2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase... - SailNet Community
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post #1 of 48 Old 01-15-2018 Thread Starter
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2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

Anyone else noticing this type of increase?

20 year customer, never filed a claim. Already spoke with Boat US. They suggested reduce coverage.

Its time for an insurance re-fresh.

Looking for recommendations for a good insurance agent in the US Northeast.

Thanks
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post #2 of 48 Old 01-15-2018
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

I doubt if much of the marine insurance industry escaped the recent devastations, so rates are up across the board.

Fair or unfair, without it the industry would likely need to just pack it in.
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post #3 of 48 Old 01-15-2018
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

Even the regular Nooze has been saying that insurers, all kinds of insurers, were clobbered this year and they'll all be hiking the rates painfully to try making that back.

You might try shopping around with IMIS or other reputable vendors, to get a reality check on whether it is your insurer in particular. Or whether there's any other way to save. Some insurers actually raise the rates on long term policy holders, figuring it is like cooking a frog: Heat the water slowly, and the frog won't jump away.
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post #4 of 48 Old 01-16-2018
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

Gee--Such an increase is really surprising unless BoatUS had really low-balled your premiums given your locale to begin with . We have our boat insured by "Seaworthy", a Berkshire-Hathoway Co., which became a Geico company (also Berksire-Hathoway) a year or so ago and, to my amazement, our premium for 2018 actually decreased by 15% over 2017 yet with no change in the agreed value, deductables, or limits of navigation. Given the effects of the recent storms, we had expected an increase, certainly not a reduction, so when we got the premium notice, I double checked the policy and then immediately paid up to ensure we were locked in for the new year.

FWIW...

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post #5 of 48 Old 01-16-2018
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

I sent off the check for renewal of my BoatUS/Geico insurance last week, about a 10% premium reduction and no change to coverage.

One claim two years ago, but no other claims over the past 10 years.
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post #6 of 48 Old 03-13-2018
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

Just dumped Boat US/GEICO Insurance. Almost a 50% increase this year, no claims, been with them over 30 years ! Shop around much better rates are available.
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post #7 of 48 Old 03-13-2018
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

Get a knowledgeable marine insurance agent to shop for you. There are extraordinary details that can change in policies, that most of us would never notice. The average consumer focuses on the numbers (hull value, liability) along with cruising ground coverage or in water dates. There is way more to it. Consequential damage, replacement value, weather, etc, etc. Further, there are companies that have low premiums but will fight every claim. Do you consider that a value? A good agent should know all this. I would never buy direct.
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post #8 of 48 Old 06-05-2018
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

I got my renewal from BoatUS/Geico. 26% rate increase. Called them on the phone and no acceptable ways to bring it down.

Can someone make a suggestion for a good marine insurance agent in the Baltimore-Philadelphia areas? (I live in PA, boat in MD, not sure if that affects licensing requirements of the agent.)

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post #9 of 48 Old 06-05-2018
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

Al Golden at IMIS. Always worth a call, they're reputable folks. Everything that can be insured is up this year. Homes, cars, boats, medical, you name it.
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post #10 of 48 Old 06-05-2018
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Re: 2018 Boat US Insurance ... underwriter is now Geico, %20 rate increase...

We have Boat US Geico Insurance
Our rates were the same and neither increased or decreased this year

We have had two incidents in 18 years
1- hit by lightening in front of Jabins yard, Annapolis on a mooring surrounded by 1000 masts
2- striking and underwater object in the channel going into Cornfield Creek ne t to Eagles Cove , Magothy


In both cases the response by the insurance was quick, expitedited, professional, investigated with a local surveyor and decided expeditiously. Before bailing on your insurance on price only be sure of the track record .


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