Holy Smokes! Whats up with Geico?

Korkie said:
Just received my Geico Insurance renewal. $222.00 increase from last year. Have had no claims, no citations, no incidents what so ever since started boating 43 years ago. Boat moored at same place. Just can't figure why. Geico says it is due to increased labor rates and claims in my area. Anyone have advice on another company to get quotes from? Thanks in advance.:confused:
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I have Geico, compared them and progressive last year, rates nearly the same, but Progressive wanted a separate boat policy for 7.5' dinghy (ya, stupid) so i went with Boatus/Geico.
 
I just got my renewal from Geico - $5097 - a 61% increase from last year - no claims - ever. This is my 5th year with them, and a 142% increase from year 1.
 
Korkie said:
Just received my Geico Insurance renewal. $222.00 increase from last year. Have had no claims, no citations, no incidents what so ever since started boating 43 years ago. Boat moored at same place. Just can't figure why. Geico says it is due to increased labor rates and claims in my area. Anyone have advice on another company to get quotes from? Thanks in advance.:confused:
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So to answer your question:

I was a Boat US insurance customer for decades. Then they got underwater (so to speak) with a series of Hurricanes a few years ago. It was so bad they were close to bankruptcy and they put the word out they were up for sale. GEICO showed up to buy their customer base. At first it was all nice and friendly but the rates have been going up on all former BoatUS customers as well as GEICO legacy customers.

I looked around earlier this year for another provider and all of them were close to each other in terms of rates and coverage. With fewer providers.....no wonder.

The major component of insurance cost for me is the $500,000 liability portion that all DC Marinas require. I have an "agreed to" amount for loss of the boat itself.
 
PlayDate said:
So to answer your question:

I was a Boat US insurance customer for decades. Then they got underwater (so to speak) with a series of Hurricanes a few years ago. It was so bad they were close to bankruptcy and they put the word out they were up for sale. GEICO showed up to buy their customer base. At first it was all nice and friendly but the rates have been going up on all former BoatUS customers as well as GEICO legacy customers.

I looked around earlier this year for another provider and all of them were close to each other in terms of rates and coverage. With fewer providers.....no wonder.

The major component of insurance cost for me is the $500,000 liability portion that all DC Marinas require. I have an "agreed to" amount for loss of the boat itself.
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Thanks John. Good to know. At least I own Berkshire stock (Buffett owns Geico), so maybe I'm getting a "kickback". I am at "0" deductible with them as I've had no claims...
 
We have 3 Geico Marine policies through Boat US. One renewed last November and it actually went down a couple bucks. The other 2 are due in May and June. Can't wait to see what happens.
 
Oh boy you guys are scaring me ,my policies up in April so I haven’t seen the new rates maybe I should be proactive and give them a call . they have been steadily raising my rates over the last four years I started at $650 I’m now up to 1050 with only one claim in the last eight years
 
joeyleggz said:
Oh boy you guys are scaring me ,my policies up in April so I haven’t seen the new rates maybe I should be proactive and give them a call . they have been steadily raising my rates over the last four years I started at $650 I’m now up to 1050 with only one claim in the last eight years
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Well just got my email , my rates of now went up 125% since last year , from a little under 1100 to now almost $2400 !! looks like I’ll be shopping around before April premiums are due
 
Got my renewal for the boat. 25% jump this year, no claims and I live 1000 miles from the nearest hurricane....
Shopped around and Progressive was lower by 18%. Cancelled and switched.
 
paulswagelock said:
I have been warned that boat rates across the country will by jumping up significantly to cover all their losses. I have a vacation home in Florida and have been warned to expect major homeowner jumps as well, 20-25% expected.
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Homeowners in Florida increased 65%. I shopped it and the best I could do is 50% year over year increase. Nuts.....
 
Boat????.... we are trying to figure out what the hell happened to our car insurance rate increase... this is getting ridiculous. I can see more and more people going without
 
It's not just boats, I manage a corporate aviation department.

Those premiums have increased 15-22% annually the last two years. It's as much about hull loses as it is about these huge liability payouts that are happening across the board. What insurers are left are hedging those loses across all their portfolios.
 
dvx216 said:
NBOA got me insurance through AIG . After Nationwide Agent tried to falsely insure my boat. For my 2000 310 Da. I pay $380.00 a year agreed value. The only catch is every three yrs. the boat need to be surveyed. NBOA said it's a trend in some States for boats over 10 yrs. of age and over 30'. I don't mind the extra cost for the piece of mind. All insurers have this clause but most don't enforce it. This might be why your rates end up going up. You think of how many bigger boats out there that aren't worth what they are insured for and you can understand this trend. The Gentleman that surveyed my boat spent 2 hrs. going over the hull and systems on the hard and nothing changed when he was done.
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What does it cost for the survey every three years?
 
copb8tx said:
What does it cost for the survey every three years?
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my marine survey on my 380 was $600 2 years ago. i would think if you did it with the same surveyor and their main concern was the inspection and they could use the info from the previous survey, you could save a couple bucs....
 
My Boat US/Gieco renewal just came. Premium is flat. But beware, they reduced my Agreed Value a little bit.
 
Golfman25 said:
My Boat US/Gieco renewal just came. Premium is flat. But beware, they reduced my Agreed Value a little bit.
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How can they reduce your “agreed “value then it’s not an agreed value is it? Make sure your policy isn’t written with a market value
 
Chris-380 said:
my marine survey on my 380 was $600 2 years ago. i would think if you did it with the same surveyor and their main concern was the inspection and they could use the info from the previous survey, you could save a couple bucs....
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Same a couple of years ago for 380
 
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Word on the street is Martin the lizard got a big raise and a new Jaguar. Got to feed the spokesperson.
 
paulswagelock said:
Got my renewal for the boat. 25% jump this year, no claims and I live 1000 miles from the nearest hurricane....
Shopped around and Progressive was lower by 18%. Cancelled and switched.
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I do not think Progressive does the yacht policies GFC referenced, I will not go without that. Are you yacht certified?
 
Gofirstclass said:
While you are looking around for a broker, ask them about the diff between a "boat policy" and a "yacht policy". The differences are huge for a small cost differential.
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Are you guys paying attention to this? It seems lately on CSR this is not being valued as it should be...
 
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