Tom, I have never insured a boat that had a home port in south Florida, so I can not offer any comments of value. I am up the Neuse River about 5 miles before you get to New Bern, NC. But perhaps others with similar locations and boats can help. Also read my response to Jim just below.
Jim, I did spend about an hour on the phone with an Geico underwriter, I think, that figured out a way to get me from a $700 increase down to a $300 increase, when added to last years $500 nets to 40% increase for no good reason, plus I had to drop back to 2% deductible versus 1% to get there. Without this one give back, my 2 year increase works out to 55%. During this same period I took the time to read my policy.
My bottom line is I am experiencing a sectoral (not religious) epiphany about boat insurance. We all know that coverages on boat insurance vary. But I must admit that this is my first real focus on what I have. On a Total Loss the $ are clear. But what about a partial loss? Take a read of the "Depreciation" clause in my policy:
“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.
Translation, when your boat is 28 years old and beyond, you hold the bag for 80% of the partial loss repair costs. I am told that if you have renewed some equipment, from engine repower to new navigation lights they individually are considered for depreciation. But, as an example, you take a lightning strike that requires a rewiring, 80% is on you; how about hurricane damage less than a total loss, after the 5% deductible for a named storm you'll get 20% for the broken windows, bent window frames, interior wood damage, etc. And how about that submerged log that takes out your prop/shaft/strut. You get to pay 80% of that repair also.
Thus my epiphany, do I really have insurance beyond a total loss scenario. I am also a long term member of MTOA (Marine Trawlers Owners Association) that has a Marine Insurance Policy member benefit, with a couple of insurance companies, including Geico. The difference is some added amendments that appear to provide better partial loss coverage. So, I am investigating this option.
