Insurance doubles?

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adornato

adornato

Senior Member
Joined
Oct 10, 2007
Messages
121
Location
USA
Vessel Name
Sarah McLean
Vessel Make
Mainship 30 Pilot
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.
 
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
 
adornato said:
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.
Click to expand...



That would be a fantastic price for those of us in South Florida!
 
Comodave said:
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
Click to expand...


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.
 
Peter got me betting coverage than Geicos. He got me $190K for about $1400.
 
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
 
adornato said:
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.
Click to expand...


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)
 
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
 
adornato said:
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.
Click to expand...

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.
 
rwidman said:
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.
Click to expand...


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.
 
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
 
Last edited:
PhilPB said:
Southeast Fl is a crappy place to be for any insurance (homeowners, auto, marine, health), it's beyond ridiculous.
Click to expand...

Isn't that because of the uninvited guests from June to November?

Those guys can make a big mess.
 
rwidman said:
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.
Click to expand...

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.
 
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.
 
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.
 
Action said:
Isn't that because of the uninvited guests from June to November?

Those guys can make a big mess.
Click to expand...

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"
 
And then we have exorbitant health insurance. It's crazy when I think about how much we pay annually for all of our policies.
 
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.
 
fryedaze said:
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.
Click to expand...


If you don't have a personal liability umbrella policy, you should get one which raises the liability coverage on home, automobile, and other things can be added for a slight premium increase. Taking my boat $500,000 liability to $4M costs me an additional $90 annually to the umbrella. The umbrella policy costs less than $1,000 annually.

Ted
 
fryedaze said:
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.
Click to expand...



So take a close look at the above. The boat is worth 126K. If you go with Chubb and have a claim for 72K, the boat becomes “totaled” and they give you 72K and you give them the boat.

But say you want to keep the boat and repair it. You would have to purchase the boat back (for salvage value of say 54K - (126-72). That would be deducted from your payout, leaving you with 18K.

In other words, do not accept a “agreed value” less than the real value.
 
PhilPB said:
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"
Click to expand...

Driving through Las Vegas the other day I saw a new one:

"Injured while looking for dead bodies in Lake Mead? Call us!"

I guess everyone has to become a specialist in something.

Peter
View attachment 142811
 
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Comodave said:
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
Click to expand...
Filled out the form for a quote a week ago...no response. I now have a call in to Peter Wicks.
 
ancora said:
Filled out the form for a quote a week ago...no response. I now have a call in to Peter Wicks.
Click to expand...

I just called Peter and within about an hour had new insurance done. But a good part of the hour was sea stories…
 
I just set up insurance for our new (To Us) 2004 Mainship Pilot II 30. In California, most insurance companies are not writing new policies for boats, cars, homes ect. I was able to get a policy via a broker that came in around $1400 per year! That's about $1K higher than our last 43' boat! It's not gonna get any better anytime soon.....cause you know.......climate change! :rolleyes:
 
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