A Note on Boat Insurance

Pilot

Active Member
May 7, 2009
294
Chesapeake Bay
Boat Info
2009 370 Searay DA
V Drives
Engines
Twin 8.1's
Like many of you, I had my Boat US insurance rates skyrocket this year for no reason other than GEICO likely has to pay for all their TV advertisements. Never had a claim in 18 years and it jumped from $1200 to $1660. Luckily, I noticed it before my wife sent them a check. I since have signed with NBOA and they use CHUBB for most of their coverage. My new policy has the same exact coverage, and even gave me an extra $200K in liability, all for a grand total of $901 per year.

I unfortunately had already paid my separate Boat US towing package which was $ 149 per year. NBOA's would be $75 per year,, same 24 X 7 coverage.

I'm just putting this out there as I think GEICO is seriously taking advantage of boaters and trying to slip this new rate increase in without warning, hoping folks don't notice. NBOA told me they've been replacing a lot of BOAT US (GEICO) policies of late.

Happy boating!
 
That's the opposite of my experience.

Progressive tried to raise my rate 33% this year, from $1200 to $1800! I told them to shove off and went to Geiko (Boat US), they gave me roughly the same rate as I had with Progressive before they raised the rate, $1250/yr. My deductible is lower and I got more coverage.

I hope Boat US doesn't try it with me next year.
 
My Boat US insurance rate goes down every year. I also have never had at fault claims, but I did loose my previous boat due to Sandy. Boat US paid me and handled all issues professionally.
I just received this year's bill and it is the lowest yet with a zero deductible good boater benefit.
My yearly yacht policy is $1500. I am very happy with this.
 
I have my Cars/Home/umbrella policy insured with Geico but thought their quote for my little 280 sundancer was really high. I shopped their rate with a local marine insurance broker and he found that Chubb was the best option for me, with better coverage at a rate that was hundreds per year lower than Geico.

Thanks to the OP, this is a great reminder to shop you policy around a bit if you see your rates change significantly
 
It's a pain but it most often pays to shop around for any kind of insurance.
Absolutely!
There doesn’t seem to be any predictable rhyme or reason why any one insurer charges more or less for any one boat in any single location.
Had my old boat with a broker and the company they had me with jacked my rates up 50% right after Sandy even though I had no damage or claim. Called NBOA and their rate was crazy too. Same thing from Boat US. Broker found me another company that was more in line with my old rate.
Bought an 18’ Bowrider a couple of years ago for running around and for my teenaged kids to use. The broker couldn’t find me a lower rate than what I could get from Boat US so I put that boat with Boat US.
Called Boat US for a quote when I bought the 410 and they wanted about $1600 a year. Called my broker and best price he got me was about $1200. NBOA got it for me for about $950 which was a surprise because I called them for quotes on my old boat a few times and they were always the highest.
Screwy!
Yet, every few years I shop around for a better car insurance rate for the multiple cars we have in the household and I always wind up getting roughly the same overall quotes from multiple companies. As a result, I’ve used the same company for about 25 years.
 
My Geico is going up another $150. I just got a quote from Erie insurance for $224 for the year. 01 310 Rinker. Ill be switching
 
Boat US would have gone out of business if Geico had not stepped in and took over their insurance operations last year.

The facts from BoatUS:

2012 Hurricane Sandy -65,000 boats lost, $650 million in claims
2016 Hurricane Irma and Harvey -63,000 boats lost, $630 million in claims

Rates are a function of risks and claims in the area you enjoy boating. You should shop around but my bet is that insurance companies will start adding more onerous provisions to their policies to mitigate their risk. Additionally, there will be fewer companies offering boat insurance. Large insurers like Geico spread risk and premiums across all their customers.
 
Like many of you, I had my Boat US insurance rates skyrocket this year for no reason other than GEICO likely has to pay for all their TV advertisements. Never had a claim in 18 years and it jumped from $1200 to $1660. Luckily, I noticed it before my wife sent them a check. I since have signed with NBOA and they use CHUBB for most of their coverage. My new policy has the same exact coverage, and even gave me an extra $200K in liability, all for a grand total of $901 per year.

I unfortunately had already paid my separate Boat US towing package which was $ 149 per year. NBOA's would be $75 per year,, same 24 X 7 coverage.

I'm just putting this out there as I think GEICO is seriously taking advantage of boaters and trying to slip this new rate increase in without warning, hoping folks don't notice. NBOA told me they've been replacing a lot of BOAT US (GEICO) policies of late.

Happy boating!
I have NBOA for last 4 years. Mine has had annual premium creep. But still good. They are providing mine from AIG. FYI, if you need a tow and call them, they actually call TowBoatUS and send them out. Ask me how I know. So no need for a separate BoatUS membership.
 
in 2017 my insures wanted 2,100 I looked around and got similar coverage for 700 from agent who represents PREMIER marine.
 
I posted this in another thread. Yesterday I switched all my insurance to Amica. Saved just under $1000 and set up on 12 months auto pay. Boat was with NBOA at $799, Amica $653. Saved $650 on the truck and $150 on the house.
 
I have NBOA for last 4 years. Mine has had annual premium creep. But still good. They are providing mine from AIG. FYI, if you need a tow and call them, they actually call TowBoatUS and send them out. Ask me how I know. So no need for a separate BoatUS membership.

Same here with NBOA and AIG. My rates have been consistent for the past 5 years. $900 something. I caution all who rate shop and jump to the cheapest carrier. Boat/yacht insurance is a specialized product. You need to know what you are buying to compare coverages. The cheaper premium may be due to reduced coverage you will discover when you have a loss.
 
I went with State Farm (who I have been happy with for home and auto, including claims) for my 310 until I read in this forum about someone with a cracked engine block from poor winterizing. I checked my State Farm policy and NO freeze coverage and they will not even offer a freeze rider. I switched to BoatUS/GEICO because I could get freeze coverage *and* declared value and the cost was a wash.

I'd wager a big influence on boat rates is where you boat. I am on an inland lake in the Midwest, so no hurricanes or other ocean issues which I have to assume figures into the cost.
 
I went with State Farm (who I have been happy with for home and auto, including claims) for my 310 until I read in this forum about someone with a cracked engine block from poor winterizing. I checked my State Farm policy and NO freeze coverage and they will not even offer a freeze rider. I switched to BoatUS/GEICO because I could get freeze coverage *and* declared value and the cost was a wash.

I'd wager a big influence on boat rates is where you boat. I am on an inland lake in the Midwest, so no hurricanes or other ocean issues which I have to assume figures into the cost.

I wouldn't expect my insurance to pay me if I winterized my boat improperly. I didn't know such coverage existed and would expect to take that risk myself if given the choice.
 
Everything we insure is with Erie Insurance. Had a lightning strike claim on the Boat a couple years ago and recently a fire that caused a lot of loss to multiple insured items. Total of 6 claims at one time. Would rather not get into the details, BUT, Erie and all of their representatives are extremely professional and understanding. Erie is TOP NOTCH in my book and as long as we live in an area that they will insure, We will be staying with them.
 
I wouldn't expect my insurance to pay me if I winterized my boat improperly. I didn't know such coverage existed and would expect to take that risk myself if given the choice.

You wouldn't expect your auto insurance to pay you if you drove improperly, but there you go, that's part of what auto insurance does. Freeze insurance is just covering the risk the boat could get winterized improperly.

If you pay to have your boat winterized like I do, having something go wrong is a real problem because now you have to deal with the winterizer. Easier to deal with the insurance company.
 
I have always used Chubb and their rates seem to always be competitive. They also came through for me when there was a claim. Just for a point of information, if you have a tender that may be used away from your boat or has a trailer, carry a separate policy. The claim was related to my tender and when settled, it did not affect my boat insurance rate, just the tender.
 
Anchor Marine went up $200 this past renewal March 1st but I did have a $30k claim in 2017 for burglary. $150k agreed value @ $1250/year.
 
I've been pretty happy with my carrier Hagerty Marine. I have a declared value policy, and have not filed any claims in 5 years. They cover older boats and "Classics" My policy went up $20/yr when I got rid of my 1978 StarCraft for the 1996 Sea Ray, despite the substantial value change. Nice thing about the policy is its for refurbishers, so as you do repairs/upgrades you can easily change the coverage value.
 

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