Holy Smokes! Whats up with Geico?

Korkie

Korkie

Active Member
Feb 2, 2016
1,331
Leonardtown, MD Potomac River / Chesapeake Bay
Boat Info
2006 340 Sundancer, Garmin 7610, xHD 24 Radar, VV703, SeaStar Hydraulic Steer, Shadow Drive AP
Engines
Mercruiser 496 Mags
Bravo III Drives
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:
 
Ours went up also was told it is industry item due to storm claims. I gota reduction back to previous rates by saying I would not use boat from October to May.
 
Korkie, rather than look for a specific company, may I suggest you find a good marine insurance brokerage. That's what I've done for many years and my representative is not afraid to switch from one company to another if one company's rates go up too much. I've had the same rep for about as long as I can remember and she takes very good care of my insurance needs. Oh, and she also comes across with free boat show tickets for me.

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.
 
I am happy with NBOA. Best rates i found. Got the tip on this forum
 
We had a large increase from Geico several years ago, and a CSR member turned us on to Chubb.

-Tom
 
Just received quotes from Chubb and Geico. Chubb was 2x, Geico was 4x my current New Hampshire policy which is looking better each day.
 
+1 on Chubb... First class company. But yes get a insurance broker involved
 
I had Chubb but had a few Sandy claims and the dropped me a few years ago. Progressive gave me the best quote when I was looking. Chubb payed right out and had them for years. I use progressive for my Atv and snowmobiles to.
 
I have an agreed value policy with Progressive and my rates were the same this year as last year.
 
My broker put me with Chubb when I bought the 44 in '15 and at the time I was surprised at the low premium. $345 grand agreed value with a premium of $1200/year but each year I was to expect a 3 to 5 % yearly increase. This year the premium was $1800 and change. Had a $35,000 claim in 16' Some how I really did not mind the increase. I spend almost $3000/year to cover $75,000 worth of vehicles all of which are at least 4 years old! I'm sticking with Chubb for the 506.
Carpe Diem
 
Chubb was about half of everyone else for me,

I went through this broker, I live/boat in Illinois, nowhere near his office
Richard Anderson is the gentleman I spoke with
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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.
 
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.
 
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.
Click to expand...
we live on the intercoastal in Ft Myers, our HO did not jump that much, 3%, wind was the same and flood was lowered 5%.. we are different carriers on the 3 required ..
 
+1 on Chubb through Gallagher (broker) in Michigan. Make sure you ask about Select Yacht Policy, it pays straight up no depreciation. I had a transmission go out and they paid all but deductible. So far no increase in rates.
 
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