What Owners Need To Know About Boat Insurance: Interviewing Geicos Michael Pellerin
Michael Pellerin is Managing Director of Marine Insurance Sales, Service & Underwriting for GEICO, one of the USs largest boat insurers. Michael essentially head up GEICOs marine division and has enjoyed a long, distinguished career in the marine industry, having joined BoatUS in 1992. Michael has been involved in several key projects, including the launch and integration of third party partnership marine insurance programs into the new GEICO Marine Insurance product. That has been highly successful in terms of growth, customizable policy features, and customer service enhancements to make buying a policy or filing a claim an easy task. Boat Trader also partners with Geico on our own Boat Insurance service page where buyers can learn about what kind of insurance is right for their vessel and learn how to quickly get a boat insurance quote online.
Above: Boat Insurance can be complex, our staff interviewed Geico for some tips and advice that boat buyers should know before they purchase a new yacht for the family.
Common Reasons For Boat Insurance Claims To Be Denied
Boat insurance only covers events that are explicitly stated on the policy declaration. However, a claim might get denied even if your policy provides coverage for it. Here are some common reasons that may be the case:
- You were operating a boat under the influence of alcohol or drugs
- Not providing proper maintenance to your watercraft
- Damages or injuries that exceed policy limits
- Making mistakes in filing a claim
- Failing to safeguard your boat before a storm
- Using your boat for commercial purposes
Geico Boat Insurance Review
Geico earned a 9.0 out of 10.0 in our 2022 boat insurance study, which is the second-highest score of all providers we ranked. The company scored especially high in the coverage category due to its specialized options that many providers dont offer.
- Watercraft previously ruled as a total loss
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Geico Marine Insurance Co V Shackleford No 18
Geico Marine filed suit seeking a declaration that a navigational limit in the policy with defendant that required the vessel to be north of Cape Hatteras, North Carolina, during hurricane season barred coverage. The district court ruled against Geico Marine and declared that the policy covered the loss.The Eleventh Circuit reversed and remanded, holding that the navigational limit barred coverage. In this case, the policy was not ambiguous about whether it contained a navigational limit when the loss occurred, and the plain language of the policy contained a navigational limit. Because the navigational limit was dispositive where the vessel suffered damage while outside the covered navigational area, the court need not address the breach of a duty of uberrimae fidei.
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How Much Does Boat Insurance Cost
Your premium will depend on factors such as:
- Navigation area: boating inland , coastal regions or traveling to the Bahamas, Mexico and the Caribbean .
- Boat type: the model, year, size and speed of your watercraft.
- Your boating record: prior boating violations, accidents, claims or boating safety courses.
If insuring a used boat, underwriters might require a marine survey to determine your vessel’s overall value and condition. The surveyor inspects the boat for any underlying issues with its structure, machinery and onboard equipment.
Some insurers offer policies for as low as $25 per month or less but these usually only offer basic liability protection. These advertised prices go up as you add more coverage options to your plan.
How to save on boat insurance
An actual cash value coverage policy is the cheapest option, since your insurance company can factor in depreciation when paying for damages. Choosing a lower liability limit and a higher deductible can also lower your monthly premium. However, these options mean you could pay more out of pocket for damages, injuries or legal fees after an accident.
Insurers also have policy discounts that can help you save money on your premium. These commonly include:
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Average Cost Of Boat Insurance
Average boat insurance costs with Progressive Casualty Insurance Company ranged from about $245 to $652 annually between 2020 and 2021, depending on location. As with auto insurance, the more expensive the make and model of your boat, the higher your boat insurance premium will be. Newer models also will cost you more to insure. For those in hurricane-prone zones, your insurance coverage may cost you more.
Geico Boatus Coverage Information
Boatsetters peer-to-peer insurance coverage is provided under thePeer-to-Peer Boat Rental Policy, which is underwritten by GEICO BoatUS. The policy was written from the ground up as a stand-alone recreational boat rental insurance policy covering the period of time the boat is being rented. Please refer to the following explanations regarding GEICO BoatUS insurance coverage:
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How Do I Report A Claim On My Boat Insurance Policy
The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.
*Boat and PWC coverages are underwritten by GEICO Marine Insurance Company. The TowBoatU.S. Towing Coverage Endorsement is offered by GEICO Marine Insurance Company, with towing services provided by the BoatU.S. Towing Program. Towing coverage only applies to the insured watercraft. This endorsement is not available in all locations and is subject to certain restrictions. Towing coverage is subject to availability and service may be restricted based on the location of the insured watercraft. Please speak to an agent to discuss details of towing services, limits, exclusions and coverage availability.
BoatUSâBoat Owner’s Association of The United Statesâis the nation’s largest association for recreational boaters providing service, savings and representation for over 50 years.
Our Top Picks For Boat Insurance
- Progressive Best for Policy Discounts
- BoatUs Best for Membership Benefits
- Foremost Best insurance packages
- Wreckage removal and fuel spill cleanup included
- Accident forgiveness and disappearing deductibles
- Coverage limitations for expensive watercraft, and for big boats in hurricane-prone states
Not every insurer includes in its standard coverage the removal of your boat if it is wrecked and damage from fuel spills. Progressive is among those that do, but there are limitations. Wreckage removal is covered only when it is deemed to be legally necessary, and fuel spills only to the limits of your liability coverage.
Progressive boat insurance policies include accident forgiveness which keeps rates from increasing if your claims are for $500 or less. Boaters whove been Progressive customers for at least four years and remained accident-free for three are exempt from rate increase for any boat accident, regardless of the claim amount.
For an additional cost, you may include a disappearing deductibles policy that deducts 25% from your deductible amount for every claim-free period on your boat policy until it reaches zero.
But Progressive has more limitations than some insurers on the vessels they will insure, and where they will do so. Personal watercraft worth more than $27,000 are not covered. In hurricane-prone states, insurance is not available for boats over 35 feet in length or that are worth more than $175,000.
Additional coverage options:
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What Happens If There Is Damage
Each booking requires pre/post-booking inspection forms regarding the boats condition to be signed by both the owner and renter. Digital check-in and check-out forms can be accessed through the owners app . Inspection forms can also be found in the itinerary of an approved booking .
Owners: to avoid $7,500 in liability on damages claims, complete the pre-/post-booking inspection form and take accompanying photos/videos. In the case of damages, please email the form and applicable photos/videos to .
Are Boats Expensive To Insure
Just like insuring a car, the cost of insuring a boat will vary depending on a number of factors including the type of boat, its age, where it is kept and how it is used. However, as boats are often more expensive than cars, insurance premiums can be higher.There are a few ways to help keep the cost of insuring your boat down. Firstly, consider the type of boat you need smaller boats are usually cheaper to insure than larger ones. Secondly, think about how you will use your boat if you only plan on using it for leisure then you may be able to get a cheaper policy that excludes cover for racing or commercial use. Finally, remember to shop around and compare quotes from different insurers to make sure you get the best deal possible.
Geico Frequently Asked Questions
Geico offers a variety of insurance products, including auto, home, life, and business insurance. The most common questions Geico customers have pertain to car insurance, specifically auto policy coverage.
Geico customers that don’t want to call the Geico phone number can use their mobile device to contact Geico customer support to check their bill, pay premiums, review valuable coverage information, learn about privacy practices, call roadside assistance, request ID Cards, or speak to helpful life insurance agents. Here are the most frequently asked questions about Geico.
Geico Marine No Longer Distributing Through Independent Agents And Brokers
As of May 24th, 2021, GEICO Marine no longer distributes its boat and yacht insurance products through independent agents and brokers. Beginning with policies expiring on September 21st, 2021, all policies will eventually receive notices of non-renewal. If you have a GEICO Marine policy, your current coverage is in place.
If you are our client, we will contact you at least 30 days before your policy expiration date to offer you a high-quality, highly rated marine insurance policy from one of our many marine insurance market options. All you need to do is review the comparable policy and pay your premium invoice by the due date. Its that easy! Clients are also encouraged to reach out to us with questions any time at or call 800-748-0224.
All boaters not already partnered with Global Marine can receive marine insurance guidance by filling out our online quote form. Note: only fields with a * are required, but the more information you can provide, the better we can help you. A marine insurance specialist will contact you with custom-tailored insurance solutions.
We serve boaters. Our purpose is to help you navigate ongoing marine insurance industry challenges so you may continually receive the best options available. We are pleased to advise you of the best coverage and price available and share news of industry changes. If you have questions, reach out we enjoy connecting with other boaters.
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Is Geico Insurance Good For Boats
Theres no definitive answer to whether GEICO insurance is good for boats, as it depends on a number of factors specific to your situation. However, GEICO is generally considered to be a reliable and affordable option for boat insurance.Some of the things youll want to consider when shopping for boat insurance are the type of boat you have, where you live, how often you use the boat, and what kind of coverage you need. GEICO offers a variety of coverage options that can be customized to fit your needs, so its definitely worth getting a quote from them to see if theyre a good fit for you.In general, GEICO is known for providing excellent customer service and competitive rates. So if youre looking for a reputable company with affordable rates, GEICO is definitely worth considering for your boat insurance needs.
Does Geico Offer More Savings On Its Website Or The 1 800 Geico Number
A recent study shows that GEICO offers more savings on its website than through the GEICO customer service phone number. The study, conducted by Consumer Reports, found that customers who called GEICO to get a quote for their auto insurance ended up paying an average of $50 more per year than those who got their quotes online.
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Geico Marine Insurance Good Faith Claims Servicebeing Fair And Balanced
We should strive to be honest in our views, give credit where it is due, and be fair and balanced when making observations. Two sides to a story occur frequently and an underlying silent story about why things go awry is usually lurking upon greater investigation. Unlike Lexington Insurance Company, which I called out a week ago in, Lexington Slow-Pays Claims and Ignores Policyholders, GEICO Marine Insurance gets applause for adjustment of a claim in a well-done manner when things could have gone terribly wrong.
Twelve years ago I wrote in, Fair And Balanced:
The above picture is Rick Wilson who is the Managing Director of Claims for GEICO Marine. He obviously is a dedicated leader based on his background. He holds certifications as a CPCU and AIC from The Institutes. This is what GEICO Marine has to say about him:
The silent underlying story about claims usually starts at the top. Leaders set the claims culture and training. They determine how claims adjusters are incentivized for their work. Claims leaders determine if the message and motivation is to reduce claims costs and reduce severity or fairly and promptly get claims paid so the customer is fully obtaining all the benefits available.
In contrast, I started receiving responses about Lexington and its parent company AIG as soon as I posted the blog about Lexington last week. One claims expert report provided in part:
Thought For The Day
Progressive Boat Insurance Discounts
- Multi-vehicle discount for insuring two or more watercraft.
- Multi-policy discount if you have a Progressive insurance for your home, condo, car or other property.
- Paid in full discount when you choose the one-pay bill plan.
- Homeowner discount for owning a house, condo, co-op or manufactured home.
- Original owner discount if you are the first title-holder to the watercraft.
- Idle assisted steering discount if your personal watercraft has this feature.
- Boating safety course discount if youve completed a safety course offered by approved organizations like the United States Power Squadron.
- Transfer discount if youve had previous watercraft insurance.
- Responsible driver discount for people who have not been charged for any accidents or violations on the policy.
- Claim-free renewal discount when youve had no at-fault claims the previous policy year.
- Prompt payment discount is applied to new policies and then renewals when youve had no late payments in the last year.
- Advance quote discount that varies based on how far ahead you got your quote before the policy effective date.
- Electronic funds transfer discount when you use the EFT payment bill plan.
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Progressive Boat Insurance Options
Wreckage removal is included when you buy physical damage coverage for your boat, or you can add it. If youre legally required to remove a wreck, this coverage will apply. Or youre not legally required to remove the wreck, this coverage can pay for removal under physical damage coverage.
Water Sports Coverage
This is included with Progressive boat liability insurance and covers injury and property damage caused by a person whos being towed behind your boat for a water sport such as water skiing, wakeboarding and tubing.
Total Loss Replacement Cost/Purchase Price
If your new boat is totaled, this pays to replace it, rather than paying only actual cash value. Owners of boats five years old and older can receive the original purchase price. This coverage includes a diminishing deductible.
Progressives roadside assistance coverage for boat owners will get your towing vehicle or trailer to the nearest qualified repair facility.
You can add Progressives fishing equipment coverage when you buy physical damage coverage for a boat.
Progressives boat insurance policies limit coverage to within 75 nautical miles of the U.S. and Canada and include all inland lakes and rivers. You can buy an add-on that extends your coverage to 125 miles.
Sign & Glide
This add-on to Progressive boat insurance provides water towing and emergency services if your boat becomes disabled on the water.
Enroll In Online Access
To register an online account with GEICO Marine Insurance, click the New Account Registration link on the account login page link on the main boat insurance page. Follow the steps below.
Step 1 Click the New Account Registration link . You will be transferred to the registration form.
Step 2 Enter all of the required details into the appropriate input fields. Register any applicable policies to your account. Click the Return to Login Page button to log in using your new account information.
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What Does Geico Boat Insurance Cover
Although your state, marina or lender may have some requirements, you can typically build your boat insurance policy to fit your needs and budget. A typical marine policy includes some combination of liability insurance, property coverage and medical payments insurance. Geico also offers optional coverages and add-ons to fill out your policy.