Boat US GEICO insurance

sbmcwilliam

Member
Jan 29, 2017
48
Fort Lauderdale
Boat Info
2006 Sundancer 340
Engines
MerCruiser 8.1
I just received my renewal notice. WOW - they keep raising the annual premiums. I just switched from GEICO to Progressive for my auto insurance and saved almost 50%. Does anyone have any recommendations for obtaining lower-cost insurance premiums?
 
Yes, I just completed their online application as I found their banner ad when I was making my post. Any idea how they compare price-wise to BOAT US GEICO?
 
thanks for the post, when i got this boat in May i went boatus/geico cause progressive (my car ins for many years) said my 7.5' inflatable and 2.6 outboard had to be a 'separate' boat policy. is was like "WTF!" so i went geico who said "dinghy is covered as part of mainboat".
 
Here in Great Lakes, I have had Boatus/Geico for years. Premium has been very stable.
 
My Insurance broker explained that with the recent disasters the insurance industry will be under a hell of a strain. Many carriers are getting out of the marine industry and the ones remaining will need to raise premiums to remain profitable. I figure I spend $1000 a year to insure an 8 year old BMW 750I with a value of $15000 and spend about $2000 to insure a $300,000 yacht that can cause a whole lot more carnage than the car. I hate to see my rates creep up but it does seem like a relatively good value.
Carpe Diem
 
Boat /US hasn't been competitive in the south for quite a while, then Geigo bought their book of business and figured that boat owners are rich and increased rates even more.

Along the way, I've learned that almost all insurance companies rate risk using FICO scores. I'm fortunate to have been able to retire early, have no debts on anything other than the credit card we travel with and it is paid off the day I get the bill. Since COVID-19 arrived, we have minimized travel, and don't eat in restaurants, so our expenses have been reduced. My boat insurance renews in mid-October....now, right at 2 years after Cat 5 Hurricane Michael demolished 5 of 8 marinas in this area. This is plenty of time for the insurance underwriters and loss managers to adjust rates for hurricane experience here.

I was shocked that the premium for my 25 year old boat actually decreased 33% from 2019 to 2020. The only differences in the 2 years was my FICO score went up because we didn't use the credit cards as much and that the Progressive adjuster showed up at the marina the day after Michael hit to inspect the boats they had insured in there. I wasn't there but the service manager showed him around and he was surprised to see the condition of my old 450DA and find it stored in the center of the dry stack barn protected from the wind and rains.

So, I think you may be onto something by considering Progressive.
 
I would engage a marine insurance broker if I were you. A quick search shows several in your area, but they don't have to be local. In your case you're in a heavy boating area so will likely see lots of experienced brokers with large client bases to choose from. A broker will shop for the best deal for you and can provide valuable advice on issues you might otherwise not be aware of. They should also routinely check for better coverage and price at renewal time. I used to check NBOA and BoatUS for better prices every year but they never came close so I don't even look any more. BTW, my insurance has been with Chubb for several years. Not well known but they are actually the largest insurer in the world. So far, service and price have been excellent.
 
I would engage a marine insurance broker if I were you. A quick search shows several in your area, but they don't have to be local. In your case you're in a heavy boating area so will likely see lots of experienced brokers with large client bases to choose from. A broker will shop for the best deal for you and can provide valuable advice on issues you might otherwise not be aware of. They should also routinely check for better coverage and price at renewal time. I used to check NBOA and BoatUS for better prices every year but they never came close so I don't even look any more. BTW, my insurance has been with Chubb for several years. Not well known but they are actually the largest insurer in the world. So far, service and price have been excellent.
I’ve had Chubb for the five years I’ve owned the 44. Been very happy. Broker advised to expect yearly premium increase of 2 to 5 percent. I had a $35,000 grounding claim in year o e and thought they would screw me but no premium increase other than normal yearly I was expecting. The claim went amazingly smoothly. Had a check in my hand three days after the estimate was presented.
Carpe Diem
 
I'm on Lake Michigan. After reading many posts about NBOA, I called them last year to quote my coverage. I told them I was with BOAT/US, and the broker told me that I could get a better deal with BOAT/US on the Great Lakes than anyone they write, and not to even bother. He didn't even want to go through the process of quoting.

Certainly you may all have different experiences, but as others have said, there is real regional variation in how each carrier views the risk.
 
I am with GEICO. Just had my policy renew. The last year's policy had a depreciation clause which stated that depreciation does not begin until after 20 years past manufacturing date. The renewal just received from GEICO changed the depreciation start to 10 years after manufacturing date. I have a 2003 42DA. This change is significant. For example , my engines would now be depreciated 70% (10% per year for 7 years after the 10 year no depreciation period). I am moving to chub which does not have a depreciation period.
 

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