Comodave
Moderator Emeritus
- Joined
- Jul 2, 2015
- Messages
- 22,315
- Location
- Au Gres, MI
- Vessel Name
- Black Dog
- Vessel Make
- Formula 41PC
Ok, I have been insured with Boat/US (Geico) for well over 40 years. We bought our Formula 41PC last summer. The survey listed the value of the boat as $120,000. I spent over $60,000 this last winter upgrading the boat, new canvas and upholstery, bow and stern thrusters, swim platform extension, SeaDek all over, all new electronics, new carpeting inside, and a host of minor things. So I sent Geico the receipts for major work and asked them to raise the value from $120,000 to reflect the increased value of the boat.
I got an email today saying that due to the dates of the receipts and the “current fair market value” they wouldn’t raise the insured value. Not sure what the receipt dates means since they all were after I bought this boat. But they say the current fair market value is $77,000. So I call them and ask how they determine the “current fair market value”. They said they use BUC and NADA. I ask why they don’t use soldboats.com since it is current. They said they only use soldboats when a boat isn’t in the blue books. I speak to multiple people including supervisors and get nowhere. I tell them to look at Yachtworld.com and see what 41PCs are being listed at, nope. They tell me soldboats.com isn’t reliable data since it takes in account inflation and current prices??? I ask isn’t that the definition of “current fair market value “. More talking points that make no sense. They say they know people are paying more for boats than they are worth…. Duh, if that is the going price then why isn’t that the “current fair market value “. More nonsense talking points.
Now the good news!
I was paying about $1250 per year for $120,000 at Geico Marine with a 2% deductible. I called Peter at Novamar Insurance. What a wonderful breath of fresh air compared to Geico! We talked about my situation and he came up with a couple of choices for me. Chubb and Markel. I went with Markel. Peter got me coverage for $190,000 and 1% deductible for $1,550. Also the medical and personal property coverage is way better. He got it done quickly and very efficiently. I have my new coverage and have canceled the Geico insurance.
So if anyone out there needs insurance, give Peter a call. I thought I would stay with Boat/US Geico for ever but Peter beat them badly. No affiliation other than a very satisfied customer.
I got an email today saying that due to the dates of the receipts and the “current fair market value” they wouldn’t raise the insured value. Not sure what the receipt dates means since they all were after I bought this boat. But they say the current fair market value is $77,000. So I call them and ask how they determine the “current fair market value”. They said they use BUC and NADA. I ask why they don’t use soldboats.com since it is current. They said they only use soldboats when a boat isn’t in the blue books. I speak to multiple people including supervisors and get nowhere. I tell them to look at Yachtworld.com and see what 41PCs are being listed at, nope. They tell me soldboats.com isn’t reliable data since it takes in account inflation and current prices??? I ask isn’t that the definition of “current fair market value “. More talking points that make no sense. They say they know people are paying more for boats than they are worth…. Duh, if that is the going price then why isn’t that the “current fair market value “. More nonsense talking points.
Now the good news!
I was paying about $1250 per year for $120,000 at Geico Marine with a 2% deductible. I called Peter at Novamar Insurance. What a wonderful breath of fresh air compared to Geico! We talked about my situation and he came up with a couple of choices for me. Chubb and Markel. I went with Markel. Peter got me coverage for $190,000 and 1% deductible for $1,550. Also the medical and personal property coverage is way better. He got it done quickly and very efficiently. I have my new coverage and have canceled the Geico insurance.
So if anyone out there needs insurance, give Peter a call. I thought I would stay with Boat/US Geico for ever but Peter beat them badly. No affiliation other than a very satisfied customer.