Insurance rates and companies

tony1b2000

Active Member
Oct 10, 2007
243
Salem MA
Boat Info
Carver C37
Engines
Mercury Diesel 4.2 TDI, inboards
I have Geico (BOAT US) insurance. The new rate goes in effect November 1st. Rate jumped from $2000 to $2600. No claims for 4 years. I called and they said the increase is across the board due to higher labor rates.thinking of changing carriers...
Anyone have good experiences with any particular company?
 
Just switched from Falvey (who stopped writing policies) to Ski Safe. I priced out many. Geico and Progressive were ridiculously high compared to all/most others. Travelers was close on my Ski Safe quote.
 
I left Geico 4 years ago (auto policy) for the Same reason.

It’s a game that they all play.

Raise the rates after a few years even without a claim.

I’m with progressive now, but I’m sure the’ll do the same in the future.
 
Wow! I am with a local insurance guy (also a boater) who got me a policy with Global Marine Insurance. I pay less than 1/2 of what the OP WAS paying for my 2000 400DB - I know it is an older boat but it is an agreed value policy and covers all my needs.
 
Wow! I am with a local insurance guy (also a boater) who got me a policy with Global Marine Insurance. I pay less than 1/2 of what the OP WAS paying for my 2000 400DB - I know it is an older boat but it is an agreed value policy and covers all my needs.

I third Global Marine Insurance, but they are not an insurance company, they are an insurance agency that brokers policies for many insurance companies. Their service is great and they are an advocate if you need them to help in a claim.

MM
 
I was with Geico and they tried same thing a significant premium increase, if I recall something like over 30% I told them no thank you. I shopped the market and am with United Marine Underwriters. Some price I was originally paying Geico way better policy. I haven't had a claim with them so can't rate them on that but overall happy so far
 
You guys who are shopping for the lowest price are likely going to get the lowest coverage.

If you talk with an insurance broker, ask him the diff between a "boat policy" and a "yacht policy". You will find a huge diff in coverage between the two.

My boat right now is on the hard getting a transmission repaired. The repair is covered under my insurance policy, less my deductible. That's part of the additional coverage you pick up with a yacht policy.

The last claim I filed was for a runaway starter that caused all kinds of misery on Beachcomber. The total bill was just north of $35K. I paid my deductible and they covered the rest.

Don't sell yourselves short on the back end of a calamity just to save a few bucks on the front end.
 
You guys who are shopping for the lowest price are likely going to get the lowest coverage.

If you talk with an insurance broker, ask him the diff between a "boat policy" and a "yacht policy". You will find a huge diff in coverage between the two.

My boat right now is on the hard getting a transmission repaired. The repair is covered under my insurance policy, less my deductible. That's part of the additional coverage you pick up with a yacht policy.

The last claim I filed was for a runaway starter that caused all kinds of misery on Beachcomber. The total bill was just north of $35K. I paid my deductible and they covered the rest.

Don't sell yourselves short on the back end of a calamity just to save a few bucks on the front end.
So who do you recommend???
 
I have our Sea Ray policy through Travelers. They have been great to work with and their premiums are reasonable.

When you start looking at "Boat Policies" vs "Yacht Policies" it's hard to compare premiums because you get so much more with a YP. As an example, if you have $100,000 agreed value coverage on your boat policy and your boat sinks, causing an oil spill, and the oil spill costs $75,000 for the cleanup and recovery, that only leaves $25,000 to pay for your boat. Wow, and you figured they would cover your boat plus all that other "stuff".

With my YP they would pay the $75,000 cleanup cost and that doesn't come off the agreed value of your boat.

There are many differences between the two types of policies and it's worth spending some time with a boat insurance broker to find out what is best for you and your situation. You will not be sorry about spending the time checking it out.
 
I have our Sea Ray policy through Travelers. They have been great to work with and their premiums are reasonable.

When you start looking at "Boat Policies" vs "Yacht Policies" it's hard to compare premiums because you get so much more with a YP. As an example, if you have $100,000 agreed value coverage on your boat policy and your boat sinks, causing an oil spill, and the oil spill costs $75,000 for the cleanup and recovery, that only leaves $25,000 to pay for your boat. Wow, and you figured they would cover your boat plus all that other "stuff".

With my YP they would pay the $75,000 cleanup cost and that doesn't come off the agreed value of your boat.

There are many differences between the two types of policies and it's worth spending some time with a boat insurance broker to find out what is best for you and your situation. You will not be sorry about spending the time checking it out.


Are you sure on the enviro damage in your example. Law requires we carry enviro damage of nearly a million dollars as I understood it.

MM
 
I tried to go with United Marine Underwriters who writes for American Modern Insurance but I started getting peeved at the fact that he wouldn't give me the specific coverages I asked for. I reached out to American Modern direct and received good service and a cheaper price than what United Marine was quoting.

For reference I too found rates varied widely across the board. Geico was about the 75 %tile as far as pricing goes.
 
Called Global Marine. The agent took my existing yacht coverage and submitted for pricing to several companies including Geico.

Markel Helmsman Yacht was 1/2 of Geico for the same coverage amounts.
So I am going with them. Hopefully ( when and if ) I file a claim, I don't find any unwanted surprises...... Thanks all.

Does anyone else have Markel ? If so, comments???
 
I have a Yacht Policy with Markel Helmsman, I have not had any claims but trust the people at Global Marine.
 
Geico sucks.

I have no strong personal interest in this other than my boat I'm selling is with Geico. I have asked marine brokers about them and they all have said they have no issues with them in their marine coverage. Geico is owned by Berkshire Hathaway and some good reputation marine insurers have been bought out and put under the Geico name. Seaworthy was one of them.

Geico is a high risk insurance company as is Progressive, hence their ads targeting young drivers, motorcycles, boats, and RV's.

They may not be as bad as that.

For the record Global Marine has Geico and Progressive policies available.

MM
 

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