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Boat Insurance

Posted: Wed Oct 14, 2020 10:09 am
by bjgin
Wondering what people have for boat insurance. We have a 2004 PDQ 34MV w/110 engines. We currently have Boat US which is pricey. Has anyone found a compatible company with a better rate?

Re: Boat Insurance

Posted: Wed Oct 14, 2020 10:21 am
by AlanH
We use GEICO, written through an independent broker. It renewed in February for $1,548.

Alan

Re: Boat Insurance

Posted: Fri Oct 16, 2020 3:53 pm
by Expatriate
We use Triton which is an independent agent for Geico. Our bill this year is $1688. Just received it.

Re: Boat Insurance

Posted: Sat Oct 17, 2020 12:34 pm
by Ross Bowling
I have Chubb, through a broker here in California. I hear through the Coconut Telegraph that Geico (formally Boat US) has raised their rates & several on the dock have switched to Chubb.

Re: Boat Insurance

Posted: Sat Oct 17, 2020 2:36 pm
by duetto
hi,

couple of questions for the geico policyholders. are you in fl? are the prices you quote for fixed replacement value...if so would you mind saying what it is?

Re: Boat Insurance

Posted: Sat Oct 17, 2020 4:54 pm
by AlanH
John,

Our boat is behind our house in Palm Coast, Florida. It is insured for an agreed value of $243,000. I have attached a copy of the declarations page. Like Expatriate, we use Triton as our independent broker with Geico as the insurer. They were recommended by Beth Simkins when we bought the boat.

Alan

2020 PDQ Declarations page.pdf
(843.65 KiB) Downloaded 486 times

Re: Boat Insurance

Posted: Sat Oct 17, 2020 7:51 pm
by duetto
alan,

thx for the comeback.

Re: Boat Insurance

Posted: Sun Oct 18, 2020 12:08 pm
by bjgin
We are in FL and our boat is at a marina on the Suwannee River just off the Gulf. It is insured for $240,000 with a 2% deductible. The quote we got from Geico was $3,900!! If we go to the Bahamas, it has an adder of 50 cents/day. What are we doing wrong? It's due in a couple weeks.

Re: Boat Insurance

Posted: Sun Oct 18, 2020 2:41 pm
by AlanH
BJ,

I am not sure why your premium is so high. Ours did go down a couple of hundred dollars this year, perhaps yours will. As I mentioned in an earlier post, the boat is at our house in Palm coast. We are only 1.5 miles from the ICW but the nearest inlet is 15 miles away (tide surges). We also have a Slidemoor. which allows the boat to move up and down with the tides. We can take an 8' surge without boat issues. That dropped our insurance about $100 a year when we got it.

My final thought is being on the gulf coast may be more risky? Not sure. I do know this, if I was you, I would be asking my agent a lot of questions.

Alan

Re: Boat Insurance

Posted: Sun Dec 19, 2021 12:35 pm
by MikeH
I got an early Christmas Gift from Geico - a Cancellation Notice effective 2-4-22. Be on the lookout - it looked like junk mail. The stated reason is that "Agency no longer appointed with Geico Marine Insurance Company".

I had also insured through Triton in Newport: $165k Agreed Value, Bahamas Endorsement, 5% Deductible, Declining Deductible, at $1932 per year.

My other quotes in January were:

Gallagher Charter Lakes - preliminary quote same terms at $3404.

State Farm (don't laugh !) on an Actual Cash Value policy at $3824.

Is anyone else in the same boat ?

I'll get new quotes and will post results.

Re: Boat Insurance

Posted: Sun Dec 19, 2021 2:10 pm
by deising
Our policy was with GEICO and after getting the same non-renewal letter, the independent agent said she would shop us around but any other policy almost certainly would require an out of the water survey ($$$). I contacted GEICO directly and they were happy to give me the same coverage under a new policy for not much of a jump in premiums and no survey. When I contacted my agent to inform her, she admitted several of their clients had done this.

If she was solely concerned with our welfare, she would be telling all her GEICO clients to do that. Of course, they lose out on all commissions that way, so that is not something they were going to advise.

Good luck.

Re: Boat Insurance

Posted: Mon Dec 20, 2021 5:01 pm
by makala
We got the same Christmas surprise but a double whammy in our case since our Homeowners (Florida Peninsula) is also dropping us since they are getting out of the business of insuring Florida Coastal homes. Went to get homeowners quotes from other providers to find out that they won't even quote a roof that is over 10 years old. So now we are getting a new roof!!

For the marine insurance I went to the Geico Marine website and got a quote which was pretty much the same rate as the other insurance provider (which insured us though Geico anyways). Or just call Geico.

Re: Boat Insurance

Posted: Tue Dec 21, 2021 2:30 pm
by AlanH
Our GEICO Policy through Triton expires on February 8, 2022. I have not received the cancellation notice yet but called GEICO to check on a new policy. First they are suggesting you first talk to you current independent agent and give them a chance to find you a new policy. If you tell them you would just like to stick with GEICO they will quote a policy but they won't write it more than thirty days in advance. I decided to just wait and call at 30 days.

Alan

Re: Boat Insurance

Posted: Wed Jan 05, 2022 2:17 pm
by MikeH
Thanks everyone for your responses !

I re-booked GEICO through their toll free number 877-581-2628. Agreed value at $185,000, 2% deductible, NO Bahamas Endorsement, at $2577 per year.

The sales rep said that they no longer offer a year-round Bahamas Endorsement and that you have to call them with your actual travel dates to get coverage for the trip.

Re: Boat Insurance

Posted: Mon Jan 10, 2022 1:05 pm
by AlanH
I did eventually get the policy cancellation notice also. I also contacted GEICO and would up renewing with them. Our agreed value is $232,000. That is down from $243,000 in the old policy. $232,000 is the max they would write it for based on their values. Most of the rest is similar to last year. The price went from $1,673 to $1,601 with a 2% deductible. The boat is kept behind our house in Palm Coast, Florida and we have a Slidemoor (slidemoor.com) which is similar to having a floating dock.

Alan