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Insurance premiums

Jun 21, 2004
1,884
Beneteau 343 Slidell, LA
I have an agreed value yacht policy from a marine insurance underwriter. Have had the coverage with same co for 8 years with no claims. Just did an online quote with Progressive and the cost is approximately half the amount that I am currently paying. Do any of you have experience with Progressive with regards to cost and more importantly claims settled. Is the Progressive product considered a yacht policy?
My current policy includes coverage for consequential loss with regards to wear /tear /lack of maintenance ....no questions asked if the boat sinks because of a failed component.
 
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Feb 10, 2004
3,510
Hunter 40.5 Warwick, RI
I have been insured with Progressive for 5 years including this year. Their rates were lower than my previous carrier but only 10-20% lower.
I had one claim in 2017 (second year with Progressive) for towing/dive service in the amount of $532. I snagged a submerged lobster pot and needed a diver to clear the mess. Progressive reimbursed me 9 days after the incident. No quibble. No penalty. It did not go against my safe boating loss-free record.
So I am happy with them. I also have my home and cars insured with Progressive as well. Bundling offers further discounts.
 
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Feb 14, 2014
5,714
Hunter 430 Waveland, MS
I have had the same Agent since 2014. The Underwriter has changed 3 times.

My new one is Progressive. [The lowest rate this year]

I was surprised, since normally to value your boat, you must have a New Survey every 5 years.

Mine is past due.

No Claims ever.

Tip: Boat loans on Sailboat > 20 age have flat line depreciation. Perhaps this is why I was not forced to have a Current Survey.
Jim...

PS: My boat hit the water April 1999.
PSS: My premium is ≈$32/foot
 
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HMT2

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Mar 20, 2014
883
Hunter 31 828 Shoreacres, TX
I’ve had Progressive for about ten years. Agreed value. Don’t know about the failed component piece. I had a claim in 2012, it was a great experience. Progressive’s valuation of the cost of the claim was higher than my repair guys cost, so the adjuster just paid his estimated amount to the repair guy and told him to buff and wax the entire hull. The total claim was around $4,000. I also had the disappearing deductible so my portion was $100.

I had a friend who lost his mast and was denied by Progressive due to I think a lack of maintenance issue. I will PM him to share his experience with Progressive, I will say that I have been very pleased with my experience and can always get someone on the phone quickly.
 
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Oct 26, 2010
1,432
Hunter 40.5 Beaufort, SC
I have had Progressive (through USAA but Progressive is the insurer) for 8 years. Had three claims all paid without too much hassle (took a while when it was hurricane damage since there was a backlog) and very equitably. You can work with their adjuster well and it helps to have a yard or repair facility that with experience who can "go to bat for you." By that I mean that when things get backlogged (like a hurricane with lots of claims) they, like most insurance companies assign some claims to less experienced adjusters who may not know boats very well. The yard with insurance experience (and who knows the adjuster assigned) can work with them in making sure that they understand the costs associated with boat repairs. This spring I had some damage to the hull paint when a storm blew through and my fenders got out of position and rubbed the hull paint down to the fiberglass. They paid with no questions asked and when I told them that I had just had the bottom painted with hard paint less than 4 months ago, they agreed to pay to have an additional coat of hard paint put on since when you take a boat out of the water for awhile that has been painted with hard paint it won't be effective when you put it back in. Since I had to pull the boat for the hull paint repair, they agreed that repainting a coat on the bottom was part of the same claim. I think it helps if you have a good yard and if you speak to them with a "silver tounge rather than sandpaper". Adjusters have a lot of leeway in how they approach the claim and your attitude can impact that a lot. JMHO
 
Jul 7, 2004
8,023
Hunter 30T Cheney, KS
We have USAA for home and auto. I wonder if we can bundle Marine with them now that they use Progressive? We have a separate BoatUS policy. We sail a lake, we don't need all of the coverage they provide.
 
Oct 26, 2010
1,432
Hunter 40.5 Beaufort, SC
We have USAA for home and auto. I wonder if we can bundle Marine with them now that they use Progressive? We have a separate BoatUS policy. We sail a lake, we don't need all of the coverage they provide.
I'm not a USAA agent so I can't speak for them but you should be able to contact USAA to get your boat insurance unless they have stopped issuing watercraft insurance. It is through USAA but it seems to be totally administered by Progressive. I am not sure it is "bundled" per se. When I log into USAA to pay my bills (including watercraft) it takes me to Progressive to pay the bill.
 
Jan 19, 2010
954
Catalina 34 Casco Bay
IF you decide to change companies...maintain the older policy until 100 days after you start the new one. Companies have a 90 day declination period. They can terminate with little cause during this period. Once beyond the 90, they own you..OR you them... The 100 days gives you a buffer. If declined, you must for a period of years disclose this that you have been declined. That in itself will be enough to deny or risk pool rate your policy. Keeping the old one keeps you insured should a declination happen. Incidentally, I know of someone who co-signed a loan for their child. Child got behind.. His credit rating took the hit.. His insurance company as a matter of business runs random credit checks at renewal.. He took a huge increase. Left that insurer and went with another, got declined 60 some days in.... Now royally screwed...
 
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Jul 7, 2004
8,023
Hunter 30T Cheney, KS
I'm not a USAA agent so I can't speak for them but you should be able to contact USAA to get your boat insurance unless they have stopped issuing watercraft insurance. It is through USAA but it seems to be totally administered by Progressive. I am not sure it is "bundled" per se. When I log into USAA to pay my bills (including watercraft) it takes me to Progressive to pay the bill.
something for me to look into. We have never had any claims so no experience with USAA/Progressive service. I don't need to pay more than necessary.
 
Jun 21, 2004
1,884
Beneteau 343 Slidell, LA
IF you decide to change companies...maintain the older policy until 100 days after you start the new one. Companies have a 90 day declination period. They can terminate with little cause during this period. Once beyond the 90, they own you..OR you them... The 100 days gives you a buffer.
Great advice. Based on that alone, I will likely keep same insurer and possibly seek new policy next year, 100 days before the policy renews on July 27th. Definitely want ironclad policy to be in effect during busiest part of hurricane season from August thru October.
 
Mar 20, 2011
594
Hunter 31_83-87 New Orleans
BE. I’m the one HMT2 mentioned above. I had progressive Insurance a few years back. Lost my mast during an offshore regatta. Had new standing rigging installed 6 months prior and the rigging inspected and documented. Due to hunter design on my boat, the only way to inspect the rod/chainplate was to cut a hole into the liner. The area that was invisible (About 4” x 2”) showed surface rust. I decided not to do further destructive examination. here’s where it gets tricky with insurance policies. You need to carefully read the exclusions part of the Policy. With progressive my policy had an exclusion for rust, wear, tear and fatigue. Because there was surface rust on the Rigging connection point, they denied my claim. Keep in mind my boat is a 30+ year old boat so there’s bound to be rust, wear, tear and fatigue. if u change insurers I caution anyone to Quiz the agent/underwriter on exclusions ahead of time On the exclusions part and to obtain a copy of the policy if possible Ahead of time. If u do make the change In insurers, then do as Sailme88 mentioned and keep ur existing policy until you have had time to examine the exclusions in the new policy. Progressive has great rates but if u need to make a major claim, you need do to so with eyes wide open. Likely with any insurer. You may wind up getting denied.

One other item to think of is the agreed value policy vs one that is depreciable, especially if you own an older boat. Depreciable policies could leave you with a total loss when you’re not expecting it. Agreed value policies cost more but it may give you more peace of mind when/if it comes to a major claim. I know you lost ur boat during Katrina so I‘m probably preaching to the choir. Good luck. Jerry
 
Jan 19, 2010
954
Catalina 34 Casco Bay
In 1990 we acquired a 1973 Bristol 32. In 1993 we experienced a premium increase. Investigation showed that the insurer had INCREASED the value of the boat. Hmmm. So I called. Because hurricane Andrew had wipe out so many boat in our boat's size that made the remaining fleet worth more....
 
Jul 7, 2004
8,023
Hunter 30T Cheney, KS
In 1990 we acquired a 1973 Bristol 32. In 1993 we experienced a premium increase. Investigation showed that the insurer had INCREASED the value of the boat. Hmmm. So I called. Because hurricane Andrew had wipe out so many boat in our boat's size that made the remaining fleet worth more....
They have to recoup the payouts somehow :cuss:
 
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