Insurance: Is this company okay?

ejbpesca

Cadet
Joined
Jan 15, 2014
Messages
20
Not sure if forum rules allow names of companies but do you think getting "agreed value" boat insurance with that ever TV present company with the funny lady is an okay move? I was going with a company that is all about boats but they were late with the quote and had already paid for a year of the other. I'm sure glad they have the agreed value thing. My current boat is old but I just sank (no pun) so much $ in it, if it were totaled or stolen my loss would be way beyond the assessed value of a boat that old. The new engine alone cost more than any of the ten boats I've owned. If you can mention company names here is there a place to rate them? Any reviews about them?
 

oldjeep

Admiral
Joined
May 17, 2010
Messages
6,455
Never had progressive, but no complaints with my state farm agreed value policies.
 

robert graham

Admiral
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Apr 16, 2009
Messages
6,908
You can just add your boat onto your homeowner's policy and the price for multi-coverages with the same company can allow a 10% discount....call your agent....
 

ihearth2o

Petty Officer 2nd Class
Joined
Aug 18, 2014
Messages
187
^^^ +1 No other company can come close after the multi policy discount but then again we have all our cars, 4 wheelers, boats and house insured through the same company. My agent loves me. we get a nice cookie tin from his office every Christmas.
 

smassey22180

Petty Officer 1st Class
Joined
Apr 15, 2013
Messages
210
I compared State Farm to Progressive a few months ago. With the multi vehicle discount SF was a little cheaper. Ultimately I went with Progressive because they have a cheap add on $1000 towing policy.
 

thumpar

Admiral
Joined
Jun 21, 2007
Messages
6,138
I used to have Progressive for everything. They kept raising the price so I went with an independant agent that can shop them all. The house and vehicles are with a small semi local insurance company and the boat is with Safeco because the other company doesn't cover boats. Their standard insurance (full coverage) is agreed upon value and $500 worth of tow included.
 

Teamster

Lieutenant Commander
Joined
Nov 8, 2010
Messages
1,923
Give Bob a call at World Wide Marine Insurance,...........

All he does is boats,.......

You can look up the number on the interwebs,..............
 

dingbat

Supreme Mariner
Joined
Nov 20, 2001
Messages
15,417
I keep bouncing back and forth between Boat US and Progressive for boat insurance. Never had a claim with Boat US. I submitted a claim to Progressive a couple of weeks ago for towing. I had a refund check within a week if filing. I can't complain about that but waiting to see if they cancel me when my insurance comes due the end of the month.
 

jc55

Senior Chief Petty Officer
Joined
Nov 3, 2006
Messages
665
My home owner policy is horsepower limited. My 25hp sportcraft is covered under the home owner's policy wherever I go boating at no extra charge. I think the limit was 150hp?

I bought a new 250hp motor for my Steiger and financed part of it so I had to get insurance. My broker wrote me a progressive policy on 29K agreed value for the boat and motor. $263 for a year full coverage, sinking, theft, etc. I opted for a $2500 deductible since I do all of my own work anyways, but it wasn't all that much more for a lower deductible.
 

oldjeep

Admiral
Joined
May 17, 2010
Messages
6,455
I keep bouncing back and forth between Boat US and Progressive for boat insurance. Never had a claim with Boat US. I submitted a claim to Progressive a couple of weeks ago for towing. I had a refund check within a week if filing. I can't complain about that but waiting to see if they cancel me when my insurance comes due the end of the month.

Be kind of silly to cancel it instead of recouping their money by allowing you to pay premiums.
 

bruceb58

Supreme Mariner
Joined
Mar 5, 2006
Messages
30,454
Be kind of silly to cancel it instead of recouping their money by allowing you to pay premiums.
They do that because if you file one claim, you are more likely to file another one. They just go by their statistical data. At least some of them do. Good ones don't.
 

UConnMRB

Petty Officer 2nd Class
Joined
Jul 18, 2014
Messages
119
Just FYI guys, I am a licensed Property and Casualty Insurance agent in ALL 50 U.S. states, and what jc55 stated is usually the case about a homeowners policy without an endorsement. For any of you over the age of 50, you might want to give The Hartford a call as they offer boat insurance through AARP at a group rate (and can bundle with home/auto/RV/ATVs, ect). To be clear, I do not sell policies for The Hartford, but I have heard fantastic things, as my in-laws have them.
 

bruceb58

Supreme Mariner
Joined
Mar 5, 2006
Messages
30,454
I have always bought my boat insurance through USAA but I am grand fathered in as they don't write new policies any more and refer you to Progressive. On the pontoon boat I bought last year, I went through BoatUS and got a way better quote than progressive. They had a pretty good quote on the boat I have through USAA and may change as well.
 

ssobol

Chief Petty Officer
Joined
Sep 3, 2010
Messages
503
I had a pretty new RIB come off the trailer and get totaled. Progressive paid me the full amount of the boat plus the taxes and fees I paid to the state when I registered it. I got the check from the local office in less than 10 days. I could have got it sooner, but I was out of town.
 

Thalasso

Commander
Joined
Jan 18, 2011
Messages
2,876
Just FYI guys, I am a licensed Property and Casualty Insurance agent in ALL 50 U.S. states, and what jc55 stated is usually the case about a homeowners policy without an endorsement. For any of you over the age of 50, you might want to give The Hartford a call as they offer boat insurance through AARP at a group rate (and can bundle with home/auto/RV/ATVs, ect). To be clear, I do not sell policies for The Hartford, but I have heard fantastic things, as my in-laws have them.

Was not aware they had boat ins.
I have them for my home and cars and i think they are great.
But i never had a claim on either. Who's to say
Going to check this out for sure.
Currently insured through N.B.O.A for agreed value of $97000.00 for $485.00 yearly
 

dingbat

Supreme Mariner
Joined
Nov 20, 2001
Messages
15,417
They do that because if you file one claim, you are more likely to file another one. They just go by their statistical data. At least some of them do. Good ones don't.
first year customer....$345 policy....$480 towing claim.
You will not stay in business long if you find that kind of risk acceptable
 
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redneck joe

Supreme Mariner
Joined
Mar 18, 2009
Messages
10,201
I have always bought my boat insurance through USAA but I am grand fathered in as they don't write new policies any more and refer you to Progressive. On the pontoon boat I bought last year, I went through BoatUS and got a way better quote than progressive. They had a pretty good quote on the boat I have through USAA and may change as well.



Mine was whack expensive. I didn't even shop when I first got it because, well USAA sent me to them, but turned out I save almost $1000 per year.

I'm sending my guy an email to check out this thread. He's active one a couple others I visit not sure about here.
 

pau hana

Cadet
Joined
Mar 15, 2008
Messages
17
Good morning, all,

Lots of info on this thread- some good, and some not so good.

The bottom line for all policies is not price or discounts- it's coverage. Most (if not all) homeowners' policies do not cover specific marine related incidents such as pollution, salvage, wreck removal, environmental disasters, and more.

For the record, I am redneck joe's "guy". Specifically, our company is a marine specific (and only) brokerage- we do all types of maritime coverages including private pleasure, charter, commercial, marinas, docks/wharves/piers, overland transit, ocean cargo, marine artisan, builders' risk, and more. We are licensed in all states, and have offices in Florida, Alaska, and Seattle.

Agreed Value coverage is preferable to Actual Cash Value coverage, The major difference is simple- the Agreed Value policy determines the vessel value at policy inception, and the Actual Cash Value policy determines the value at time of loss. There are quite a few other differences, but this is the major one.

Next, it is a fools' errand to just add your boat to your homeowner's policy. The yacht form is written based on admiralty law, and defines specific marine incidents and perils. Many companies that specialize in auto coverage, with a sideline in covering watercraft, simply modify the language of an automotive policy (remove "car/auto" add "boat/watercraft" in the policy wording) without also modifying the rest of the policy to properly cover marine accidents.

As boaters ourselves (we are full time liveaboards on a 52' yachtfisher) we understand how the very word "boat" can make things more expensive. At the same time, all of us as boat owners have real money invested in our passion- not the mention the required maintenance, fuel costs, equipment, etc. Time and time again, our company has advised clients on the above issues, and there has been quite a few times where the insured had a claim, and the lower cost policy they selected ended up costing them thousands out of pocket- all because they didn't take the time to read their policy, and chose the lowest price possible over anything else.

Finally, make sure your agent/broker is working for your best interests- he/she should know what they are representing, and should be able to pretty much quote chapter and verse on the policy they are selling you, and have the policy language ready to send you for review.
 

keith2k455

Chief Petty Officer
Joined
Jul 23, 2012
Messages
558
I second the local independent agent. I have one, and my situation use progressive....been happy with them on vehicle claims, assume boat would be the same.
 
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