2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase... - Page 2 - SailNet Community
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post #11 of 48 Old 06-05-2018
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

Got an increase of a little over 20% on a Geico policy brokered by IMIS after seeing no increase last year. IMIS said a lot of their customers were hit with increases of this magnitude and they weren't too happy about it. Changing insurers would have triggered a re-survey requirement which wasn't worth a potential savings of $150-200 by the time the survey and haulout costs were accounted for. I may reevaluate next year as ongoing savings obviously would eventually pay those costs back. But hellosailor is right in that property insurance increases have been running higher than inflation for a few years now.
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post #12 of 48 Old 06-05-2018
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

I need to get insurance what is the average cost for a 37 footer..?
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

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I need to get insurance what is the average cost for a 37 footer..?
It's really determined more by condition, value, and location of the boat than by size.
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

Also owner's experience, proposed usage pattern, survey result. . .
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post #15 of 48 Old 06-05-2018
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

Why doesn't some company start up a low-risk boat insurance company? They could make a killing. I'm sure 60% or more of the members here fall into this category.
Even us, with 3 Carib-Newport trips and a couple thousand inter-island miles each year, haven't made a claim in 7 years. I personally haven't made one since a lightening strike in the early 90's, and not one on any of the vessels I've operated professionally since the ealy 80's. What's not to bet on?
And yet, when I go for insurance, not one company cares one bit about my licensing or experience, or lack of claims. They just run their numbers and come up with some out of the blue figure.
I once faxed a copy of my license to an insurance company and something went wrong w/the fax. It arrived headed "CAPTAIN ******'s USCG Master Mariner's Certificate but with no content, and they didn't catch it until the next year when they wanted the boat to renew the policy. This was a tour boat carrying 49 passengers up to 4 times a day, 7 days a week during the season!

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post #16 of 48 Old 06-05-2018
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

Numbers game, all about spreading the risks over the biggest possible pool.
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post #17 of 48 Old 06-05-2018
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

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Numbers game, all about spreading the risks over the biggest possible pool.
Agreed, that's how the game works. I'm just wondering, in my 8 years with BoatUS and zero claims, why am I in the 26% increase pool while other Chesapeake sailors (some who have had claims) seem to be in the 0% increase pool?

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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

Replacing your boat which is newer and probably is worth twice mine now , that may more than make up for the frequency of claims....neither of which caused by any fault of the owner.


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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

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Replacing your boat which is newer and probably is worth twice mine now , that may more than make up for the frequency of claims....neither of which caused by any fault of the owner.
My rate jumped appropriately when I bought the new boat. The latest 26% is on top of that prior jump.

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post #20 of 48 Old 06-05-2018
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

I'm amazed rates haven't doubled after last season's devastations
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