I've had good service with GEICO through BoatUS. Several years ago, I got hung up on a crab pot, and cracked my boom. For each year without a claim, my deductible was reduced by twenty-five percent. As a result, I got a new boom with zero deductible, and no depreciation. Last summer, I damaged my mast, rigging and furler. Estimate to make repairs was forty-eight thousand dollars. My boat was insured for forty-five thousand, so GEICO totalled the boat. I was given first right to purchase the boat back which I did, for $4,500. That gives me $40,500 to do the repairs, and I still own the boat (which wasn't damaged, other than what I mentioned). While I'm waiting for a new mast (delays due to Selden having a backlog from hurricane damages) I have only liability insurance - $500,000, $939,800 Fuel and other spill liability, $1,000 Medical Payments per person each accident, and $500,000 uninsured boater. Annual premium is $201 (probably because it isn't being used). It will be interesting to see what the premium will be when the boat is back in the water. The premium before the accident was $836/year, and GEICO refunded half the premium for the period that the boat wasn't insured (after the accident)
A word of caution to those of you who are comparing insurance from different companies. Read the policy carefully, especially the definitions. My BoatUS/GEICO policy stated that for a partial loss, agreed value depreciates after twenty years at ten percent per year, and residual value will not be less than twenty percent of the agreed value. For a total loss, there is no depreciation. I was insured for inland waters, coastal cruising and racing. Alan Bergen 35 Mk III Thirsty Rose City YC Portland, OR
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