State Farm?

[RLKramer]

Hi All, currently with Geico but got a bid from State Farm thats significantly better and considering switching on my boat valued at about $500K, kept in FL and spends few months a winter in Bahamas.

I'm curious:
1) any comments about State Farm good or bad worth noting?
2)Any comments about switching from Geico then if unhappy with State Farm (or any company) trying to get re-insured by GEICO again?

Thanks!

 

[Comodave]

I used to have Geico but they went off the deep end so I contacted Peter Ricks at Novamar and he hooked me up with Markel. Better coverage and great rates. 206-350-5051

 

[tiltrider1]

Make sure it is an agreed value policy. If it’s not you will be at the mercy of State Farm’s depreciation schedule regarless of what happens to boat prices.

 

[Greg QS]

Geico ( Boat us i assume) is getting out of the big boat business. I had them for years. They will keep you insurance but once you leave they will NOT re insure you. Once your out you are out. I was a boat us insurance member for 30 years. Wen I sold my 42 ant bought this 61 they said no. They are not insuring boats over 30 years old or over 30' for new policy's

The last few years i had them they kept decreasing my hull value automatically. I had to fight every year with them to keep the hull value where I felt i needed it. I am with Chubb . They have a good marine policy, Agreed value, spill coverage, etc.

 

[tiltrider1]

A side note. Geico and Chubb now share the same owner, Berkshire Hathaway.