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  1. #1

    Insurance Premium Time, Again

    Geico via BoatUS, no claims ever on policy for 19 years, just a friendly plus 30% bump this year. I suppose I should feel good helping pay for all Geico's other claims or perhaps a mandatory contribution to their corporate profits.

    Anyone else have a recent renewal for comparison, any and all underwriters?
    Pete
    1976 Hatteras 48 LRC
    Blue Chip

  2. #2

    Re: Insurance Premium Time, Again

    First thing you should do is call them, complain, and ask to speak to an underwriter. Then negotiate. Trust me, the price is very likely to come down. Don't give up/.

  3. #3

    Re: Insurance Premium Time, Again

    Happy with service and price. No increase this year.

    http://maritimeinsuranceinternationa...ance-coverage/

    I deal with Garrison Rudisill.
    Semper Siesta
    Robert Clarkson
    ASLAN, 1983 55C #343
    Charleston, SC

  4. #4

    Re: Insurance Premium Time, Again

    I am getting too old to do math in my head. My calculator says more like 40% increase for no claims.
    Pete
    1976 Hatteras 48 LRC
    Blue Chip

  5. #5

    Re: Insurance Premium Time, Again

    You're getting screwed. Call them up. They did the same thing to me, and after a phone conversation, it all got better. They negotiated. As in came down.

  6. #6

    Re: Insurance Premium Time, Again

    Jim, thanks for the advice, will do in the morning.
    Pete
    1976 Hatteras 48 LRC
    Blue Chip

  7. #7

    Re: Insurance Premium Time, Again

    Quote Originally Posted by racclarkson@gmail.com View Post
    Happy with service and price. No increase this year.

    http://maritimeinsuranceinternationa...ance-coverage/

    I deal with Garrison Rudisill.
    I filled out form and sent in. Will see how they stack up.

  8. #8

    Re: Insurance Premium Time, Again

    Why would anyone use geico? 4x more expensive than my current provider. Geico is auto insurance imo

  9. #9

    Re: Insurance Premium Time, Again

    I don’t have a number but try cox yacht insurance in Newport, ca. They broker, but ALWAYS deliver for me. Lauren is my agent.

  10. #10

    Re: Insurance Premium Time, Again

    I have just spent days, some may say wasted days, trying to determine why I received such a healthy premium increase from Geico this September. And it has not been easy, as insurance companies guard their rating system like it was cash, and in a way it is.

    The bottom line is "AGE" of the primary operator/owner. Yes, by the end of this year I will turn 75. Keep in mind Geico's core business is auto insurance. I was able to confirm that Geico, like most insurers, uses an "insurance score" model to set rates. And while I have not found any details about a boat insurance score model, auto insurance score models are more open with information, my source being the internet, and one local friend in the business not associated with Geico.

    So, being one of the lucky ones, turning 75, good health, zero claims, recent survey confirming market value, great credit score, and more or less approaching the status of "sainthood candidate", I now have the honor of joining the age 75 and over bucket with all the benefits of the age group that has the highest property damage accident rate per mile driven of any group, including teen agers.

    But, I remain eternally grateful that the Admiral and I have made this far, even if the insurance industry will use it to stick it to us.
    Pete
    1976 Hatteras 48 LRC
    Blue Chip

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