Boat insurance

I have been using Progressive, thru International marine insurance. Only had one claim in about 20 years--and that was handled fairly and quickly (Damage to I /O drive by hurricane debris). I had not even thought of an insurance claim, and my mechanic suggested we call the adjustor. I did, and he came promptly, paid for a new I / O lower leg, with deductible.

For all other insurance I use USAA, but they do no insure boats at this time.
 
We are pleased with Geico Marine for the insurance on our boat, trailer and motor. We have had excellent service from them on our Geico Auto policy and trust that their Marine division will be the same.
 
I have Progressive. Previously, I had a pretty new RIB that came off the trailer on the highway. Progressive paid me the full price of the boat, motor, and trailer including all the taxes and fees I paid to register the boat. The only problem was they kept calling me because I wasn't picking up the check fast enough.

They also do my house and cars.
 
Kingmann, I have had US Boats, Progressive and Geico. While they make it simple and you think your getting a fair price? I decided to give American Marine Insurance a shot
(glenn@americanmarineinsurance.com) man was I surprised? Glenn was all over it, better coverage and way less money.
I have a new boat ready for coverage in three weeks, I am going with him. I got his info out of a Pacific Coast Sportfishing mag. This is not my first rodeo...

Good Hunting
 
Progressive includes towing service - Geico reimburses up to x dollars unless you opt for more. I swapped to progressive for this reason. Also talk to your insurance company as they will often cover up to X value with geico I had to fight them to give me a higher valuation / replacement value on my old boat. Had to jump through all sort of hoops.

(Geico has tow service/partner in other states but not up here on Columbia)
 
14 years with Progressive on boats. I don't have an agent, I just call directly to buy or make changes. I also have RV coverage with Progressive.
 
One important feature to insist on, is "agree value". This should be the real value of the boat--what it will cost to replace, including accessories and electronics. For example when I put new electronics etc on the boat, it increases the replacement cost. I call my agent, tell why and they will increase the value.

I never will understand why people insure the boat for a fraction of value, thinking that nothing will every happen to them which will cost more than XX dollars. Insurance is for the unthinkable. This brings to mind the several sailboats whose loss was discussed in another thread. At least one of them was insured for only 1/3 of the value. Also in that case, the owner had gone was a less than well known insurance company which went out of business, because of a high number of claims. I remember this, because Seven Seas Cruising Association when I was on the Board of Directors was always looking for "Affordable" long distance cruising insurance....a good policy is expensive, for very good reasons!
 
We also have Progressive. I have never made a claim. They send us an electronic notice and we pay it electronically and print our proof. Easy peezy. And the price is reasonable compared to a few others I called.
 
Buying and selling insurance is sort of like gambling.

You are betting you will have a claim, need funds from the insurance
carrier to recover your property and so pay the premium.

The insurance company is betting you, and many others, will not have
a claim so they can keep your premium.

Guess who wins most of the time?

Aye.
 
I had Progressive for 17 years with no claims. For the first ten years the rates dropped a few dollars each year. Then they went up a few for a couple years. Then they raised them by 50% for some reason.

This year I’m using Farmers. They have my home and autos too so if a loss occurs on the highway there should not be any conflict about who covers what.

Farmers quoted $369 annual, about twenty bucks less than Progressive. That’s for $300k liability, the Marina noted on the policy per their rules, $50k agreed value for the boat, and $2500 for the trailer. Electronics are in there too for some amount and towing up to $750.

If I ever need the insurance and they pay like they did when my old Ford truck burned up I’ll be happy.
 
Another Progressive (via 40 years with USAA for all else including Umbrella) Brat. $114,000 Agreed on (incl trailer). USAA gives me thousands back in subscriber account and senior member rebates. Renters insurance includes Flood. USAA bank and credit card top rated, though Barclay's has better rebates on travel, we're always travelling when not planning travel. A part of your FICO credit score includes how many years you've had your card, so I'll never give up that USAA card. USAA has always been good to us. No claims with the 13 boats, and disappearing deductibles after 4 years without a Progressive claim. Only complaint I've heard was from a Ranger 25 couple who cruised to Cuba and "Flo said No"...but so did every other company.
Hope you never have a claim!
John
 
Most people shop price and never read the policy. The State Farm physical damage policy (Florida and Georgia) pays up to replacement cost of an outboard motor. Every other policy that I read depreciates the motor. The State Farm policy I purchased was 30% more expensive than Progressive. The liability limit will also determine premium.
 
thataway":2mxpfn0a said:
One important feature to insist on, is "agree value". This should be the real value of the boat--what it will cost to replace, including accessories and electronics.
Click to expand...

Agreed, but unfortunately - it's not always available. Progressive, which most folks in this thread are suggesting, won't write agreed value policies for boats that aren't relatively new.

That's a problem for many boats, including older C-Dorys. I encountered it when insuring my Nordic 26. Progressive would not write an agreed value policy, and made clear any claims would use online sources like NADA. For older Nordics, just like older C-Dorys - NADA comes in ridiculously low.

I was directed towards Global Marine over at the TugNuts, and I've had an agreed value policy underwritten by Markel for the last several years. Unlike Progressive and others, who seem to rely heavily on NADA and other sources for value - they'll write agreed value policies based on values shown by a marine survey. Rates are very reasonable as well - as good or better than Progressive, with significantly more coverage in my case.

The above being said, I always cringe a little when insurance threads pop up. The reality is, there are a ton of variables - so online references to a company aren't a great indicator of what others will actually encounter. Especially if you have an older boat that has significant value, you need to do a fair amount of homework and legwork if you want adequate coverage.
 
Seems that everyone is using the well meaning comments of others and price to select an insurance policy. I suggest that a wise shopper should get a copy of the insurance policy and read it before buying it. The policy consist of definitions, coverages and exclusions. Most policies depreciate outboard motors. The State Farm policy is the only one I found that did not depreciate the motor. Your deductible and liability limits will also affect the price of the policy.
 
Back
Top