Geico Boat Insurance

[Bryant]

Geico

Two years ago I lost all the canvas on my bridge deck to a thunderstorm. The adjuster valued the replacement cost at 7k or so. I got the full amount minus my deductible of $500. I have an ‘84 Grand Banks. The wording of your policy is also important. If you have an “agreed upon value”, they will insure up to that value, minus the appropriate deductible.

 

[BandB]

I just read the policy details for my GEICO policy on my (just purchased) 1990 44' Viking Motor Yacht. It says that they cover repairs to the boat less depreciation, figured at 10% per year past the 20th anniversary of the boat's manufacture date. By my math, that means that they cover on 10% of repairs. Am I reading that right? Does anyone actually pay for the full cost of repairs?


Rick

On your policy, they would cover 90% of parts cost at year 21, 80% at year 22, 70% at year 23, 60% at year 24, 50% at year 25, etc.

Yes, plenty of policies including some written by Geico pay full cost and don't depreciate parts.

 

[BandB]

Two years ago I lost all the canvas on my bridge deck to a thunderstorm. The adjuster valued the replacement cost at 7k or so. I got the full amount minus my deductible of $500. I have an ‘84 Grand Banks. The wording of your policy is also important. If you have an “agreed upon value”, they will insure up to that value, minus the appropriate deductible.

Actually we're talking two separate issues. Agreed value on loss of boat and value of parts on partial losses. Some with agreed value still depreciate parts.

 

[Mischief Managed]

You need a depreciation waver on your policy to avoid that. It's not a very expensive option on my 1992 boat policy.

 

[Cold Shot]

I've had the same Allstate policy for 20 plus years on all my boats. I started it with a 17' Aquasport and just kept moving it up to the next boat. It now covers both my 18' flats boat, the dinghy and my Mainship 40.



I made two claims on the Gulfstar 36 we had before the Mainship, one for almost the entire value of the boat in 2005 after Hurricane Dennis, and one for a new bimini after a hurricane in the Bahamas. I made a claim on the dinghy motor after it was stolen. I made a small claim on the trailer for the flats boat after an accident (not my fault) on the Florida Turnpike. My premium has gone up as the boats have gotten more expensive, but no giant hikes, even with a fair number of claims.

They have been fantastic to work with.


We also have them for our home, rental property, and 4 cars. I think that helps.

I also have had Allstate for 22 years covering my 38' sportfisher. The rate is reasonable but don't think were covered but for maybe half the boats total value. I recently paid for a survey that was subpar to say the least.

 

[catalinajack]

I also have had Allstate for 22 years covering my 38' sportfisher. The rate is reasonable but don't think were covered but for maybe half the boats total value. I recently paid for a survey that was subpar to say the least.

What was subpar, the boat or the survey? I assume the boat. My question is, how does that survey relate to your insurance?

 

[Cold Shot]

What was subpar, the boat or the survey? I assume the boat. My question is, how does that survey relate to your insurance?

The survey was subpar. He valued the boat less than 50% of what its worth. I'm not sure if this will help with a new quote or hurt.

 

[Seevee]

I've got Geico for boat and car, and, while not perfect, it's adequate.

I do the Boat US thing and they had the best rates and coverages for my needs. However, insurance varies a LOT and there's lots of gotchas and fine print, so I could argue strongly to call a broker and get all the details.... then confirm them in writing.

I could also make a STRONG argument to self insure the hull and just get liability.... especially if one is a low risk person. Trawlers, are generally not high risk. Over time, you'll most likely come out ahead.

 

[Larry M]

I just read the policy details for my GEICO policy on my (just purchased) 1990 44' Viking Motor Yacht. It says that they cover repairs to the boat less depreciation, figured at 10% per year past the 20th anniversary of the boat's manufacture date. By my math, that means that they cover on 10% of repairs. Am I reading that right? Does anyone actually pay for the full cost of repairs?

Rick

You need a depreciation waver on your policy to avoid that. It's not a very expensive option on my 1992 boat policy.

I finally got around to contacting our agent about the repair for a partial loss. Hobo’s 32 years old and we’re with Geico Marine. This is from our policy:

SECTION IV – COVERAGES A. HULL AND EQUIPMENT, 4. LimitOfInsurance, c. AmountPaidTo“You”InEventOfLoss, ....(2) Repair For Partial Loss, “We” will pay the reasonable cost of repairs or replacements, in accordance with quality marine repair practice, less depreciation. Depreciation shall be calculated at 10% for each year beginning with the 20th year from manufacture. In all cases, there shall remain no less than 20% residual value regardless of age...

I heard back from agent and for ~$25/year, I guess you have to ask:

Geico now has a “Partial Waiver of Depreciation” endorsement that can be added to your policy at renewal. I have attached a copy for you to look over. The additional premium for this endorsement is about $25.00 per year. With this endorsement, Geico will not deduct depreciation for repair or replacement of the following:
a. Fiberglass, plastic or wood hull materials;
b. Mast and spars;
c. Metal supports and framing for attached towers, T-tops and hard tops;
d. Bow, stern or deck railings; and
e. Glass

Also, you currently have a 0% deductible as you have been loss free for 5 or more years

Thanks folks for brining it up.

 

[FF]

Which company sells liability only?

 

[Pau Hana]

Old thread, but interesting read all the same- let me throw in my dos centavos...

I had Seaworthy for years. They were bought by Geico a couple years ago.

So far my rates have not gone up much at all. Just a few percent, like everything else.

Great coverage, easy to deal with, and a TF member is their head underwrighter for the PACNW.

That might be me .

We lost our Mainship 34 to Florence. Had Geico through BoatUS. We purchased it in March, and had just completed prepping the boat for the Fall cruising season. I contacted them about the loss, and sent photos to show it sunk at it's slip. Weeks went by without hearing anything. Stopping by the boat one day (1/2 mile from the house) we found it in the process of being raised. The crew said it was being taken to a local boat yard. Called Geico multiple times before getting connected to anyone in the Catastrophe Team handling my boat. I wanted them to know the condition of the boat before the storm, as we had just purchased it in March and had a good survey, plus I had done a lot of work to her. The survey valued the boat at $28 to $30K. Geico said send them any information I thought was important. I sent copies of pages from the survey. I sent copies of pages from the log books to show a 240hp Perkins installed in1993, and a new tranny in 1999. Also sent pictures of the manuals. I also sent a detailed listing of my work, including replacing all four ports, four house bank batteries, and one engine start battery. They came back with a value of $24,500, which I refused. I was dealing with a middle man (Justin) who was nice enough, but had no authority to change anything. I said it was ludicrous that the boat would devalue that much in 7 months, especially since I had done nothing but repair and upgrade the boat since owning it. A few days later, they came back with an offer of $27,500, which I refused. When I brought up my list of improvements, Justin said their surveyor said all that was "routine maintenance" and not improvements. I was stunned at such an idiotic statement, and told him so. I also stated that I could not replace my boat with another Mainship with lesser equipment and value with what they were offering. Justin said to send proof of that. So I copied ads for the three 1978 Mainships on Yachtworld, all with original 160 hp engines, averaging $30K, and sent it to them, along with a scathing letter expressing my dissatisfaction with the process. My key element was their surveyor looking at the boat without contacting me. He knew nothing of it's condition or equipment, just went by the sodden hulk sitting on the hard. I also told them I would accept $32K as a fair price. A few days later, a woman called and offered $31K, which I accepted, less 5% deductable for a named storm. This process took over three weeks to resolve, and I know they have a lot of claims to resolve. But I feel they tried to low ball me and get on with other claims. A little communication early on could have made a terrible situation easier to cope with. As it was, even though I eventually got what I thought was a fair price, the aggravation and time consumed fighting them has jaded me on ever doing business with them again. All I can say is keep good records and all your receipts, and keep fighting until you get satisfaction.

This sounds like an Actual Cash Value policy was in force a time of loss. The Agreed Value policy, if in place, would not argue about the vessel value except for any hard additions (repower, new electronics, watermaker, rewiring of the entire electrical system, etc) added to the boat. Replacing batteries and other maintenance items cannot be added to the value of the vessel- those items are on the insured's $.

I can tell you that over the last 2 years and the terrible storm cycles, our CAT response teams have been extremely efficient in settling Agreed Value claims very quickly- sometimes on the spot.

The adjuster I had was a total jerk - Grant Beach. Sent a check of $500 for over 30k loss. I was fortunate to have a friend who is a lawyer because if the amounts aren't over 6 figures it just isn't worth it for them to fight. He was curious about maritime law

Long story short Geico spent over 30k fighting me. I ended up getting 16k a year later.

My lawyer gave me some good advice. Take a long boring video of EVERYTHING that is insured. Bits of line, welcome mats, extra impellers etc etc. Pull out every drawer and video everything inside.

It may have been in my favor that the Beach guy was so rude. It ticked off my attorney enough to make him fight it the whole way even though the amounts were really small for him.

He, the lawyer, also explained that the insurance companies know it doesn't pay to fight them unless the settlement is well into 6 figures. Even for a 30k claim they can make you jump through hoops that cost thousands just like they do for a $500,000 claim.

I respectfully disagree. The part that is telling it that the lawyer was not a maritime attorney, and "was curious about maritime law" (it's actually admiralty law)...

The policy will generally pay to its limits as long as the claims falls into to policy parameters and there is no fraud involved- whether the loss be partial or total. Insurance does not automatically look for ways to deny a claim- but we do want to ensure that any claim filed is within policy tenets. Also, no policy will ever be able to cover every spare part and piece that is purchased for the vessel- this is simply not realistic- the policy premium would end up being significantly more expensive if that were the case.

I believe there is more to the story...

If wesuffereda major loss, whether or not ithought the check'looked okay' i would engage my own surveyor to get an independent judgement before I settled.

That is your absolute right- but most partial losses have solid communications between the insure and the claims folks, and total losses/constructive total losses under an Agreed value policy are not a challenge, as the value is already set.

I've had the same Allstate policy for 20 plus years on all my boats. I started it with a 17' Aquasport and just kept moving it up to the next boat. It now covers both my 18' flats boat, the dinghy and my Mainship 40.


I looked at moving to Allstate from GEICO. Two different agents told me Allstate wouldn’t Insure a boat over 35Ft. When I offered to move all my insurance to Allstate they said that they would insure my trawler. Then I found out that Allstate’s wreckage removal is only up to 5% of the value of the boat. If your boat sinks during a hurricane and requires a barge and crane to be removed, you are only going to get a max of $5000 on a hundred thousand dollar boat. That isn’t going to even touch your removal costs. I spoke to a professional wreckage removal and salvage company. They warned me away from Allstate and State Farm for this reason. He said he had good luck working with GEICO who has a wreckage removal limit of $500k. If you have a policy with anyone, you better check the spill limits which are statutory at $939k I believe and what your wreckage removal limits are. Especially if you are on the Atlantic or Gulf Coast.

For the people who are saying they don’t survey their boats, you can get an insurance survey done for $550 on a 36 foot boat. It’s easily done when the boat is out of the water for bottom painting or cutlass bearing work. Besides helping with your insurance or selling the boat if you decide to, if you are going 8 to 10 years with no survey you are setting yourself up for some major and costly problems. I just had a survey done while doing a major refit. Several large issues were discovered that we weren’t aware of which I was able to address while the boat was out of the water. A good survey every 5 years will pay for itself.

Yup.


Bottom line- Read your policy, and know what you are purchasing. If you elect to take a lower premium under an ACV policy, you are assuming the risk of what the vessel will be worth at time of loss. An agreed value policy is generally more costly, but ensures the vessel value from policy inception .

A good marine insurance policy will be there to cover you- but no marine policy will ever "cover everything".

 

[Sparks5501]

Geico insurance

I am a USAA member because I am a veteran of 20 years in the Navy. They use Geico for boat and motorcycle insurance. I have filed claims for both the boat and motorcycle claims and had great experience both ways.

My son Josh hit a deer with his scooter, so we filed a claim, but the deductible of 500 was too high to cover the parts. So, he gave us the name of a company to buy replacement parts for a reasonable price.

Last summer were in a reservoir lake near the house. In 10ft of water we hit a standing tree. Bent my Bravo 3 props. Geico fully covered the cost of replacing the whole bottom end. The adjuster was a boat person and was able to recommend an electrician and a good Mercruiser mechanic. He was kind enough to give me his number should I ever have any power boat related questions. Geico has been good to us, so I have no complaints.