Progressive Boat Insurance Review 2018


It is important for all boats to have reliable boat Insurance. One of the most popular boat insurance companies that you may consider is Progressive Boat Insurance. Progressive provides specialized personal watercraft (PWC) and boat insurance cover for a wide variety of water vessels. It also offers auto and home insurance.

One of its well-known offerings is the disappearing deductible. Every time you get to renew your Progressive boat insurance, the company will decrease your deductible by 25%. It’s important to work with an insurance company that leaves you satisfied. Here’s a comprehensive Progressive boat insurance review to help you make a decision when looking to insure your water vessels.


Where to Get a Progressive Boat Insurance?


Currently, Progressive insures boats and automobiles in all states.  However, depending on the insurance product, the policies tend to differ slightly based on the licensing regulations of a particular state, especially in its business and home insurance offerings.  Generally, the boat insurance policies are the same all through the country.

What is Included in the Progressive Boat Insurance?


Every Progressive boat insurance cover comes with various options for specialized coverage including Trailer Coverage, Roadside Assistance, Agreed Upon Value and Total Loss Replacement, Electronics and Fishing Gear Replacement, among others. Progressive boasts one of the largest selection options and fairest prices. The range of options allows you to choose a cover that suits your needs best. 

Some of the common policies include fishing boat insurance, sailboat insurance, personal watercraft (PWC) insurance, jet-boat insurance, and a houseboat insurance. Its total loss replacement option can help you replace your boat with a new model if the loss incurred is covered – however, this will only happen within the first 5 years of the model.


What Can You Insure with a Progressive Boat Insurance?


Currently, Progressive gives insurance covers for boats that cost up to $250,000 or length of up to 50 feet.  However, there are certain exclusions to this general policy. So be sure to check with the insurer first. If your boat is valued at more than $20,000 and is more than 15 years, it is unlikely to get insured.

This will, however, vary on the model and state you live in. Some old boats may be considered antiques and insured. The Progressive boat cover insures boats operating in inland lakes, rivers, and all other navigable waterways in the country including ocean waters that are 50 miles off the coastline. The policy also comes with:

  • On-water towing
  • Roadside assistance
  • Uninsured boater’s coverage
  • Agreed value coverage
  • Fuel spill liability
  • Wreckage removal coverage
  • Total loss replacement

The cover insures a range of personal watercrafts or boats including:

Houseboats

Bass boats

Runabouts

Sailboats

Pontoons

Mini-jet boats

Cabin cruisers

It is recommended to consult with a Progressive agent to shed more light on the specific limitations on a particular boat and in your state.

Additionally, Progressive does not insure boats which have not met the required safety standards put in place by the United States Coast Guard. Older boats are less likely to get insured as they tend to experience mechanical problems easily. Keep in mind that these types of regulations are fairly standard in almost all boat insurance companies.  

To get your boat insured, you only need to fill a quote form with information about your boat. After the approval, you will qualify for three types of insurance covers – Choice, Basic, and Plus.  

The Plus and Choice options include medical payments, collisions and comprehensive policies, while Basic coverage is a liability-only policy. The company has limitations on the size and value of the boats that it insures.

Progressive offers discounts including multi-policy, multi-boat discounts, and safe driving discounts.


Evaluating the Boat Insurance Offered by Progressive


Unlike other policies, this insurance policy covers your boat all the time – whether day or night.  In addition, it may extend its cover to Canada’s waterways that border the country.

The on-water towing universal cover – which is popular with a lot of boat owners – allows you to tow your boat to any approved repair center or nearest harbor.

The uninsured boaters’ policy, on the other hand, covers for the repairs on your boat in case it is involved in an accident with another boat that’s not insured.

Progressive boat insurance also has a re-insurance cover which covers you from the unforeseen financial calamities of the company. This ensures that your claim will be effected out no matter what.


Evaluating the Financial Strength of the Company


Whenever you want to contract with an insurance company for their services, one of the most important things to look at is their financial feasibility. This can easily be done by researching their rating with credible rating agencies such as the Standard & Poor’s.  Currently, Progressive has been able to maintain a debt rating of “A” and a financial strength rating of “AA” with the Agency.

Its current debt rating at Moody’s is at an “A2” level and its financial strength rating is at level “AA2”. What this means for you as a potential client is that Progressive has the financial ability and security of ensuring that you get your claim without any delay. For more financial information, check out its analyst coverage page.       


Customer Service Review on the Progressive Boat Insurance


The Better Business Bureau (BBB) rates Progressive Insurance at an A-. This is a relatively good score considering that the company has been in operation since 1956.  Progressive doesn’t have an accreditation from the BBB – insurance companies are not obliged to have one.  

However, having accreditation from BBB shows customers how competent a company is when it comes to resolving and handling complaints. This increases the customers’ confidence in the company. The Progressive boat insurance agents are readily available 24/7 to respond to various questions and issues regarding a wide range of coverage. You can also contact an agent if you want make changes to your policy.

Even better, the online customer portal is easy to navigate for quick and efficient self-service. Generally, most customers are fully satisfied with the level of professionalism and service that they get from Progressive.


Ease of Access and Online Tools


With this company, you can start an online quote by filling out little basic information required on its online portal. After that, an agent will get in touch with you to discuss the specifics of your boat insurance cover needs. If you decide to take up a policy with Progressive, you will simply sign up for an online account. 

This online account system puts them a step further from other insurance companies. You can easily make changes to your existing policy, print out new insurance cards, and set up your future payments through the online portal.  

You can also make a claim via your Progressive Policy account. You will receive an automated number to track your claim online. For even better convenience, Progressive offers its customers a mobile insurance application that is compatible with all iOS devices.


Discounts Offered by Progressive Boat Insurance


The company offers boat owners various ways to save money including:

  • Homeowner’s discounts: If you own a permanent home, you can combine it with your boat policy and qualify for a homeowner’s discount.
  • Safety Course: If you are able to complete an approved safety course, then you may qualify for a discount.
  • Multi-Vessel: If you insure more than one boat, then you automatically qualify for the multi-vessel discount.
  • Claims-Free Renewal: If you haven’t had filed for any claims during a specified policy time, then you will be eligible to receive a discount when you renew the policy.
  • Multi-Policy: Having multiple covers with Progressive Insurance such as homeowners, auto, and boat covers, qualifies you to get the multi-policy discount.
  • Responsible Driver: You are eligible to receive a responsible driver’s discount if you have not committed any violations or accidents while sailing your boat for the past 3 years.
  • Idle Assisted Steering: If you have installed an idle assisted steering device on your personal watercraft, then you may qualify for a discount.
  • Paid in Full: You will receive a discount if you pay your policy in a single payment.
  • Original Owner: If you are the only person who has owned a particular boat, then your rate will be reduced significantly.

How Progressive Boat Insurance Compares with Others


Progressive Boat Insurance vs. Markel Corporation

Markel Corporation specializes in offering insurance coverage to boats. It has an excellent rating of A (excellent) from BBB. The company has been in operation since 1930 making it well-versed in the marine insurance sector. 

It offers comprehensive insurance policies for rental boats, personal watercraft, and commercial boats. You can also score some excellent discounts including the experienced boater discounts for operators with more than 5 years’ experience, operator over 40 years’ discount, as well as the accident-free discount.  

If you qualify for all these discounts, you can save up 35% of your marine insurance premium. However, you can’t get a multi-policy discount because it only specializes on boat insurance.


Progressive Boat Insurance vs. American Family Boat Insurance

American Family Insurance has one of the most popular watercraft policies in the country. Its policies are personalized depending on the type of vessel you own and cover typical risks including physical damage to the boat, liability for property damage, liability for bodily harm, medical expense coverage and more.  

All of its policies include on-water and emergency roadside services. It also pays the medical expenses of your family if injured when using the boat.  Just like Progressive Insurance, American Family offers multi-policy bundling where you can combine your boat insurance with your auto or home insurance to get great discounts.


Pros and Cons of Buying a Progressive Boat Insurance


Pros

  • Easy and quick online quote processing
  • There are no marine survey requirements in most of these policies.
  • Efficient online account management tools
  • The services are readily available in almost every state of the country.

Cons

  • Progressive insurance sometimes does not insure older boats.
  • There is no coverage available for the bigger boat models.
  • Each state has its own coverage limitations.
  • It is somehow overwhelming when it comes to navigating a wide range of policies.


Final Verdict on Progressive Boat Insurance 


Progressive is a company that has a well-known name in the insurance industry and has strong financial strength.  Unlike other boat insurance companies, Progressive comes with a number of unique convenient policies and features including the decrease to your deductible by 25 percent for every policy period that you are not involved in an accident.  

You will also not incur any extra costs for loyalty rewards with the total loss replacement policies and the agreed value. Keep in mind that some boat models may have been excluded from the coverage.  

Therefore, ensure that your boat is fully covered before getting a quote. With a friendly customer service and plenty of discounts, Progressive Boat Insurance is an ideal option for your boat insurance needs. It has a lot more to offer as compared to your average insurance company.

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