I got my Geico/Boat US renewal today for my 1990 wing Kell tall rig. The premium went up 42% AND they decreased the insured value by 16%. Yikes!!!
Has anyone used AllState? I got a very low proposal offer, but is it too good to be true?
Any other suggestions?
I go through IMIS. They are on Kent Island and search for the carrier with the best price. I have Chubb (formerly ACE before bought out by Chubb). My premium went up about $20 over last year. I have full value replacement cost on the boat. (Agreed value).
I found Geico to not understand larger boat insurance. They were recommended by USAA when I sought out insurance. However in talking to the person in the call center, it became clear very quickly I was talking to the wrong provider. I ended up uaing a marine insurance broker who found me a policy. I suggest you seek out a marine insurance broker in your area and see what insurance they can set you up with.
Thanks, I might also try a broker. Boat US/ Geico was $2550 for one year and dropped my valuation to $42,500 from $50,000.
Hmmm? My Boat US/Geico policy doesn't renew until November. But currently I pay $472 per year for my 1990 fin keel with a $45,000 agreed value. Had the policy for over 5 years with very minimal premium increases or value change and no new survey since policy began. Guess someone likes me 8) (or forgot about me) :shock:
2.5k!?! That sounds VERY expensive. I paid 750 that included a 100 dollar shipping rider.
My insurance is with BoatUS/Geico and agreed to value/premium is more in line with Noah's for my 1990. I've also had few rate increases and value was reduced once in over 10 years.
I think insurance rates are regional--fewer named storms and shorter sailing season in Chicago. My coverage area is Great Lakes and tributaries and from memory boat must be out of the water November-March.
A benefit of reduced value is it often means reduced deductible (1% of agreed to value or less depending on state of vanishing deductible).
Quote from: Noah on June 02, 2021, 04:51:24 PM
Hmmm? My Boat US/Geico policy doesn't renew until November. But currently I pay $472 per year for my 1990 fin keel with a $45,000 agreed value. Had the policy for over 5 years with very minimal premium increases or value change and no new survey since policy began. Guess someone likes me 8) (or forgot about me) :shock:
Where are you located?
Quote from: SailingJerry on June 02, 2021, 05:20:09 AM
Has anyone used AllState? I got a very low proposal offer, but is it too good to be true?
Any other suggestions?
Allstate is terrible insurance. There's a reason their rates are so low. I had them for 22 years for home/auto/umbrella and one claim *doubled* my premium.
Sailing Jerry— I am in San Diego, CA. BTW- that info is in my signature.
I'm going to try https://www.skisafe.com/ their rates are very good.
Quote from: Robert Giroux on June 06, 2021, 11:45:55 AM
I'm going to try https://www.skisafe.com/ their rates are very good.
Does anyone have any history about them? Claims? Yrs in business? Etc?
Reading insurance fine print with all the exclusions, it's debatable whether any boat insurance is worth the cost, other than liability, which your marina probably requires.
Has anyone here ever received fair payment from an insurance company for a boat loss?
I went with AllState. I live in NJ and insurance would have been $600, but the boat is on LI Sound in the Bronx so it's $900. Still way better than $2550. Thanks for the input. Safe boating to you all
After reading this post I decided to get a quote from Skisafe. It was about $75 more than my current coverage with Safeco. Robert, I had a lightning strike about 6 yrs ago and Nationwise was unbelievably generous with their settlement.
I don't know more than this email. Thought I'd pass it along.
Jim
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To:you + 1 more Details
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Just received an email from my insurance provider. I live in the socialist state of Washington ruled by the fascist @govinslee. It's telling me the insurance commissioner issued an emergency rule requiring insurers to discontinue the use of credit scores in determining insurance rates. So everyone that has a GOOD credit rating will see an increase in rates.
An earlier post asked if anyone on this forum has ever received a significant payout from an insurance co. The one word answer is YES! :clap
We have been insured in Rhode Island, through a broker, with Foremost, for the past 22 years. In 2012 I decided I wanted to have an oil pressure gauge rather than an idiot light on our M25 Universal. We contracted with Brewers in Wickford in 2013. A really "Bad Idea". :cry4`
They drained the engine oil, drilled a hole in the engine, tapped the hole, threaded a 4" long x 3/8" OD x 1/4" ID brass tube, screwed the pressure sensor on the other end, and wired the sensor output to the cockpit engine display. I SHOULD have recognized that this was basically a cantilever beam with a weight on the end, connected to a Diesel engine. No matter how nicely balanced - ALL Diesel engines vibrate, and each vibration was amplified by the sensor weight on the end of the brass tube. :cry4`
On our return from Maine to RI in August 2014, a windless spell near Plymouth, MA caused us to run the engine for a few hours. All was well. Then it wasn't! :cry4` :cry4` :cry4` The brass tube fatigue failed at the engine junction, all the engine oil gushed out, and of course I was in the head dealing with mother nature at that moment. By the time I got to the cockpit to turn off the engine, it had already seized and shut itself off.
A very long story, and an $1100 tow through the Cape Cod Canal to Cataumet, and then $28,000 and a month later we had a brand new Yanmar 3YM 30 engine in Pleiades.
The bad news - obvious. The good news, Foremost paid us $14,500 for what was then a 24 year old Diesel engine with over 3000 hours - and - we have a fabulous new engine that is easier to start than the Universal, and our insurance rates went up exactly $1.57 / month! Needless to say we LOVE Foremost Insurance, and I would only change marine insurers under pain of death.
So the answer to the aforementioned question is definitely YES, at least SOMEONE collected serious coin from a marine insurance company. By the way, Foremost did their homework, and ultimately was awarded the $14,500 they paid us from Brewer's Insurance. Not only that, but they also paid $1000 of the tow bill!
Dr. Paul F. Jacobs
Pleiades, hull # 1068
1990 Mk 1.5, TR/FK
Wickford, RI
Sailing Jerry.
I too had a major increase in my Geico/BoatUS premium, almost double what last year was. I called Progressive, got the same coverage I had for less than my original premium.
Sounds like your a victim of the new "wokeness" where people with good credit ratings will see an increase in rates and deadbeats will get a reduction in rates. This is not the decision of insurance cos. but State Insurance commissioners who interject themselves into the contract you have with your insurance companies.
I have had Allstate for cars and boats and houses and umbrella for 40+ years. I have never had a problem and have had some large boat claims over the years. You will always get different viewpoints from different individual experiences on an internet forum where you never get all the particular details on a claim or the qualifications of the insured. (How many prior DWIs? Claims? speeding tickets? How big is the deductible? Coverages? Did the individual adjuster know what he was doing? You only hear a premium figure. The information is worth what you paid for it. Geico is getting out of the boat business so everyone will see increases on renewals or refusing to write some policies. The Gecko cannot even swim. Look at reviews from ratings agencies. Not disgruntled internet web denizens. For instance Progressive is rated very high for small boats. Allstate is reasonable. Not the cheapest, but rated very good at claims time.
Quote from: Catalina007 on June 26, 2021, 05:14:44 AM
I have had Allstate for cars and boats and houses and umbrella for 40+ years. I have never had a problem and have had some large boat claims over the years. You will always get different viewpoints from different individual experiences on an internet forum where you never get all the particular details on a claim or the qualifications of the insured. (How many prior DWIs? Claims? speeding tickets? How big is the deductible? Coverages? Did the individual adjuster know what he was doing? You only hear a premium figure. The information is worth what you paid for it. Geico is getting out of the boat business so everyone will see increases on renewals or refusing to write some policies. The Gecko cannot even swim. Look at reviews from ratings agencies. Not disgruntled internet web denizens. For instance Progressive is rated very high for small boats. Allstate is reasonable. Not the cheapest, but rated very good at claims time.
I agree 100% with this and in fact on another boat forum (Amel Owners) I was on it is against the rules to trash a vendor or company for this very reason, the information is one sided, usually missing context, and the vendor/company can't respond to defend themselves. All such posts are deleted.