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CruizinLG

Boat US / Geico Insurance Rates

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When Boat US switched to Geico as their underwriter a few years ago, I was hoping it would be a good thing.   But just in the last 2 years, the rates have increased (for me) by 33%!   Same coverage, no claims - ever.   I've been with Boat US for at least 10 years, maybe even 15 or 20, but I couldn't justify the rate increase and went to NBOA and purchased nearly the identical coverage for the same price I was paying, prior to the Geico change.

I don't have any other experience with Geico, but now I'm wondering if this is typical for them....acquire new customers with similar / maybe even lower rates, and then jack-up the price once they are on-board, and hope they don't notice, or complain...?

Have others with Boat US / Geico noticed a significant increase this year and last?

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15 minutes ago, CruizinLG said:

I don't have any other experience with Geico, but now I'm wondering if this is typical for them....acquire new customers with similar / maybe even lower rates, and then jack-up the price once they are on-board, and hope they don't notice, or complain...?

 

I am seeing the same Geico behavior with the insurance for my new truck. The sign-up rates were great first year. The rates were going up 5% every six months in the second year, and nearly 10% in first part of the third year. The truck is no longer new, depreciated something like 25%, no accidents nor any claims ... WTF? I am going to have a conversation with them before I pay any increase again if I pay at all ... we'll see.

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I always get confused by who is actually insuring stuff since it seems while, in this case, Geico owns BoatUS there is also Geico Marine Insurance.

I went through Geico years ago, but it really was Ski Safe.  Stayed with them until this year.  Premiums were fine and went down a bit every year.

This year, I decided to get a quote from Geico Marine Insurance and it was about 30% cheaper than Ski Safe for the same coverage.  So I switched.  I have all of my cars through Geico, as well as my home owner's insurance.  It is nice, because now I can see all my policies on one page and manage them.  And I have always been happy with their service.  I do shop my car insurance every couple of years, but so far Geico has always come out the cheapest.

But, I could not tell you if I am in fact using BoatUS or if Geico Marine Insurance is still a different company or policy holder.  Either way, I am glad I switched.

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11 minutes ago, Richard W said:

I am seeing the same Geico behavior with the insurance for my new truck. The sign-up rates were great first year. The rates were going up 5% every six months in the second year, and nearly 10% in first part of the third year. The truck is no longer new, depreciated something like 25%, no accidents nor any claims ... WTF? I am going to have a conversation with them before I pay any increase again if I pay at all ... we'll see.

I called them yesterday as a courtesy to explain why I was planning to switch, and all the rep could offer was; lower coverage & higher deductibles to try to get the premium down, but even after making changes, the cost was only half-way to what I ended up paying through NBOA.   I might find the same thing happens with them when I go to renew next year, but if that happens, I'll just go shopping again.   

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