Boat Insurance

[irishwake]

I have had my boat insurance on my 31 TE for the past 5 years with Boat US. During this time if you have no claims you receive a diminishing hull deductible. The cost of the insurance has also gone down during this period. I just received the renewal on my policy with Boat US and it appears they have switched to Geico for their insurance. The new policy with Geico for the same insurance coverage has increased $363.00. It stated in the new policy that if I had any questions to contact their underwriters. I talked with them on 12-28-2016 at 10 am and inquired about the 18% increase and they said they would get back to me.

1.As I await the reply I am wondering if other AOG members have had the same increase.?
2. What other marine insurers members use for their boats?

Thank you for any information that may be supplied.

[NickScheuer]

Don't know the exact dollars & cents, but my Geico policy seems to cost about the same as the old Cincinnati policy.

[NickScheuer]

Am insuriong a 1976 Albin-25.

[Paddy]

My Geico / Seaworthy policy jumped from $670 to $890 this year (with no claims). When speaking with the rep, he said there was not much he could do as all insurers raised their rates in 2016 for the tri-state (NY/NJ/CT) area. I also have Geico on my autos; apparently the new rate included a multi-policy discount which I found laughable. Of course I threatened to drop the policy and started calling around for quotes, but the first three quotes came back in the $1,100 range, so I am going to stick it out with Geico for now.

[Jack]

No increase with Foremost. Mine is about $1300 for an '89 28 TE with a '03 Yanmar. They allow me to insure it above low end market value. Easy to deal with. I didn't like Progressive. Quoted a low price then charged $300 more. Claimed salesman made a mistake.

[DesertAlbin736]

My insurance with BoatUS/Geico was $228 when purchased last April. Not due for renewal for another 4 months so we'll see what happens then. Had been with SAFECO/Liberty Mutual after we bought our 1971 A25 in 2014 because at the time BoatUS was requiring recent surveys to insure older boats. SAFECO had charged $362 but didn't require a survey. Later when BoatUS switched to Geico as their underwriter they dropped the survey requirement so we switched back to BoatUS. Our boat is not kept in the water full time, but is dry stored on the trailer between outings, so I would think that can make a difference.

[OldDemps]

Get a quote from the brokers I've used for three boats now. I LOVE THESE GUYS!!! Twin rivers insurance agency. They broker coverage on boats only. Gary Clausen is my agent but anyone can help you.
http://boatinsuranceonly.com/
I have 2006 28TE @$80k replacement cost coverage they placed me with Chubb yacht policy for $540 year for entire west coast USA coverage. They also placed full coverage on my two turbo jet skis w markel insurance for $400 annually. Call twin rivers 800-259-5701. Everyone in San Francisco Bay Area uses them and the broker nationwide. Good luck

[Nepidae]

BoatUS was purchased by Warren Buffett who owns Geico.

I started with BoatUS insurance in 2010 when we purchased the boat. I had heard and read that BoatUS paid in the event of a claim. While insurance costs are important, IF they pay is also important.

Just before the change was announced I had contacted BoatUS to see why I was paying what I was paying without any claims and was offered the change (didn't know it was Geico at the time). I saved around $500 when I changed.

They waived the survey.

At the end August, after we had gone through a refit for full NAV and house bank of AGM batteries and additional electrical items, I contacted BoatUS to up my insurance coverage. I was asked how much and quoted a price which I was surprised how little it was and instituted it immediately.

Again, I'm happy with BoatUS and will not change to save a few dollars. Maybe this is one of those times, you get what you pay for.

[Paddy]

i had a chance to take another look at my policy and the 2016 rate was $963 not $890. Even worse, I thought that my policy included agreed hull value at 80K, but Geico has me at ACV or agreed cash value. This is not superior to AHV as they go off book value and the current value is between 55K-60K. I know my Albin is worth more than that and I am actually ticked off that I didn't catch the difference, so next year I will have it insured for AHV at 75K.

What annoys me is that I lost a boat during Sandy and they paid me AHV. I pressed the rep to make sure I was getting the same on the Albin and he said ACV is the same. Really ticked for not doing my due diligence and reading up on ACV.

Lesson learned, paying more in 2017, but thanks to Irishwake for posting and peaking my curiosity to take a closer look at my policy.

[kowal_53]

I have used Sea Insure for my last 2 Albins. It does require membership with Sea Tow. Together they cost a bit less than Boat US, perhaps before the increase. I never had a claim other than Hurricane out hauling, which I have used 2 times in 7 years. The storm protection is a rider on their regular policy.

[Carl]

I have heard these people are very good. I do not use them but will be getting a quote from them in the near future. A lot of commercial guys around here use them.





http://www.charterlakes.com/boat-insura ... -insurance

[irishwake]

Thank you for all the replies. I checked with Boatinsuranceonly .com and they told me I would have to get an updated survey. I don't think spending about $1100 for a new survey would save me any money in the long run. Charter Lakes sent me a quote from Foremost Insurance for about $1500 per year. A savings over Geico of about $800 per year. After doing research on Foremost and seeing their reputation I declined. It looks like I will be staying with Geico. Once again the boating community takes a hit.

[Russell]

I use a guy the broker told me about, Mauricio Silva at Offshore Risk Management. So far I have not had any claims but I cannot find a lower premium.

www.offshorerisk.com

Office: (954) 430-3711 (Direct)
Office: (305) 743-7711 (Office)
Fax: (954) 337-0337

[Serenity]

I was with Boat US for many years. Then one day my premium went thru the overhead. I then switched to Encompass through a broker. Encompass is a division of All-State. I have all of my insurance through them, including auto and homeowners. I am paying $727 for a 98 Albin with an agreed hull value of $52,000 with a $1000 deductible. The biggest benefit is I have one monthly payment, for all 3 insured.

[Pitou]

I've got a Travelers Yacht policy. Agreed value of 150k, 1% deductable, dinghy coverage, pollution coverage, named storm haulout, medical, etc, etc.. Total cost $1,600. Travelers financial strength rating A++

Over the years of boating, I've submitted two claims. Resolution was quick and my premium didn't rise. I highly recommend.