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Author Topic: Boat insurance  (Read 344 times)

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SailingJerry

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Boat insurance
« on: June 02, 2021, 05:20:09 AM »

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?
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There is NOTHING--absolutely nothing--half so much worth doing as simply messing about in boats.    Kenneth Grahame

Roc

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Re: Boat insurance
« Reply #1 on: June 02, 2021, 06:47:22 AM »

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).
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Roc - "Sea Life" 2000 MKII #1477.  Rock Hall, MD

waughoo

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Re: Boat insurance
« Reply #2 on: June 02, 2021, 07:20:14 AM »

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.
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Alex - Seattle, WA
91 mk1.5 #1120
Std rig w/wing keel
Belafonte

SailingJerry

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Re: Boat insurance
« Reply #3 on: June 02, 2021, 04:04:34 PM »

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.
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There is NOTHING--absolutely nothing--half so much worth doing as simply messing about in boats.    Kenneth Grahame

Noah

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Re: Boat insurance
« Reply #4 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:
« Last Edit: June 02, 2021, 04:58:35 PM by Noah »
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1990 hull #1014, San Diego, CA,  Fin Keel,
Standard Rig

waughoo

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Re: Boat insurance
« Reply #5 on: June 02, 2021, 07:11:24 PM »

2.5k!?! That sounds VERY expensive.  I paid 750 that included a 100 dollar shipping rider.
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Alex - Seattle, WA
91 mk1.5 #1120
Std rig w/wing keel
Belafonte

Kyle Ewing

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Re: Boat insurance
« Reply #6 on: June 03, 2021, 01:27:52 AM »

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).
« Last Edit: June 03, 2021, 05:41:02 AM by Kyle Ewing »
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Kyle Ewing
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SailingJerry

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Re: Boat insurance
« Reply #7 on: June 03, 2021, 06:57:48 AM »

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?
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There is NOTHING--absolutely nothing--half so much worth doing as simply messing about in boats.    Kenneth Grahame

girmann

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Re: Boat insurance
« Reply #8 on: June 03, 2021, 07:24:11 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.
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Noah

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Re: Boat insurance
« Reply #9 on: June 03, 2021, 08:13:31 AM »

Sailing Jerry— I am in San Diego, CA. BTW- that info is in my signature.
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1990 hull #1014, San Diego, CA,  Fin Keel,
Standard Rig

Robert Giroux

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Re: Boat insurance
« Reply #10 on: June 06, 2021, 11:45:55 AM »

I'm going to try https://www.skisafe.com/ their rates are very good.
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JUNO - 2003 C34MKII - Coconut Grove, FL
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KWKloeber

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Re: Boat insurance
« Reply #11 on: June 07, 2021, 01:01:09 PM »

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?
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Twenty years from now you'll be more disappointed by the things you didn't do, than by the ones you did.
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Robert Giroux

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Re: Boat insurance
« Reply #12 on: June 07, 2021, 02:05:38 PM »

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?
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JUNO - 2003 C34MKII - Coconut Grove, FL
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SailingJerry

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Re: Boat insurance
« Reply #13 on: June 07, 2021, 03:56:35 PM »

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
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There is NOTHING--absolutely nothing--half so much worth doing as simply messing about in boats.    Kenneth Grahame

Ken Krawford

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Re: Boat insurance
« Reply #14 on: June 08, 2021, 03:11:47 AM »

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.
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Ken Krawford
C350 Hull 351  2005 Universal M35B
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