[C320-list] GEICO

[pat reynolds]

 After paying about $500 for the previous years premium I received a bill for $1200 for the following year for $54000 coverage.  I spoke to someone in India who had no idea why.  Since I didn't feel the boat was actually worth that much I suggested dropping the coverage to $45000 and voila my premium went back down to $500.  Two years later I received notice that my coverage was now $38000 with an increase in premium.  As of today I am still seeing boats my age listing in the upper 40,000 dollar range.   I think that little gecko has a devious mind, maybe an offspring of Chuckie
    On Wednesday, August 17, 2022 at 05:01:22 PM CDT, Allan Field <allanfield47 at gmail.com> wrote:  
 
 I have been with Boat/US insurance, now managed by the stars at GEICO,
since 1988 with never a claim.  My policy just came up for renewal with the
Agreed Value dropping by 10% from $125,000, as agreed to when this policy
was taken out in 2016, to $112,500 . My understanding of Agreed Value is
that this is an amount agreed upon between the insurer and the insured with
depreciation not taken into consideration. I called GEICO and was told that
underwriting was basing the new Agreed Value on what the boat would sell
for now. I asked to talk with underwriting but was denied. I then brought
up the fact that this change did not align with my understanding of the
definition of Agreed Value. I told the agent that I could not buy this boat
again for $112,500. So the agent went to her sources but could not find
anything in her books for a 2006 Catalina 387!!! But underwriting could???
The agent and I both went on-line and searched C387's for sale, found about
5 or 6, and all listed in excess of $135,000 with one close to $150,000. We
then "agreed" that the Agreed Value of my renewal policy would be $135,000,
the premium increase was about $67, and she sent me a revised Declaration
Page.

On a side note, I don't get GEICO's best premium rates because I pay cash
for my cars, I don't have any other insurance with them, and I don't have
any debt including revolving credit debt!!!

The take home message is that if you are with GEICO, read the policy
renewal declarations very carefully! I only focused on the math due to the
adverse notice regarding not getting their best rates, something I had
never noticed before.

Allan S. Field
Sea Shadow - C387, #103 (formerly C320, #808)
Columbia, MD