Boat US - GEICO insurance

Gofirstclass said:
Let me caution many of you who only shop for insurance based on the price. A year and a half ago we had an electrical issue on our boat. Here's a link if you want to read about it. http://clubsearay.com/showthread.php/76225-I-d-like-you-to-meet-my-friend-Murphy?highlight=runaway

To make a long story short, the insurance I now have has completely covered the repairs to the boat to the tune of a bit north of $35,000.

What I have is called a "yacht policy" and that has nothing to do with the size of the boat you're trying to insure. It's all about the coverage they offer and the yacht policy is heads and shoulders above as typical "boat policy" this is offered by companies that don't specialize in marine insurance. Companies like Allstate, State Farm, Geico and many others offer boat policies.

It would probably pay for you to investigate the difference between what a Yacht Policy covers vs what a Boat Policy covers.
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this x100, BoatUS does offer a "yacht policy" and it is what we have, but they absolutely offer a boat policy and if you don't specify Yacht policy when signing up for coverage you will probably end up in the wrong one, especially if shopping for the lowest price
 
I had Geico for about 3 years on my 01' 280. I was happy with them until I purchased my 02' 340 this past September. When I went for my quote I had sticker shock, Almost more than double. I couldnt believe it. I called, spoke to a higher up as well. They couldnt do any better. A buddy turned me on to a company named Falvey. Very happy. Rate was basically what I was paying on my 280 with all the same coverages etc PLUS! Only difference was a layup period from Nov 1 to April 1. I was fine with that. So far I would recommend!
 
CliffA said:
i just completed an on-line application for a GEICO policy for my boat based on the same coverage of my current policy with State Farm (bundled house, autos, and boat)......the GEICO quote came back about $300 (annually) higher than the Sate Farm rate.....

cliff
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That's what I have. I was wondering about State Farm.
 
I have used boat us on my two boats prior. Had one claim on the 245 Four Winns when on a "guy weekend" had one of my buddies helping me set up the rigging night before. Something I always did myself, he didn't lock in the downrigger and I didn't check it. Couple miles out the rigger slid off with three nice rods on it:smt021. Boat us covered it no problem. Went over to Gieco after that incident and we continued coverage with new boat last spring.... long story but they covered two new long blocks installed. Very happy with them and no plans to change anytime soon.
 
I just got an online quote from Geico for my 36 Sundancer. It was almost $500 less per year than State Farm. I double checked all of the limits and made sure they matched my current policy. I might be making a change
 
Odd that there have been 25 posts in this thread, and I haven't seen any mention of Sea Tow/Sea Insure. I have a yacht policy through them, and their rates were quite competitive. I did a quote through BoatUS, and it was a bit higher. I don't mind saying, for comparison's sake, my current premium is $1237. The quoted premium from BoatUS was $1311
 
Strecker25 said:
this x100, BoatUS does offer a "yacht policy" and it is what we have, but they absolutely offer a boat policy and if you don't specify Yacht policy when signing up for coverage you will probably end up in the wrong one, especially if shopping for the lowest price
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Agree. My "little" boat has a yacht policy endorsement which covers my agreed value vs. the actual cash value. My yacht endorsement increased the value of my boat by $10k compared the cash value of my old policy. Also, the cash value was "up to" the amount they stated so I could've been screwed in the event of a total loss. To be fair, I could have saved over $100/yr over my old policy if I went with a regular boat policy with BoatUS/Geico. As it stands, I'm now paying $30 more per year than my old cash value boat policy but I have much better coverage with the yacht policy.

I hadn't given much thought to insurance until I took the time to understand the various endorsements, etc. and it really pays to pay attention.
 
bracketracer said:
Odd that there have been 25 posts in this thread, and I haven't seen any mention of Sea Tow/Sea Insure. I have a yacht policy through them, and their rates were quite competitive. I did a quote through BoatUS, and it was a bit higher. I don't mind saying, for comparison's sake, my current premium is $1237. The quoted premium from BoatUS was $1311
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Those are both really good prices. I quoted boatus for a 97 400 that I've had my eye on and with a 90k agreed value it was north of $2100 annually.
 
I have found that the two things that influence the rate the most is the agreed value of the coverage (boat value) and the amount of the deductible....if you are willing to assume some additional risk with those two items (lower coverage amount and/or higher deductible) you can end up with a more attractive premium while maintaining the 'guts' of the policy....

cliff
 
2002 340SD, 542 a year., 1000 deductible.
 
Geico, cash value police was 860 with agreed Value of 75k.
 
Geico, cash value policy, agreed value of 75k was 860
 
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