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Old 18-09-2011, 07:59   #1
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Progressive Insurance

I am in the process of buying a boat that will not be able to be insured in a traditional way due to some deck issues. The surveyor has basically explained to me that we will not be able to get insured with his survey. So I looked around and it looks like progressive doesn't require a survey. I am loath to take the easy way out but we do not plan on getting the work done to fix the problem until next spring and I can't have the boat uninsured while I wait to get the problem fixed.

Does anyone have any experience insuring a bigger boat with these guys? Anything I should consider before going ahead with it?
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Old 18-09-2011, 08:19   #2
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Re: Progressive Insurance

I can't comment on that complany but you can also talk with your preferred insurance company. They may insure you for everything except the deck. Basically, it means if you lose the boat due to a deck issue they won't cover the claim but if something else occurs you would be covered. Then, after you fix the deck you notify them and they reinstate full coverage.
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Old 18-09-2011, 08:24   #3
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Re: Progressive Insurance

We have our boat insured through progressive. It would appear that they are trying to get into the marine market and at this time have eased many of the restrictions. This may not last forever, but for now is a savings for a lot of us. They are a large well known insurance company. Would you insure your car or home through them. If the answer is yes, than why is the boat different? Look at the policy closely and look at any exclusions before making a decision. Chuck
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Old 18-09-2011, 09:19   #4
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Re: Progressive Insurance

Boat US has rejected us as has Geiko, they will not insure a boat with any "damage" until the damage is fixed.
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Old 18-09-2011, 10:50   #5
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Hard insurance...

When communicating with one insurer about cover on a boat that did not pass survey they stated that they would cover the boat on the hard (out of the water) but wanted the survey before it could go back in.
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Old 18-09-2011, 11:31   #6
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Re: Progressive Insurance

Is there any reason you couldn't just carry liability until the repairs are completed? We have Progressive, but we have not made a claim so I can't tell you anything about how they handle claims.
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Old 18-09-2011, 11:35   #7
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Re: Progressive Insurance

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Originally Posted by Mimsy View Post
Is there any reason you couldn't just carry liability until the repairs are completed?
I guess so but that seems sort of irresponsible. It's not like the boat is not worth anything before the repairs.
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Old 18-09-2011, 11:46   #8
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Re: Progressive Insurance

Not irresponsible at all. We carry liabilty only which protects others from our stupidity.We will have to pay our own stupid tax for any damage we cause to our boat. What was responsible on our part was not buying a boat that we could not afford to lose. A boat is a terrible investment vehicle.
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Old 18-09-2011, 12:01   #9
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Re: Progressive Insurance

if the rates are reasonable why not? I rebid my auto every couple of years, they were one of the highest I got. You could also have another "insurance survey" with a different surveyor. Usually this is less expensive and they just come and do a general look at the condition of the boat. Especially if you tell them, "I just need an inspection to get insurance..."
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Old 18-09-2011, 15:10   #10
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Re: Progressive Insurance

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Originally Posted by Mimsy View Post
Not irresponsible at all. We carry liabilty only which protects others from our stupidity.We will have to pay our own stupid tax for any damage we cause to our boat. What was responsible on our part was not buying a boat that we could not afford to lose. A boat is a terrible investment vehicle.
Your logic is flawless!
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Old 18-09-2011, 15:47   #11
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Re: Progressive Insurance

We use Progressive but haven't had a claim so can't vouch for them there. In many ways they are still ignorant and tend to treat boat coverage much the same as auto coverage. Some examples, I am single, (it's easier to call my significant other "wife" than explain), because of that my rates are higher. The fact that I'm 62, holding a Coast Guard license, and no claims, didn't enter into it. I also wanted to extend the nav limits to 120 mi offshore. At first they wouldn't do it because I only have a single engine. It took repeated tries to get it through their pointy little heads that this was a sailboat and not a power cruiser. Eventually they gave in on that one but I guess because I'm single I'll stay a "high risk" driver. Hmm? Upon reflection, maybe they're right!

Rich
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Old 18-09-2011, 16:10   #12
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Re: Progressive Insurance

My two cents: Progressive is a solid company with a good claims-paying record. They've been in the marine market for a while, but mostly small power boats. Key is understanding their policy. It's not like auto coverage where there are standard policies. Progressive's likely is a bit more bare bones than comprehensive coverage.

If you're interested in just getting liability coverage, buy an umbrella policy. It will be much cheaper. Good luck.
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Old 18-09-2011, 16:18   #13
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Re: Progressive Insurance

When soliciting quotations, Progressive told me it doesn't insure steel boats.
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Old 18-09-2011, 16:20   #14
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Re: Progressive Insurance

I called Progressive and was told I do not need a survey, this is on a 28 year old boat, unless I am trying to insure it for more than the value. The value is what I'm paying for it. So, if I want to insure it for more than I paid then I would have to get a survey that would put the higher value on the boat.

The rate I was quoted or a 30K boat was about $3200 full coverage. I asked for higher deductibles and got it down to $2300. Liability only is just $227 per year. I will be getting the liability only for now. When I'm ready to go cruising I will probably get full coverage.

I am single and I have motorcycle coverage with Progressive, no claims.
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Old 18-09-2011, 16:34   #15
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Re: Progressive Insurance

>>30K coverage for $3,200<<

That's seems very high, but you're in Florida where many insurers are hesitant to write coverage on boats. Shop around.
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