Insurance

[Richard19068]

After being with them for 22 years Geico/BoatUS is asking for a survey on my now 40 year old boat.

I looked around and found Progressive Insurance doesn't require surveys and their rates are similar or less than Geico (even adjusting for the fact that I have no deductible with Geico because of a history of no claims).

Because I think there is a benefit to having a stable track record I don't like to change insurance companies. But I don't really want to pay for a survey.

Forgive me if this has been asked before but does anybody have experience with Progressive vs Geico?

Thanks

 

[Rich Stidger]

I have never used GEICO, but I have used Progressive in the past. I now use a different company with better rates.

In my experience of almost 40 years with larger sailboats, I have found that every insurance company I have used has asked for a C&V survey every 10 years. A C&V survey evaluates "Condition & Value". It reassures the insurance company that the vessel is actually worth the amount of the insurance purchased.
I'm told that it is not the same as a survey performed for purchase, but I can't quote the differences.
If you have not had a survey performed in many years, you might be advised to have one. A good survey will identify any shortcomings of which you may not be aware. Of course, any findings will be reported to both you and the insurance company, and they will want the findings resolved.

 

[BigEasy]

Had that occur a few years ago with my insurer. Boat was 15 years old & had been insured with them for 10 years with no claims. Really aggravated me because surveyor reduced value of boat compared to what I had originally valued the boat when I purchased it. The insurance co would only insure for surveyors valuation; of course, they didn’t reduce my rate.

 

[dlochner]

GEICO required a C&V survey for 32 year old boat this year. It was done in the water and I had my choice of surveyors. Yes, it is a PITA and an expense but it wasn't onerous. The insurance company is protecting their interests and reducing their costs by this requirement. Old poorly maintained boats are a real problem, by requiring a survey the company hopes to reduce their risk and and expense which a good company will pass along the savings to its customers and stockholders.

The survey I had done valued my boat much higher than it is currently insured for. I haven't started arguing with them about their valuation, there were other issues to argue about. We will take up the valuation issue at renewal time.

 

[Foswick]

I was with Geico for forever, most recently, with a 1972 boat. No problems. I did a survey when I bought the boat. I don't recall if they required it or not - probably.

I actually JUST cancelled that policy (a few days ago) after something like 20 years, because we sold that boat.

When we bought our current boat a year ago (a 1975), Geico said they would not insure a boat that old, at all ... despite already holding a current policy for my 1972. I talked to a couple of other companies that said they'd insure, but at about 5-10 times what I would expect to pay, and with all sorts of insane requirements (despite decades of experience with no claims, ever).

Finally, I tried Progressive. Went on their website and had a really good policy at a reasonable rate in about 15 minutes - no questions asked. I think I probably provided a survey, but I frankly don't recall it being required. (Not sure.)

I have never had a claim (with either company), but I have nothing but good things to say about my experience, so far, with Progressive.

 

[twodzusfittings]

I also have received the notification for a Condition and Value documentation at or before my 2026 renewal. What I do not understand is why so soon after my Full Survey, followed by all the repairs required along with new sails, new rigging and a plethora of upgrades. It's only been five years, six by the time my renewal is up. My perception is that this a cross the board requirement, not individualized. So I filled out a Progressive quote request. $27 more annually, but it doesn't show the environmental coverage, such as oil or fuel spills? Maybe its worth a conversation with a rep as the quote was done electronically.

 

[duality]

markel required a rigging survey this year, and a self survey with pictures. boats a 2001 and have been with them more than 10 years and this the second rigging survey i had to do. odd being fresh water. i did lower my agreed value alittle and the premium came in about the same as last year. i was expecting an increase as all of my other insurances have gone up this year; business, auto, home, etc.

 

[dlochner]

I also have received the notification for a Condition and Value documentation at or before my 2026 renewal. What I do not understand is why so soon after my Full Survey, followed by all the repairs required along with new sails, new rigging and a plethora of upgrades. It's only been five years, six by the time my renewal is up. My perception is that this a cross the board requirement, not individualized. So I filled out a Progressive quote request. $27 more annually, but it doesn't show the environmental coverage, such as oil or fuel spills? Maybe its worth a conversation with a rep as the quote was done electronically.

The oil spill coverage is important and shouldn't be all that expensive. I hope never to use it.

Have you talked BoatUS/Geico? They do have definite requirements for surveys based on the boat's age. A conversation with them might yield some latitude. Be certain to record the date and time you talked to them. They record all the calls and if there is a problem later they will ask for the date and time. Also emphasize your good record and how long you have been a customer. I had a problem with coverage and requirements earlier this year having the phone call info and good history helped them see the issue my way.

 

[Richard19068]

Thanks all for taking the time to respond. Good comments.

@twodzusfittings The online quote I got from Progressive does include fuel and oil spill coverage of $1,076,000. The same value as the BoatUS policy. It was automatically included without a choice as I recall.

@dlochner I sent an email to Geico telling them Progressive would insure me for the same or less money without a survey and asked if they could waive the requirement in light of 22 years of coverage with no claims. We'll see how they respond.

 

[dlochner]

@dlochner I sent an email to Geico telling them Progressive would insure me for the same or less money without a survey and asked if they could waive the requirement in light of 22 years of coverage with no claims. We'll see how they respond.

A phone call may be more effective. Easy to say no in an email, harder in person.