Geico Boat Insurance – How Much Does Geico Boat Insurance Cost?

If you’re a boat owner searching for insurance, you may be wondering if Geico boat insurance is right for you. While Geico is best known for auto coverage, they provide specialized boat insurance through a partnership with the Boat Owners Association of the United States (BoatUS).

In this article, we’ll explain everything you need to know about Geico boat insurance, including what it covers, how much it costs, available discounts, and whether it’s ultimately the best choice to protect your prized vessel.

What Types of Boats Does Geico Insure?

Geico marine insurance provides coverage for the most common recreational boats that families and hobbyists use out on the water. Specifically, they ensure the following varieties of watercraft:

Pontoon Boats

Pontoon boats are versatile freshwater vessels often used for relaxation, parties, and water sports. They typically feature ample seating, integrated swim platforms and ladders, small cabins, and space for gear storage. Geico insures pontoon boats of all sizes, from mini 10-foot models up to large 30-foot party barges.

Personal Watercraft

Personal watercraft, often called PWCs, refer to speedy single-rider vehicles like Jet Skis, Sea-Doos, and WaveRunners. Geico covers the whole range of stand-up and sit-down PWCs. To qualify, they must have proper hull identification numbers and cannot be customized for racing.

Fishing Boats

Fishing boats, including bass boats and bay boats, are built with anglers in mind. They offer features like live wells, rod holders, casting platforms, and trolling motors. Geico provides insurance policies tailored to protect all types of fishing boats, whether used recreationally or professionally for charter excursions.

Powerboats and Motorboats

Powerboats and motorboats are a broad category encompassing many popular boat styles equipped with outboard or inboard motors. Types of powerboats covered include bowriders, cuddy cabins, center consoles, trawlers, and express cruisers. Nearly any recreational power vessel falls into Geico’s insurable category if properly registered.

Sailboats

From small one-sail dinghies to lavish 50-foot catamarans, Geico covers an array of sailboats. The company insures monohulls and multihulls, racers and cruisers, as well as auxiliary sailboats with supplemental motors. Both coastal and inland sailing crafts can qualify for policies.

If your boat fits into one of those recreational categories and meets all other guidelines, Geico likely offers specialized protection for it. Just be aware that certain vessels like airboats, racing boats, and floating homes fall outside the company’s coverage. Checking with an agent before buying insurance is always wise.

However, they do not cover boats that are over 70 feet, older than 40 years, customized for racing, or valued over $2.5 million. Unusual boats like airboats, hovercrafts, and floating homes are also excluded.

What Does Geico’s Boat Insurance Cover?

A Geico boat insurance policy can include liability coverage, property damage coverage, medical payments coverage, and more.

Geico boat policies offer all the standard protections plus specialized options unique to seafaring vessels. Depending on your needs, a policy can bundle some or all of these key coverages.

Here are some of the specifics:

Liability Insurance

The liability section pays legal fees and awards damages if you cause injury, death, or property destruction to another party. It covers costs like medical bills, lost income, pain, and suffering awards, and repair or replacement for damaged docks, boats, gear, and more that result from an at-fault accident. Liability insurance may be mandatory if storing your boat at certain marinas.

Collision Coverage

Collision protects against physical damage to your vessel after an accident with another boat, a submerged object, the shoreline, or any other mishap. It covers repair and repainting costs to fix cracks, punctures, detached hardware, and other collision-related damage. Collision applies regardless of fault, minus your chosen deductible.

Comprehensive Coverage

Comprehensive boat insurance handles damage to your craft that isn’t collision-related. This includes harm from falling debris, wild animals, floods, storms, lightning strikes, vandalism or malicious mischief, onboard electrical fires, and theft of the entire boat or components. Comprehensive gives you complete asset protection.

Medical Payments

The medical payments section reimburses necessary medical and funeral expenses for you, your family, and non-family passengers injured in a covered accident on your boat. It provides an additional payout source beyond health insurance and liability claims. This ensures anyone on your boat gets treatment without battling over who pays.

In terms of optional BoatUS benefits, you can add:

Fishing gear coverage in case rods, reels, or electronics get swamped, stolen, or break
Special liability for up to six paid passengers if you charter fishing trips
Repair coverage if a botched winterizing causes system damage
Unlimited on-water towing to avoid massive recovery bills
Reduced dinghy and electronics deductibles as low as $100

Getting the right boat coverages secures you from potentially massive liability cases or property losses. Geico’s packages allow completely customizable protection.

How Much Does Geico Boat Insurance Cost?

The cost of boat insurance varies widely depending on factors like your boat type, engine size, location, safety features, and more. That said, Geico boat insurance premiums typically range from $200 to $500 per year. Costs could fall above or below that estimate based on your risk profile.

To keep your rates low, Geico offers multi-policy and boat safety course discounts. Bundling your boat with other insurance policies like homeowners or auto can lead to additional savings.

Why Choose Geico for Boat Insurance?

Geico stands out for boat insurance because of its unmatched set of specialized options. Through BoatUS, you can add unique coverages like:

Reimbursement for lost or damaged fishing gear
Mechanical breakdown coverage
An extra $25K in medical payment protection

Geico also provides unlimited towing and labor to get your boat running again. This can prevent thousands in out-of-pocket tow bills.

Lastly, BoatUS has over 600,000 members nationwide. Joining Geico Boat Insurance gives you access to a supportive community along with special deals on slip rentals and fuel purchases.

Is Boat Insurance Required?

In most areas, boat insurance is optional. However, in Arkansas, and Utah, certain marinas, and boat lenders may require you to have a policy. Even if it’s not mandatory, insurance can save you from massive bills if your boat is damaged or stolen.

Given the many risks that come with boat ownership, having insurance for peace of mind is smart. It protects you from situations like collisions, sinking, onboard fires, storm harm, and vandalism that could otherwise leave you with devastating losses.

Pros and Cons

Pros of Geico Boat Insurance

Geico boat insurance stands out for several advantageous reasons:

Specialized Coverages: Geico offers boat-centric options many insurers don’t, like fishing gear coverage, towing memberships, and lower deductibles for dinghies and electronics.

Generous Included Benefits: Even baseline policies automatically include perks like fuel delivery, jump starts, soft ungrounding, and access to BoatUS member discounts.

Highly Rated Provider: Geico holds an A++ financial strength rating from AM Best along with solid marks from J.D. Power and BBB.org.

Mechanical Breakdown Options: You can add coverage for engine or motor breakdowns, similar to a boat warranty. This prevents costly mechanical repair bills.

Bundling Discounts: Combining policies like homeowners or auto with your boat saves up to 15% through multi-line discounts.

Cons of Geico Boat Insurance

A few downsides to consider include:

Limited Plan Options: Geico only offers recreation policies, not bespoke choices for houseboats, commercial vessels, or classic boats.

Higher Costs for Speed Boats: Premiums for high-performance boats are typically higher than average.

Minimal Discount Menu: Only two discounts are advertised online – bundling and safety courses. More may be available through agents.

Rigid Usage Parameters: You must stick to agreed-upon usage and locations or risk rejected claims.

The pros of specialized extras and renowned services outweigh the cons for most buyers. Ultimately, Geico boat plans provide robust protection even fickle seafarers can rely on. An agent can clarify any concerns before you commit.

Conclusion

With abundant specialized options, towing assistance, and access to the BoatUS owner’s community, Geico makes it easy to fully cover your aqua investment.

If you’re looking to insure your powerboat, sailboat, fishing boat, or other vessel, be sure to get a free quote from Geico to see if they’re the right fit. Their customized packages and renowned claims service could provide just the protection your boat requires.