Our team would be happy to review any possible updates to application information or any changes to coverages that could result in a lower premium with *** ********.

This year new rates took effect and *** ********’ renewal premium was calculated based on our most recent rate revisions filed with and approved by the Tennessee Department of Commerce and Insurance (**************) for vessels in Tennessee. Like all insurance, our premiums are reviewed on a regular basis and will see fluctuations, both up and down, based on the trends in losses and the variables that are specific to the boat owner (age, experience, claims history, etc.) and boat characteristics (hull type, power type, age, storage type, location, etc.). We appreciate the feedback on our rates and know it is in our best interest to remain competitive in an industry filled with so many insurers, with so many different options when it comes to boat insurance. I suspect the reason is that there can be no sensible explanation. I have emailed the customer service departments of Geico and ****** regarding this premium increase and received no response. That 'explanation' could be used by any business attempting to justify such a huge increase. GEICO was kind enough to attach a letter to my policy briefly explaining that the increase in my premium was… 'to cover the rising costs of providing insurance protection for your investment'. The only change in these policies has been a DECREASE in 'agreed value' of the vessel from 68,000 in 2018 to 57,800 in 2021. Premiums to ****** members have risen annually under their stewardship. My trust and confidence have been significantly eroded since ****** turned to GEICO to administer their marine insurance program. I have always considered ***** to be a reputable company and an advocate for consumer rights.

I have used ****** insurance for over 20 years.

Geico insurance binder