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09-21-2021, 12:59 PM
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#1
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Senior Member
City: Lagrange, IL
Vessel Name: Moondance
Vessel Model: Grand Banks CL 42
Join Date: Sep 2019
Posts: 123
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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.
__________________
Pat T
Grand Banks 42 CL
#1469
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09-21-2021, 01:05 PM
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#2
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Guru
City: Southport, FL near Panama City
Vessel Name: FROLIC
Vessel Model: Mainship 30 Pilot II since 2015. GB-42 1986-2015. Former Unlimited Tonnage Master
Join Date: Oct 2007
Posts: 4,321
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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.
__________________
Rich Gano
FROLIC (2005 MainShip 30 Pilot II)
Panama City area
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09-21-2021, 01:07 PM
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#3
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Guru
City: Aventura FL
Vessel Name: Kinja
Vessel Model: American Tug 34 #116
Join Date: Oct 2017
Posts: 9,544
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Pat T, double that for me, in FL
__________________
The meek will inherit the earth but, the brave will inherit the seas.
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09-21-2021, 02:28 PM
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#4
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TF Site Team
City: California Delta
Vessel Name: FlyWright
Vessel Model: 1977 Marshall Californian 34 LRC
Join Date: Apr 2008
Posts: 13,628
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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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09-21-2021, 02:48 PM
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#5
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Senior Member
City: San Francisco
Vessel Name: Couple’s Retreat
Vessel Model: 2019 North Pacific 45
Join Date: Aug 2014
Posts: 372
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Mine up about the same as well.
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09-21-2021, 03:14 PM
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#6
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Guru
City: Inside Passage Summer/Columbia River Winter
Vessel Name: Alaskan Sea-Duction
Vessel Model: 1988 M/Y Camargue YachtFisher
Join Date: Jul 2012
Posts: 7,613
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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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09-21-2021, 03:16 PM
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#7
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Senior Member
City: Supply, NC
Vessel Model: 2006 Mainship 34T
Join Date: Dec 2019
Posts: 135
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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.
Don
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09-21-2021, 03:18 PM
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#8
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Guru
City: Fort Lauderdale. Florida, USA
Join Date: Jan 2014
Posts: 21,451
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Quote:
Originally Posted by Pat T
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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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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09-21-2021, 03:57 PM
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#9
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Guru
City: Rochester, NY
Vessel Name: Hour Glass
Vessel Model: Chris Craft Catalina 381
Join Date: Aug 2019
Posts: 5,250
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Quote:
Originally Posted by Alaskan Sea-Duction
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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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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09-21-2021, 06:14 PM
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#10
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Guru
City: West coast
Join Date: Aug 2021
Posts: 797
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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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09-21-2021, 07:08 PM
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#11
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Guru
City: st pete
Vessel Model: 430 Mainship
Join Date: Sep 2016
Posts: 3,362
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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.
__________________
Seevee
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09-21-2021, 07:17 PM
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#12
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Senior Member
City: Baltimore Md
Vessel Name: Graceful
Vessel Model: Marine Trader
Join Date: Jul 2013
Posts: 125
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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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09-21-2021, 07:40 PM
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#13
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Guru
City: West coast
Join Date: Aug 2021
Posts: 797
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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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09-22-2021, 05:29 AM
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#14
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Guru
City: Fort Myers, FL... Summers in the Great Lakes
Vessel Name: Slow Hand
Vessel Model: Cherubini Independence 45
Join Date: Dec 2010
Posts: 10,994
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Quote:
Originally Posted by bowball
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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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.
Ted
__________________
Blog: mvslowhand.com
I'm tired of fast moves, I've got a slow groove, on my mind.....
I want to spend some time, Not come and go in a heated rush.....
"Slow Hand" by The Pointer Sisters
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09-22-2021, 07:51 AM
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#15
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Guru
City: Great Lakes
Vessel Model: OA 440
Join Date: Aug 2017
Posts: 784
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I just paid my Markel premium. Down $250 from last year.
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09-22-2021, 08:56 AM
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#16
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Senior Member
City: Hilton Head Island
Join Date: May 2018
Posts: 291
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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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09-25-2021, 03:06 PM
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#17
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Senior Member
City: Lagrange, IL
Vessel Name: Moondance
Vessel Model: Grand Banks CL 42
Join Date: Sep 2019
Posts: 123
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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.........
__________________
Pat T
Grand Banks 42 CL
#1469
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09-25-2021, 04:42 PM
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#18
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TF Site Team
City: Au Gres, MI
Vessel Name: Black Dog
Vessel Model: Formula 41PC
Join Date: Jul 2015
Posts: 15,835
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Quote:
Originally Posted by Pat T
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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It will depend on the underwriter. They may accept minor defects or they may say fix them all. Crap shoot, good luck!
__________________
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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09-25-2021, 05:33 PM
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#19
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Senior Member
City: Northport
Join Date: Jun 2018
Posts: 310
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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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09-25-2021, 07:14 PM
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#20
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Guru
City: Fort Lauderdale. Florida, USA
Join Date: Jan 2014
Posts: 21,451
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Quote:
Originally Posted by Alisske
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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Wifey B: The fact Ida caused over $50 billion damage doesn't help either. 
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