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Boat Insurance is being canceled

Discussion in 'General Yachting Discussion' started by dewald, Jul 21, 2022.

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  1. dewald

    dewald Member

    Joined:
    Jun 27, 2017
    Messages:
    103
    Location:
    Treasure Island, Florida
    I have had a Geico Policy for 4 years written through an Independent Agent. Geico is dropping all Independent Agent and not letting them wright or renew policies.

    Attached is a quote for a new policy from my Independent Agent. I feel like I am dealing with bag man named Vinny from NY

    The quote is substantially higher than the policy that is expiring and the deductibles for windstorm and lighting seem out of line and I am not use to this type of payment plan.

    Am I wrong about this quote and this the norm for the market today? Any help or suggestions on who to contact or how to get a better quote will be appreciated. I live in Treasure Island, Fl, boat is docked behind my home.

    Ins Quote Cover Letter 2022-07-21.jpg Insurance Quote 2022-07-21.jpg
  2. DOCKMASTER

    DOCKMASTER Senior Member

    Joined:
    Feb 26, 2012
    Messages:
    1,396
    Location:
    Ketchikan, Alaska
    I'm dealing with similar challanges and been trying to get a decent policy for a year now. My hull is similar vintage to yours - a 1994. I just got quoted $200 less than your quote with around 5x the insured value with a 1% deductible. Did your agent redact the quote or you did?
  3. MBevins

    MBevins Senior Member

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    Location:
    Windsor On. Canada
    I've heard that Geico will still quote but only directly. You may want to ask them.
  4. dewald

    dewald Member

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    Jun 27, 2017
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    Location:
    Treasure Island, Florida
    I redacted the quote. I did that so I would not get flack for posting the name of my Independent Agent or Insurance Company doing the quote. you can send me a private message if you want their names and I'll send it to you.
  5. dewald

    dewald Member

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    Location:
    Treasure Island, Florida
    Yes, I think they will quote me, but when I first talked to them, they wanted me to contact my Independent Agent first to find out what they were doing. That's where this quote came from, but I have called them back to tell them I was going to have Geico quote me.
  6. MBevins

    MBevins Senior Member

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    Location:
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    It will be interesting to what the difference is.
  7. 993RSR

    993RSR Senior Member

    Joined:
    Jan 15, 2004
    Messages:
    495
    Location:
    Annapolis/ Palm Harbor
    I needed offshore racing sailboat insurance and no companies would take it. I tried Geico through Boat US and they took it gladly.
    My powerboat is up for renewal so I tried Geico. Boat is 2009 with a value of low 400K zone. Geico would only write it for $167,000. unless I had a full survey with a higher stated value. I paid 380 for it 15 months ago and did a 80k refit.
    Let's face it. Insurance business is crooked.
  8. gr8trn

    gr8trn Senior Member

    Joined:
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    Location:
    OR/CA
    Let’s face it most business is unscrupulous or crooked.
    I just had a friend with a car accident (everyone is physically fine) offender crossed the double yellow on a two lane at night. Her Hyundai is likely totaled. Get this, before she has even had her insurance company view the damages or get a single quote, Progressive ( the offenders provider), (thanks Flo) sent her a letter explaining her $$4,000 would be electronically deposited as soon as she got them the account number to settle the claim. Buggers!
  9. gr8trn

    gr8trn Senior Member

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    Location:
    OR/CA
    Memory serves that I am paying about $4,500
    Per year with a 2009 agreement hull value of just over &600k. I don’t recall the details of coverage but this is through Markel.
  10. BuoyCall

    BuoyCall Guest

    If you're still needing insurance or would like to discuss your current situation email me at REMOVED geico has been canceling policies left and right. There are always options out there just need an agent willing to put in the work. Ive been at this a few years now and have learned alot. I got into this niche as we are looking for our liveaboard in a couple yrs and had no idea on what was needed to be insured. There are so many factors that go into the rating of risk....Alot.
    Last edited by a moderator: Jul 29, 2022
  11. jason fifield

    jason fifield New Member

    Joined:
    Sep 28, 2017
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    Location:
    California
    Try getting fire or Homeowner's insurance out west....... :/
  12. Kirk Connes

    Kirk Connes New Member

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    Location:
    33325
    Same thing happened to me, and yes Geico will insure you, just not through the independent agent. Have to go direct or through Boat US.
    My agent found a policy considerably less than Geico, and it covers us for 125 miles out and the Bahamas. if you're interested in the agent's name, email me privately and I'll provide. I'm sure they would like the business.
  13. SplashFl

    SplashFl Active Member

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    Location:
    S. Florida _ Bertram 46
    Like every other business; their only goal is profit. Regarding value. I take the position a vessel is only worth what one is willing to pay for it. In many cases I saw when shopping for larger boat recently I found where sellers seemed to think that just because they spent X amount of dollars on a boat that it was therefore worth that much more and in many cases that is simply not valid.
  14. FIQ

    FIQ Member

    Joined:
    Feb 19, 2016
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    Location:
    Olympia, Wa
    My insurance cancelled me because my boat was too old, 1996.
    I went with Travelers. Cheaper premiums, higher coverages, and lower deductibles. They didn't even require a haul out!
  15. DOCKMASTER

    DOCKMASTER Senior Member

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    Location:
    Ketchikan, Alaska
    Did you go direct to Travelers or through a broker? If a broker would you let us know who it is? I'm still searching for reasonably priced insurance.