Catalina 350 International Association

Hello All. I just discovered a dirty little trick that GEICO plays on it's boating customers. I started my policy with them back in 2017 with a 1% deductible of $1,300 and a premium of $893 per year (West Coast). GEICO has a "diminishing deductible" feature (which I never asked for) where they reduce your deductible by 25% per year. This is how it played out for me over the last 4 years:
Year / Deduct / Ded.Chg / Prem / Prem.Change
2017 / $1,300 / $0 / $893 / $0
2018 / $975 / -$325 / $1,163 /+$270
2019 / $650 / -$325 / $1,381 /+218
2020 / $325 / -$325 / $1,403 /+22
(Sorry, that formatting didn't work they way I intended)
As you can see, they lowered my deductible by $975, but increased my premiums by $510. You might think, well, the cost of insurance just went up, like it always does. But I asked them to quote my insurance if I moved the deductible BACK to the $1,300 I originally asked for in 2017. The premium is $1,107, or $296 LESS then the $1,403 I'm currently paying. So the cost of insurance (deductibles being equal) has only gone up $214 since 2017, not $510. The $296 difference is what they CHARGE you for the special favor of lowering your deductible, which I never asked for! I then told them I wanted my deductible raised back to the $1,300 that I asked for and to refund the $296 extra premium I paid, retroactive to my June 2020 renewal date. They not only won't refund the $296, but they also won't allow me to change my deductible until my NEXT renewal date. So, apparently, the "diminishing deductible" from GEICO is the gift that you're not allowed to give back. Now I'm worried about what kind of games they might play if I ever had a claim...

I'm on the west coast and use Markel, like all specialist marine insurers It works out less than the generalists, off the top of my head I think with a couple of thousand deductible and approx 100k valuation I pay maybe $600-700.
I get quotes every year on everything I own and Geico always seem higher priced, but as with any insurance you never know what you have until you need them to stand good.

Just to provide another data point:

2005 Hull

$100,000 hull value
$1,000 deductible
BODILY INJURY AND PROPERTY DAMAGE $500,000
INCL FUEL SPILL AND WRECKAGE REMOVAL
Medical $5,000
UNINSURED/UNDERINSURED WATERCRAFT $500,000

Total annual premium = $688
Insurer - Safeco.

Suspect insurance rates will vary quite a bit by location/state.

A lake in northern Georgia is a lot less prone to hurricane damage than the Gulf or east coast. Insurance rates should be less than one should expect in areas more susceptible to storm damage.

For reference from a hurricane possible area. We're in Narragansett Bay, Rhode Island.

2004 hull

$108,000 hull value
$1,080 deductible
Injury & property damage $500,000
Fuel spill $997,100
Medical $10,000
Uninsured boater $500,000
Personal effects $5,000 ($250 deductible)

Total annual premium = $813
Insurer - New Hampshire Insurance Co

We are limited to cruising between Eastport, ME and Morehead City, NC with this policy.
Also, on the hard from Nov 1st until April 1st.

Bob