BOAT/US-GEICO INSURANCE

[knotflying]

My experience has been they are all cheaper than your current policy and the price creeps up every year. It pays to shop every few years. I was with progressive and it kept creeping up. I then priced out a few and Geico came in where I was originally. Then low and behold it went hire than progressive. Priced it out again and progressive was back down again. all the same insurance apples to apples and agreed value.

 

[2801 Parker]

When someone posts this kind of thing on Hull Truth I reply with a standard copy and paste....

I’m a marine surveyor and our company only does damage survey work (i.e. claims). We did about 600 claims last year. I’ve been at it for 32 years so I’ve seen it all. A couple of things to think about when buying a policy.

DO NOT SHOP BASED ON PRICE ALONE! There are differences in coverage. Do I need to say it again?

Look at “Exclusions.” For example, all policies exclude losses from normal wear and tear. But some policies cover subsequent damage and some don’t. So if a piece of sailboat rigging fails from fatigue (NW&T) some policies will not pay for that piece of rigging but will pay for the broken mast etc. Some policies don’t pay anything. Big difference. Some policies exclude freeze damage, some don’t. Etc.

Agreed Value vs. Actual Cash Value. If your boat is a total loss the Agreed Value policy pays you whatever the policy limit is. If you have an ACV policy you get the Fair Market Value of the boat immediately prior to the loss (like an auto policy). If your policy is five years old and the policy limit is $100k, the Fair Market Value of your five year old boat may only be $50k. If you have a relatively new boat and a big loan your payoff may be less than your loan balance. Yikes!

What is the salvage limit? If your boat sinks in the channel you have to get it out. Some policies will pay as much as the liability limit for salvage cost (usually several hundred thousand dollars). Some policies have a limit of 1% or 5% of the hull value. That won’t go far. Say you have a $100k policy limit. Any salvage over $1,000 (1%) comes out of your pocket. Again, yikes!



These are just a few examples. If you don’t know the difference, find a good agent who can explain the above.



Lastly what kind of service does the underwriter (not the agent or broker) give when you have a claim? We deal with them all, and I can tell you there is a difference as to the claims service provided.

Steve: You sound pretty versed in this stuff. Would a leak in a fuel tank(s) that is caused by moisture be covered?

 

[Andy]

Steve: You sound pretty versed in this stuff. Would a leak in a fuel tank(s) that is caused by moisture be covered?

Hi 2801 Parker, I'm not Steve, but I'll bet it is not likely any insurance company will cover a fuel tank leak caused by moisture,.... hopefully Steve will respond to either verify this, or to let us know the name of an insurance company that covers such issues.

 

[1801Steve]

Steve: You sound pretty versed in this stuff. Would a leak in a fuel tank(s) that is caused by moisture be covered?

Almost certainly not. Look at your policy for Exclusions. You will probably find that damage caused by corrosion is excluded.

 

[Manahawkin Tom]

During Hurricane Sandy my marina found that Boat US Insurance (not Geico at the time), service to the boat owners in their marina responded and served their customers best and fairly.
During the storm many boats had drifted off the property into wet lands and had to be rermoved. This was very costly and many policies had limited amounts and once the boat was removed there was nothing left for repair. Boat US policies coverage overall had better coverage and were not abanded after their boats were brought back to the marina.
I do not know if Gieco Marine will continue along the same business plan, but I have had them for my auto and recommend them. Bottom line counts but is not absolute, service and ability especially with boats counts a lot.