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'04 Mitzi 17’ & '06 East Cape Gladesmen (sold)
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Discussion Starter · #1 ·
Has anyone else had any issues getting a fair insurance policy for their skiff these days? I understand all insurance costs are rising but it also seems their appraisals are diminishing...

I currently have a policy through progressive that has gone up from last year so inquired with Geico and their rates are enormous, like 3 times more than progressive. But the thing that irks me even more is their "agreed value" coverage will only cover $6500 bucks... Now I know I have an older skiff, a 2004 Mitzi 17' with an original two stoke Yamaha 70, but $6500 feels like a slap in the face especially for the absurd amount of money they are asking for a policy. Plus, in todays market $6500 might get you a decent gheenoe, not a 17' center console. The boat is in solid shape, has some extras, and runs like a champ, I know its worth a good bit more...

Are the insurance companies out of touch with the market? Do they just not care? Who do you have insurance with?

At any rate, I'm keeping my policy with progressive because i secured a decent agreed value a few years back. I'll just swallow the added cost for this year.
 

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I'm sure it being an older boat has some impact.

Here are the two variable I found to have the most impact on premium cost:

1. Saltwater vs. Freshwater this distinction alone doubled the premium cost--insuring a saltwater boat is more expensive
2. What zip code you store the boat in.

I had no issue buying a policy from Geico/boatus with an aggreged value of 70k on my boat. It was all done online and very easy. I fully expect my rates to increase at some point, but right now I'm content.
 

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I have my skiff insured with the same company that covers our 3 Jeeps, a truck and house. We've had the same Allstate agent for over 20 years. I forget what I'm paying but we get multi-policy discounts and the rate seemed like a fair cost for the coverage.
 

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I have my skiff insured with the same company that covers our 3 Jeeps, a truck and house. We've had the same Allstate agent for over 20 years. I forget what I'm paying but we get multi-policy discounts and the rate seemed like a fair cost for the coverage.
I tried that with State Farm, and they were 2x what Geico quoted. They also said I had already hit the max multi line discount, so opening another policy with them wouldn't help me out.
 

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'04 Mitzi 17’ & '06 East Cape Gladesmen (sold)
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Discussion Starter · #5 ·
I have my skiff insured with the same company that covers our 3 Jeeps, a truck and house. We've had the same Allstate agent for over 20 years. I forget what I'm paying but we get multi-policy discounts and the rate seemed like a fair cost for the coverage.
I'm getting the multipolicy discount right now through progressive as I have my car with them also. I will be keeping the current policy but getting a new one sounds like a night mare right now!
 

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'04 Mitzi 17’ & '06 East Cape Gladesmen (sold)
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Discussion Starter · #9 ·
Must be something with your situation. Geico is covering my homebuilt skiff with 14k of agreed coverage for $35/month.
Good to know... That's very close to what I'm getting from Progressive if I just renew my policy.

I cant figure out why Geico is way out in left field. I haven't had a single insurance claim (car, home, or boat) and I've got great car insurance. Its not a credit issue either, recently bought a house and have a good insurance rate on it also.

The skiff was paid for in cash and I've been a boat owner for over 6 years. Yet Geico wants close to 80 bucks a month for $6500 bucks of insurance (all they will allow), $1000 of equipment, and the tow boats endorsement.

Maybe I will give them a call...
 

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I’ve rebelled some on this topic. No skiff right now, got rid of 2 in the last 18 months. But home owners is nuts. Experienced increases from 3700 to 7500 on my last house. I own a couple other properties outrite, I cancelled all of them. Lots of reasons, dogs, horses, tractors, quads, boats, shingles, seems like they dislike everything I own. So I stopped paying them. Family members living in them.
 

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I’ve used both Geico and Progressive (currently) and both seem to offer better coverage amounts on older boats. Ymmv depending on where you live. I tried to argue with another insurance company a few years ago over value but I was just wasting my breath. Call your current homeowners policy and see if they would add it. Good luck!
 

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2007 Gordon Waterman , plus beat up J16 and unfinished Gheenoe project sitting in the "boneyard"
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I'm using Progressive, an agreed upon value policy, did it on line, entered the amount I wanted it insured for, and didn't have to get a survey. I've had a couple of claims with the (freaking hurricanes have let objects all over the marsh and I've found a couple of them the hard way) and they have been good about them. For $30k agreed upon my rate is about $55 a month, I now have my auto insurance for 2 vehicles with them as well.
 
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'04 Mitzi 17’ & '06 East Cape Gladesmen (sold)
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Discussion Starter · #17 ·
Thanks for the replies everybody! Sounds like the quote I have with Progressive is reasonable and I'll keep it. Geico can go kick rocks.
 
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