Boat US now underwritten by Geico...

[OCMD]

Got my annual renewal, Boat US is now underwritten by Geico, which contrary to Geico's
expensive ad campaigns, you won't "Save 15% or more" on your auto insurance. Thus, I figured, there go my rates through the roof. My rate went up 40 bucks (to $466) from last year, so I can handle that. But I decided to check around, anyway. Erie, which does not advertise, and has the cheapest car insurance around so this was my first stop. I figure I have my cars and homes with Erie, let's see what they can do for my old boat. Look below. $637. $171 more tha Boat US, which included Erie's "surcharge" of $143 for a boat that exceeds 50 MPH. Hint, hint, folks. Unless you have an Exciter, LS or 212, your Yamaha doesn't exceed 50 mph in fact your top speed should be 46-48 mph......and without this surcharge Erie is almost competitive with Boat US. Seriously though, when applying for insurance you have been warned. Your Yamaha does not exceed 50 mph.

Here is my Erie quote:

Boat Information Base Premium
The boat described in this quote is used as a Primary Boat. $138.00
Boat: 2008 YAMAHA SX 230 HO(*) Serial Number: Construction: Fiberglass /
Composite
Motor 1: 2008 YAMAHA SX 230 HO(*) Serial Number:
Motor 2: 2008 YAMAHA 115TLR 2-STROKE
SERIES
Serial Number:
Trailer 1: 2008 Unknown Unknown Serial Number:
Type: Inboard Length: 23 HP: 275
Purchase Date: State Registered: MD
Estimated Replacement Cost: $25,090
Coverage Information - Primary Boat
Physical Damage - Comprehensive Perils Deductible: $500
Limits of Protection:Boat $25,090 Motor 2 $5,780 Trailer $1,855
Liability Protection
Bodily Injury/Property Damage (Each Occurrence): $500,000
Medical Payments (Each Person): $1,000
Additional Coverages - Primary Boat Premium
Uninsured Boaters Protection - $500,000 Each Accident $150.00
Increased Emergency Services $250, Total up to $750 $10.00
Credit(s) That May Apply (Maximum 10%) - Primary Boat
Navigation Course - 10 % -$36
Surcharges That May Apply - Primary Boat
Boat Exceeding 50 MPH 40% Surcharge $143
Total Premium
Boat 1 $637.00
Total Boat Premium Quoted $637.00
Total Annual Policy Premium Quoted $637.00

Here is my Progressive quote:

2008 Yamaha SX 230 High Output
Hull ID #:
Length: 23 Hull material: Fiberglass
Garaging/Mooring Zip Code: 21811 State: MD Use: Pleasure Use Exclusively
Propulsion type: Jet Number of motors: 2 Total horsepower: 270
Limits Deductible Premium
Comprehensive Agreed Value $33,000 $500 $153
Collision Agreed Value $33,000 $500 118
Included with Comprehensive and Collision:
Disappearing Deductible
Wreckage Removal
Marine Electronics $500
Trailer $250
Bodily Injury and Property Damage Liability $500,000 combined single limit each accident
Liability To Others
Includes Fuel Spill Liability
Uninsured Boater $500,000 combined single limit each accident 35
Medical Payments $2,500 each person 8
Roadside Assistance included
Sign & Glide® 30
Coastal Navigation 75 Nautical Miles included
Total premium for 2008 Yamaha $440
Total 12 month policy premium, with paid in full discount $440

So it pays to shop. Progressive has a better deal in that the agreed value is higher than Boat US, but I figure I will stay until Boat US pulls a Geico on me and jacks the rates, perhaps next time around. Then? I go to Progressive. Funny thing is both agreed values are more than what I paid for the boat in 2013, so I won't be crying if someone steals it. The important factor to remember when applying, however, is that with some companies, it seems the rate increases dramatically for a boat that exceed 50 mph. I'm glad my old 2008 can only hit 45 now! LOL

 

[Bruce]

I am paying less than $350 per year with Allstate for a 2007 SX230. That includes discounts for home and auto policies.

I wonder if BoatUS is still providing offshore and international coverage. That could be a nasty surprise.

 

[Bill D]

Boat US told me less than two weeks ago that they do not offer any additional offshore coverage for boats under 26'. Didn't matter what you were doing, who you were with, or what level experience you had.

 

[captras]

Progressive, thru USAA has my full coverage for 2 2016 Yamaha waverunners and a 2016 242 Limited SE. Total cost is $1423 per year. Not great but not bad.

 

[2nazt]

I know I was covered off shore with progressive but once in another countries waters the coverage was not active anymore.

 

[captras]

I know I was covered off shore with progressive but once in another countries waters the coverage was not active anymore.

Yep, I read that....you are covered within 75 miles of US, but once you are in another countries territorial waters, they dont cover you!

 

[Paul Paulo Pablo]

Thanks for posting this! Going to shop insurance this coming weekend after I purchase my new toy This'll be helpful.

 

[haknslash]

This is not really all that new as BoatUS used Geico for their underwriter back when I insured with them last year https://jetboaters.net/threads/progressive-insurance.10891/#post-186228. As to why your payment went up go figure, it's insurance lol, but they've been with Geico for a while now.

 

[BobbyP]

Progressive thru USAA was the cheapest for me. I like the sign and glide.

 

[OCMD]

Well I finally switched. GEICO/Boat US has priced itself out of the market. My rate from last year has doubled. Surprisingly, Erie's rate now is not half the price for the same coverage. I guess Geico just plans on most people automatically renewing and not looking at the paperwork. $763 for a 2008 SX230? Are they out of their F ing minds? Yes. They are. Erie, here I come.

 

[swatski]

Well I finally switched. GEICO/Boat US has priced itself out of the market. My rate from ast year has doubled. Surprisingly, Erie's rate now is not half the price for the same coverage. I guess Geico just plans on most people automatically renewing and not looking at the paperwork. $763 for a 2008 SX230? Are they out of their F ing minds? Yes. They are. Erie, here I come.

I think we have geico, too, just renewed for less than that for the 2016 AR240, agreed value of 50k, standard contract w/sea towing and trailer etc.

It must be because your boat does not have proper fins.

(just kidding)

--

 

[Babin Farms]

I priced out Geico/Boat US recently and about chit a brick when they gave me a price. Almost double what we were paying at the time for less coverage. I can only think that they are on par with somewhere where you can boat year round and are trying to do the same pricing for areas that you can't, dunno.

 

[zipper]

We use Progressive. Both, all 3 with the zodiac, cost a little more than what @OCMD 's quote was for 1 boat. Who knows the prices could go up if we keep seeing big fires at Marinas and big storage facilities.

 

[2kwik4u]

I've been with Erie for ~5yrs now. Had KY Farm Bureau for everything until I moved to IN, obviously KY insurance doesn't work there We have EVERYTHING with them. House, Boat, (2) vehicles, $1mil liability umbrella, and a personal property rider on the house for another $100k of "stuff" we have in the house. Had 2 claims so far. Both on vehicles. Wife rear ended a lady on the expressway, and honestly I can't remember the other one. Both of them though were handled really well by the agent. The process for a claim was quick and painless, we got a rental delivered to the house, and the vehicle picked up by flatbed tow truck (despite being 100% driveable with barely noticeable damage). I would expect the same with a boat claim.

We carry $30k agreed value on the boat. $3k agreed value on the trailer. $250 deductibles on both. Coverage as $533 total for both last year. I haven't gotten the quote this year, but I'm not expecting much if any increase. I think it's been the same the last 4 years with them.

My $1mil Umbrella might influence that a little bit though. We carry that extra liability coverage as a cost savings measure. Umbrella is $350/year, and gets us a shade over $1,500/yr in discounts combined on the vehicles/boat. Why not have extra coverage and less cash outlay? I'll look at the bill when it comes in next month and see what the discount looks like.

 

[Yambers]

Anyone checked out State Farm? I have 2 new cars, 1 2011 car, home, utility trailer and boat all insured with them and I couldn't be happier. I just added a 2020 242s with awesome coverage for $413/yr.. And that was just today when I did it. I spend under $260/mnth for it all..

 

[tdonoughue]

Odd. I have BoatUS/GEICO and didn't renew all that long ago. I think it went up $10 a year or similar. For me it was State Farm that was through the roof when I had them quote.

Many factors and voodoo in those premium calculations.

 

[Elliott]

I am with Geico, and the price is just over $300 for 32K Hull and 500K liability (the floor of my umbrella). The insurance includes Tow Boat and trailer towing/service, which is about $170 a year on the open market. So, I am paying about $150 per year for the boat insurance. Tow Boat coverage extends 75 miles out into the ocean; of course, I only go about 7 miles off shore (to the artificial reefs).

 

[jocolo21]

skysafe 2021 252se $80k coverage $675 per year

 

[1WetBoat]

skysafe 2021 252se $80k coverage $675 per year

I looked at Skysafe cause it was one of the cheaper ones but it didn't include theft here in Fl. Does yours include theft?

 

[Adubbs76]

Try Foremost it’s part of Farmers they were by far the best price and I had a glass claim 2 years ago. When I had my claim my deductible was $500 and they even sent me a check back for some of that because I didn’t have a claim the previous year.