% or so is interesting. Although, bear in mind that we have no inflation as we will be told today (9/22) by the Fed Reserve.
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Old 09-25-2021, 03:06 PM   #17
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I did end up getting a quote from Markel. It is less than 1/2 the price of my last policy before the increase. I will have to call them back to double check everything but the only difference I can point out is Markel is insuring me for Great Lakes & nearby waters whereas Boat US covers the coasts. Not an issue for me now.
I do have to submit a recent survey which I have since I bought the boat in the past year. I also must have corrected all the deficiencies noted by surveyor or note them as to when I will complete them. Some recommendations are not that important and I may not get to them in the next year or two so I wonder if they could reject me. To be continued.........
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Old 09-25-2021, 04:42 PM   #18
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Originally Posted by Pat T View Post
I did end up getting a quote from Markel. It is less than 1/2 the price of my last policy before the increase. I will have to call them back to double check everything but the only difference I can point out is Markel is insuring me for Great Lakes & nearby waters whereas Boat US covers the coasts. Not an issue for me now.
I do have to submit a recent survey which I have since I bought the boat in the past year. I also must have corrected all the deficiencies noted by surveyor or note them as to when I will complete them. Some recommendations are not that important and I may not get to them in the next year or two so I wonder if they could reject me. To be continued.........
It will depend on the underwriter. They may accept minor defects or they may say fix them all. Crap shoot, good luck!
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Old 09-25-2021, 05:33 PM   #19
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No idea what i am talking about, but would the fact boat prices have skyrocketed and losses would be higher (they are carrying more risk) and they raised rates to compensate?

Again, no idea. Lol
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Old 09-25-2021, 07:14 PM   #20
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No idea what i am talking about, but would the fact boat prices have skyrocketed and losses would be higher (they are carrying more risk) and they raised rates to compensate?

Again, no idea. Lol
Wifey B: The fact Ida caused over $50 billion damage doesn't help either.
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