I didn't see any original discussion about boat insurance
but I thought I may share my alternative.
I have had Progressive Insurance as my boat carrier for the last 6 years. We currently don't go far off shore which Progressive would not cover anyway. The real benefit for their policy is for coastal cruisers. Their navigation
area is from Nova Scotia
to the Florida Keys
. They use to allow for off shore coverage along the eastern seaboard for up to 50 miles. I just got my renewal and now they allow for up to 75 miles. They sent me a notice that they now have a rider that allows for some Bahama coverage up to 125 miles from the continental US.
I had one major claim with them due to a windstorm. No hassles on payment and it came very promptly.
I carry $60,000 on my vessel and have $500,000 liability and also have up to $500. for towing coverage. The cost per year is $720. The deductible is very low at $250. I probably could save some money
by increasing it to $500 or $1000.
I used to be in the insurance business for 26 years. When I purchased my policy with them I asked for an "AGREED AMOUNT" endorsement. Surprisingly, they gave it to me for little or no money
. What this endorsement does is that it GUARANTEES that if their should be a significant or total loss, there will be NO DEPRECIATION taken at the time of the loss. In my case, if my boat is destroyed, I get $60,000. It doesn't matter if at the time my vessel is worth only $50,000.
You do have to have the boat valued and surveyed at the time of initial coverage to verify this endorsement. My prior vessel that was destroyed was a 1974 Pearson
33. I purchased the boat for $26K but the surveyor
said that he would value the boat between $28 to 32K. I insured for $30K. When the boat was thrown off her stands in Irvington, VA, the adjuster said it would cost more than 30K to repair, so they just wrote out the check for that amount. NO HAGGLING!!!!!!!
The AGREED AMOUNT endorsement is widely used for other insurable items as well, such as antique cars, jewelry, etc. See if your current
company will offer it to you. It will save you SO much hassle at the time of any claim.
One more comment. Progressive asked for a survey
back six years ago. They have not required one since.