Geico Boat Insurance: Is It Worth The Hype?

Boat insurance is essential for protecting your investment, and GEICO offers a range of coverage options for boat owners. GEICO's boat insurance provides protection for damage to your boat, fuel spill liability, liability for accidents, and medical coverage for you and your passengers. They also offer specialised coverage for different types of boats, including powerboats, personal watercraft, and fishing boats. With GEICO's experience and BoatUS's expertise, you can enjoy peace of mind on the water.

GEICO's partnership with BoatUS

GEICO has partnered with BoatUS, the nation's largest group of recreational boat owners, to bring boaters a policy developed by specialists, with the great service you expect from GEICO. BoatUS is the nation's largest association for recreational boaters, providing service, savings, and representation for over 50 years.

Boat insurance policies, including coverage for TowBoatUS towing claims, are underwritten by GEICO. BoatUS staff handles sales, service, claims, and towing dispatch for GEICO boat insurance customers. In addition to towing and insurance services, BoatUS also encourages joining its Association, which provides 25 boating benefits and services to its dues-paying Members.

GEICO Marine Insurance underwrites policies for GEICO and BoatUS insurance customers. GEICO Marine Insurance is the choice when it comes to superior coverage for insuring pleasure boats. Their underwriting experts have developed policies with essential coverages for every boater. Agreed-upon value coverage, diminishing deductibles, choice of medical and liability limits, 24-hour assistance, and claims service provided by boating experts make GEICO Marine the right choice when it comes to protecting your investment and making the most of your time on the water.

BoatUS and GEICO have teamed up to bring boaters a great boat insurance policy at a great price. Serviced by boating experts, their coverage options for boaters of all kinds can’t be beaten. Their policies and add-on coverage options offer a custom policy that you can only find with them.

Pros and cons of GEICO boat insurance

Pros of GEICO Boat Insurance:

• GEICO offers a wide range of coverage options, including liability insurance, hull and equipment coverage, and boat towing coverage. This allows customers to customize their policy according to their specific needs.
• The company has a partnership with BoatUS, the nation's largest group of recreational boat owners, which provides expertise and a community for its members.
• GEICO offers an unlimited towing option through TowBoatUS, which can be useful in case of emergencies.
• They provide specialized coverages for specific items, such as coverage for dinghies and lower electronics.
• GEICO has a good reputation and is the second-largest insurance company in the country.
• They offer mechanical breakdown coverage, which is not commonly offered by other providers.
• The company provides discounts for multi-policy holders and for those who have completed a boat safety course.
• GEICO offers free quotes and has a team of licensed agents who are passionate about boating and can provide guidance.
• They provide 24/7 claims handling and towing services.
• GEICO covers a variety of boat types, including powerboats, personal watercraft, fishing boats, and sailboats.

Cons of GEICO Boat Insurance:

• There are limited discounts available on the GEICO website, which may impact the overall affordability of the insurance.
• GEICO has restrictions on the types of boats they cover, including boats over a certain length, age, or value.
• The company does not administer GEICO Marine Insurance through independent brokers, which may be a disadvantage for some customers.
• GEICO has received mixed reviews on the Better Business Bureau (BBB) website, with an average score of 1.2 out of 5 stars.

Types of boats covered by GEICO

GEICO offers insurance for a wide range of boats and personal watercraft (PWC). The most common types of watercraft insured by GEICO are:

• Pontoon boats: These are popular inland water boats that are flat and rely on floats to stay buoyant. They are spacious and can accommodate many passengers.
• Personal watercraft (PWC): These include WaveRunners and Sea-Doos, which are powered by a water jet pump. The rider can sit, stand, or kneel on the PWC.
• Fishing and bass boats: These boats are designed for fishing and are usually powered by an outboard motor. They are equipped with features like power poles and trolling motors.
• Powerboats: The most common type of boat used for cruising, watersports, and other activities.
• Sailboats: These boats are propelled either partially or entirely by sails.

GEICO Marine Insurance also provides coverage for yachts and pleasure boats.

It is important to note that GEICO does not insure all types of watercraft. Some boats that are not eligible for a GEICO boat policy include airboats, amphibious land boats, hovercraft, boats with more than four owners, boats over 50 feet in length, boats over 40 years old, boats valued over $2,500,000, and houseboats without motors.

Optional GEICO boat insurance coverages

GEICO offers a variety of optional boat insurance coverages to meet the diverse needs of boat owners. Here are some of the optional coverages available:

• Multiple Towing Options: GEICO provides multiple towing options, both on and off the water. This coverage assists with towing costs and provides emergency services if your boat breaks down or you find yourself stranded.
• Disappearing Deductibles: GEICO offers diminishing deductibles, which means that your deductible amount may decrease over time as you maintain a good driving record or renew your policy.
• Personal Property Coverage: This optional coverage protects your personal belongings kept on the boat. It provides peace of mind in case your personal items are lost, stolen, or damaged while on your boat.
• Fishing Equipment Coverage: GEICO offers specific coverage for fishing equipment, ensuring that your fishing gear and accessories are protected in case of loss, theft, or damage.
• New Boat Replacement: If you have a new boat, GEICO offers the option to include replacement coverage in your policy. This ensures that you can get a new boat of the same or similar make and model if yours is damaged beyond repair.
• Salvage Coverage and Wreck Removal: This optional coverage assists with the costs associated with salvaging or removing a wrecked or damaged boat. It covers the expenses of recovering and disposing of the boat, ensuring that you don't have to bear the financial burden of these unexpected events.

These optional coverages allow boat owners to customize their GEICO boat insurance policies according to their specific needs and boating lifestyles. By choosing the right combination of coverages, GEICO customers can enjoy their time on the water with enhanced peace of mind and financial protection.

How much does GEICO boat insurance cost?

The cost of boat insurance depends on a variety of factors, including the type of boat, its length, the number of engines and horsepower, how it will be used and stored, and the experience and claims record of the owner/primary operator.

GEICO offers insurance for most types of boats and personal watercraft, including:

• Bow Rider
• Center Consoles
• Cuddy Cabin
• Walk Around
• Ski Boats
• Pontoon
• Jet Boats
• Personal Watercraft
• Sailboats
• Bass Boats
• Cruisers

The size of the boat or personal watercraft is a key factor in determining the cost of insurance. For example, Pontoon boats can range from 16 to 30 feet in length, while Center Consoles are typically between 18 and 28 feet long. The type of boat or watercraft model also influences the cost of insurance. For instance, Ski Boats are high-horsepower vessels, which likely require a different level of insurance coverage compared to a smaller, lower-horsepower boat like a Bass Boat.

The amount and type of coverage chosen for a boat insurance policy will also impact the overall cost. GEICO offers a range of coverage options, including liability insurance, hull and equipment coverage, and boat towing coverage. Additionally, factors such as how often the boat is used and whether it is used for recreation, charter, or racing will influence the cost of insurance.

To get a more accurate estimate of the cost of boat insurance, boat owners can get a free, customized quote from GEICO. This quote will take into account the specific details of the boat and the desired coverage options. GEICO also offers several boat insurance discounts to help make coverage more affordable, such as multi-policy discounts and discounts for completing an approved boating safety course.

Frequently asked questions