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If you’re looking for Geico boat insurance, you can find marine coverage from this company through the Boat Owners Association of the United States (BoatUS) — the country’s foremost boating organization. We at the Home Media reviews team wanted to see how this partnership stacks up to the best boat insurance providers in the country.

Our team took an in-depth look at what Geico’s watercraft insurance does and doesn’t cover, what discounts the company offers and how customers regard the provider. Here’s what we learned.

Geico earned a 9.0 out of 10.0 in our 2022 boat insurance study, which is the second-highest score of all providers we ranked. The company scored especially high in the coverage category due to its specialized options that many providers don’t offer.

There are a few things our review team especially likes about Geico’s boat insurance:

Founded: 1939 Headquarters: Chevy Chase, Md. AM Best Rating: A++ Better Business Bureau (BBB) Rating: A+

Geico started out as an insurance agency for employees of the federal government and their families. These days, Geico is open to everyone and has become the country’s second-largest insurance company. It claimed 6.47% of the total U.S. insurance market and wrote $51.6 billion in premiums in 2021, according to data from the National Association of Insurance Commissioners (NAIC).

In January 2017, Geico’s parent company, Berkshire Hathaway, transferred ownership of BoatUS to Geico. This led to the Geico Marine Insurance Company selling boat coverage through BoatUS.

According to Geico’s website, the company covers the following types of boats:

Geico covers many types of boats but not all of them. In the FAQ section of its website, the company mentions several exclusions:

Geico doesn’t make any direct mention of how much its watercraft insurance costs on its website, but the provider is typically among the most affordable when it comes to car insurance. While the average cost of boat insurance is between $200 to $500 per year, marine coverage premiums are highly variable. It’s entirely possible that your insurance costs fall outside of that range.

There are several factors that go into the cost of your boat insurance. Not all providers use the same criteria, and each provider may weigh factors differently.

In the event of a total loss, agreed value policies pay out at a rate you set with your insurer at the beginning of your policy. For example, if you and your insurer agree that your boat is worth $28,000 when you sign your policy, that’s what you’ll receive — minus your deductible — following a total loss, regardless of depreciation.

An actual cash value policy, on the other hand, pays out based on the current value of your vessel at the time of an accident. This includes depreciation and market factors that may have changed since you started your policy. 

Agreed value policies tend to cost more, as you might expect.

Boats in poor condition are more likely to suffer further damage. That’s why some insurers require an inspection before writing a policy, and charge higher rates for boats in rough shape than they would for new boats.

Speed is one of the most significant risk factors for boating accidents. As a result, insurance companies tend to charge more to cover speedboats and other vessels with high-horsepower engines.

Many insurers adjust your rates depending on where you plan to navigate your boat. This is commonly referred to as your cruising area. If you get into an accident outside of this zone, your insurer is unlikely to cover the damage.

Generally, the wider your cruising area the more you’ll pay for coverage. Your rates may also go up if your intended travel area is considered high-risk.

In most cases, you can choose the amount you have to pay out of pocket for repairs or replacements, known as your deductible. This amount could range from nothing at all to thousands of dollars. For the most part, the higher you set your deductible, the lower your monthly cost, or premium.

Many insurance companies reward you with discounts for making your boat safer. For example, installing an onboard fire suppression system could save you money with some providers.

Unless coverage is mandated by your lender or where you store your boat, you can typically get as much or as little insurance as you want. The most affordable plans are those that only include liability insurance, just like liability vs. full coverage insurance for cars. But, you can opt for full coverage with a bundle of add-ons if you’re willing to pay more. 

You’ll also get to set your coverage limits in most cases. Whether it’s in the type of coverage you have or the amount, the more insurance you have, the higher your premium is likely to be.

The company only mentions two discounts on Geico.com. These are:

Given that Geico offers plenty of discounts on other insurance products, it’s possible that you’ll find more saving opportunities than the two listed here. Be sure to ask a Geico agent about any possible discounts when you request a quote.

Although your state, marina or lender may have some requirements, you can typically build your boat insurance policy to fit your needs and budget. A typical marine policy includes some combination of liability insurance, property coverage and medical payments insurance. Geico also offers optional coverages and add-ons to fill out your policy.

Standard boat coverage options are similar to those for auto insurance. Below we’ve listed some typical choices, and what they cover.

Now that Geico has partnered with BoatUS, the partnership offers more specialty coverage options designed for boaters, including:

For the most part, having a marine insurance policy is optional. However, there are a few situations in which you do need boat insurance:

Unless one of the above scenarios applies to you, you’re not required to have boat insurance. However, given the risks and expense of owning a boat, you probably want it. Here are some of the most common ways your boat is at risk of being damaged:

Accidents on the water are always a possibility, even for experienced boaters. According to data from the U.S. Coast Guard (USCG) , in 2020 there were 5,265 reported boating accidents, resulting in 3,191 injuries and 767 deaths. Historical data from the USCG shows that boating accidents and the resulting injuries and deaths are on the rise.

The number of boating accidents increased by 26.3% from 2019 to 2020. In addition, injuries resulting from boat accidents rose by 24.7% and the number of deaths from those accidents increased by 25.1% over the same time period.

USCG data also shows that the cost of property damage from boat accidents is increasing. In 2020 alone, boating accidents accounted for $62.5 million in property damage. This is a nearly 36% increase since 2017.

There are not enough customer reviews specific to Geico boat insurance to form a valid sample size. However, how a company handles insurance claims and deals with customer complaints in general is a reasonable indication of how it may handle those issues when it comes to marine insurance.

On the BBB website, Geico has an average review score of nearly 1.2 out of 5.0 stars. While this score is low, it’s relatively average for a major insurance provider. People generally come to the BBB to make complaints, so reviews tend to skew toward customers who have had a negative experience with the company.

Policyholders who report a positive experience with Geico tend to mention helpful, and in some cases exceptional, customer service from agents. Negative reviews typically center around communication issues during the claims process.

Our team reached out to Geico for comment on its negative reviews but did not receive a response.

In partnering with BoatUS, Geico offers specialized coverage with a full range of options designed for many kinds of boaters. Policies that lower deductibles for supplemental equipment and a mechanical breakdown plan are just a few of the options that can make boating a much more worry-free experience.

Even if Geico seems like the right choice for you and your boat, it’s best to get insurance quotes from multiple providers — just like you would when shopping for auto insurance . It’s usually quick, free and easy. You can get quotes online from most major providers, but you can also get them over the phone. Our team recommends starting your search with the following providers:

In our 2022 boat insurance study, Progressive received our Editor’s Choice award. While the provider scored highly in every category, it excels when it comes to coverage options — it has more than most insurers in our study. Progressive also offers a wide range of discounts to make your coverage more affordable.

Keep reading: Progressive insurance review

Markel is another boat insurance company that seems to truly understand what both recreational and serious boaters want in a provider. The company may be especially attractive to fishers, with optional coverages like fishing equipment insurance and tournament fee reimbursement. People who use their boats for business can also find several commercial insurance options.

Geico is not dropping boat insurance, but how it administers its boat insurance has changed. The company no longer administers Geico Marine Insurance through independent brokers. Instead, the company has partnered with BoatUS, the country’s foremost boating organization, to offer insurance for boaters.

Yes, Geico owns BoatUS. Geico’s parent company, Berkshire Hathaway, bought BoatUS in 2007 and transferred ownership to Geico in 2017.

Marine insurance typically costs between $200 and $500 per year. However, there are many variables that go into boat insurance premiums. Depending on your vessel and your driving history, your rates could easily fall outside of this range.

You can choose to pay for boat insurance on a monthly or yearly basis. Many insurers, however, offer a discount for paying for your policy in full up front.

Our team rated Progressive the highest of all providers in our boat insurance review and gave it our Editor’s Choice award. Geico (via BoatUS) and Markel also scored high in our study and finished just behind Progressive.

Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best boat insurance companies. We collected data on dozens of marine insurance providers to grade the companies on a wide range of ranking factors. The end result was an overall rating for each provider, with the insurers that scored the most points topping the list.

Here are the factors our ratings take into account:

*Data accurate at time of publication

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