Insurance Recommendation Needed

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pwrbotr

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Freedom 335
Hello Forum! I received a letter from Geico that they aren't renewing the policy on my 2016 335 Freedom. Not sure why (no claims). I received a quote and the premiums went up almost 30%! I expected some sort of increase but this seems really excessive. Anyone else have a similar experience? So far I am being quoted approx $4200/yr for coverage. The boat is located in Florida on a lift in a protected marina behind my home.

Any recommendations for providers?
 
My dad’s 2019 Cobia just got canceled by GEICO too with no explanation(Ft. Lauderdale). I have mine through Allstate on my ‘01 Sailfish in Stuart. They were the most reasonable last year.
 
I use Progressive and they have been good over the years and their rates were better than GEICO and Boat/US.
The premiums go up every year mostly due to claims from all the weather related disasters, not necessarily yours just in general and not just boating related.
One other factor some if not most companies use are the owners automobile history, claims or violations.

Another factor that can affect your costs are whether you have an agreed upon value and whether that has changed.
 
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I just got a new 2022 Canyon and Progressive would cover insurance but only up to a certain value. I think it was around 100,000 can't remember the exact price. After shopping
around I wound up with GEIOC. I know that doesn't help you much but make sure there is no cap the the value.
 
I use Markel American Insurance Co. and have an agreed value policy. I think this is the best way to go so you know what you will receive if the worst happens.
 
I lost a boat in a marina fire (not my fault!) and I can't say enough nice things about Travelers and the way they backed me up in the multiple lawsuits filed against the marina and us as "tenants in common" in the marina. Wonderful service, I slept well every night knowing I wasn't going to pay a dime. That being said, I've since married a woman with State Farm and she had been with them forever so there was a significant financial incentive to put the new boat under their coverage. They have also been fantastic with one claim (this WAS my fault!) and I'd recommend them also.

Read the fine print, especially about Environmental claims. And an umbrella if possible is well worth the good night sleep.
 
I had Traveler's with all of my previous boats as well as my homeowners insurance and my vehicles. Before, they'd always allowed me to use an agreed upon value for my boats until I bought my 228 Seafarer in October. Then they said they could only insure the boat for what I paid for it. I told them that I paid $26.5k for my boat and that it was worth probably $45k-50k, of which they said sorry, you can only insure the boat for what you paid for it. I told them that wasn't the case with my two previous boat policies, and they told me that they changed up their guidelines. I promptly transferred my home, auto and boat policies over to Progressive and saved about $400 a year on my auto policy alone with them. I have towing coverage while being on the water with my current policy and I think it's around $500 for the year with Progressive and an agreed upon value of $45k. I'd also had a few issues with Traveler's before with regards to communication on previous policies where they said they were trying to get ahold of me and have both my cell phone number as well as email address. Yet they were for some reason mailing me an issue with my previous boat policy, of which I told them that I rarely ever check my mailbox and usually toss most items in there straight to the recycle as all of my payments are automatically withdrawn every month and I have paperless statements. I even asked to speak to the manager about it as I guess the issue had been going on for a few months without any email or phone call, of which I got hung up on and no one called me back. I guess they don't need my business or money anymore and would rather not deal with me? haha
 
pwrbotr said:
Hello Forum! I received a letter from Geico that they aren't renewing the policy on my 2016 335 Freedom. Not sure why (no claims). I received a quote and the premiums went up almost 30%! I expected some sort of increase but this seems really excessive. Anyone else have a similar experience? So far I am being quoted approx $4200/yr for coverage. The boat is located in Florida on a lift in a protected marina behind my home.

Any recommendations for providers?
Click to expand...
Boat sales have taken off during Covid. Maybe there has been a large increase in claims due to lots of people buying their first boat.
 
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SeanC said:
Boat sales have taken off during Covid. Maybe there has been a large increase in claims due to lots of people buying their first boat.
Click to expand...
Accident were up last year according to BoatUS. The main reasons are many new boaters and the fact that on average there are more folks on a vessel (take the family and friends out)
More claims, higher premiums.
 
Im with Erie.... Agreed value on boat, trailer and outboard including Towing. I have no idea how much,,, its bundled. Homeowners, 2 cars (full coverage) 2 boats and a 1 Million $ liability umbrella. 165$ a month
 
FWIW......I got my new-to-me 2013 Seafarer insured with Travelers through a local agent. Compared to a couple of other quotes, for comparable coverage, rates were about 20% lower and the local agent has a superb reputation. I have only the boat insurance through Travelers. I got everything else with USAA so its not any kind of package deal for the boat.
 
I pay around $800 a year through State Farm. I have my auto insurance (4 cars) and my homeowners through them also, so I think I get a pretty good discount because of it. Maybe try the company you have your car and/or homeowners with?
 
Geico renewed mine, which is much older (2003) than the OP, so I'm surprised his was cancelled. Premium went from $467 to $485. Not enough to worry about. Policy is set at "actual cash value".
 
Geico renewed my coverage. 10th year with 3 different boats, no claims. On a lift at my house in Wilmington. Perhaps too much risk/exposure in South FL?

$562/year ACV.


​

 
I shopped it around this winter and got a pretty significant discount to what GEICO was charging by switching to Travelers
 
My uncle had Allstate for his previous boat and he had an agreed upon value of $35k on his boat, which unfortunately sank during a storm and it was a total loss. Allstate came back and said we'll give you $8k for the replacement value. He said what the heck, actually it was something worse that can't be repeated on a forum, and that he was paying the premium on a $35k insurance policy that they also had an agreed upon value of. They went back and forth multiple times and I think they finally settled in the low to mid $20k's and basically told him to take them to court if he wasn't happy with it. Not trying to bash any insurance company, that being said when there's dozens of other competitors out there to choose from, it wouldn't make me want to go with one that doesn't take care of their members.
 
Travelers up 10% per year or more for the last 5 years. This year's bill $1123 on a1999 30' GW w original engines. coverage Prior to 5 years ago it was constant at around 700 per year. Something triggered the routine 10% increase. Maybe they just do it, and if you drop oh well, and if you stay, they make higher margins. My coverage is 45K in replacement + 300K indemnity/uninsured boater.
 
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I have Progressive through USAA. They have been great. When my new Yamaha motor was stolen with just 8 hours on it, the stroked the pen for all of it , no deductible . I am insured with an an agreed value of $100k and I maxed out my liability. I also have riders for tackle and electronics as well.

Y'all inflation is very real and these costs increases are impacting every facet of our lives. It is what it is. Location,location ,location is key to everything in life and those of you who call southeast Florida home well there are more accidents, more people, more theft and then the H word. You will pay more than some some schlep in the Smoky Mountains or get dropped as we are seeing here. I guess the gecko is not very comfortable with the insurance claims going on in Palm Beach, Broward and Dade counties.

Side note, when I go the Bahamas I end up buying insurance through Boat US as they will cover my boat there. For what ever reason Flo won't even with USAA behind her. Maybe the bald guy from farmers will help out? You know they have seen a thing or two.
 
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IFish4Tuna said:
Travelers up 10% per year or more for the last 5 years. This year's bill $1123 on a1999 30' GW w original engines. coverage Prior to 5 years ago it was constant at around 700 per year. Something triggered the routine 10% increase. Maybe they just do it, and if you drop oh well, and if you stay, they make higher margins. My coverage is 45K in replacement + 300K indemnity/uninsured boater.
Click to expand...
I had Travelers for just over 5 years with regards to my home, auto and just slightly less for my boat policy. When I started out using them, they were pretty decent and their rates weren't too bad. Then it seemed like they either got lazy, greedy, hired a bunch of new people or all of the above. Every time I called in it seemed like I'd get someone who didn't know what they were doing or what they were talking about. I bought my boat last October and initially insured it through them, of which they asked me how much I purchased my boat for and I told them $26.5k. The guy then says ok we'll insure it for $26.5k then, which I said I'd like an agreed upon value of a higher price. He said they don't do that anymore and hadn't for sometime, even though I had my previous boat insured with them and had an agreed upon value with it just the year before. It's one of those things where it seemed like a distinct possibility that if I'd hung up the phone, called back and talked to someone else that it might have been a different answer. Which was my biggest frustration with them, no consistency and absolutely no communication at all. I changed all of my policies over to Progressive and saved about $400 a year on just my car insurance alone, which pretty much covers the cost of my boat policy. No claims yet, knock on wood.
 
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