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  #11  
Old 09-22-2011
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Quote:
Originally Posted by jameswilson29 View Post
That seems very low for general liability and property damage. What does "cash value" policy mean?

Here is a link from the Progressive website in regards to Cash Value type and others.
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  #12  
Old 09-23-2011
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Quote:
Originally Posted by H and E View Post
I have USAA insurance on house & cars but they do not insure boats RV's nor motorcycles For the RV & Harley I have Progressive. I have a quote from Boat US that is very inexpensive.
I also have USAA insurance. My previous boat was insured directly with USAA, but they got out of that business and now have an arrangement with Progressive. When I sold my previous boat and bought my current boat, I got a few quotes and went with Progressive/USAA. In my first season the boat was hit while on its mooring during a storm. They were very prompt and professional in handling the claim and no problems or jump in rates when renewing. I'm very happy with them.
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Old 09-23-2011
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The OP mentioned USAA doesn't write boat policies. True. When I went to them, they shuttled me to Progressive with a recommendation.

Progressive didn't require a survey for values under $10K. I went with them for 2 years, then switched to BoatUS.

I'm happy with BoatUS. It was competitively priced for essentially the same coverage, and I don't feel like I'm supporting Flo's irritating TV commercials.
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Old 09-23-2011
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Quote:
Originally Posted by eherlihy View Post
You will likely need a SAMS Accredited Surveyor preform a survey in order to get insurance.

If it helps; I use Boat US for Insurance, which is underwritten by CNA. I priced a couple of insurance companies, but Boat US had very good service, and it includes free towing (with restrictions) through TowBoat US if you need it.
I second this suggestion. Try to get "Agreed Value" coverage if possible. ACV leaves you exposed to an insurer's determination of what the actual cash value of the yacht was before the loss which may be--usually is--a lot less than the value you may place on the yacht.

FWIW...
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Old 09-23-2011
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"Try to get "Agreed Value" coverage if possible"
As posted elsewhere: Progressive are weasels about that. the policy may read "Agreed value or market value or replacement value, whichever is less" and while you will pay the premiums based on the AV, you'll have to argue about which rate they pay you back at.

Also be careful about general insurers who aren't in the marine business. A friend's boat broke free from a mooring in a storm, his auto insurer sent an adjuster very promptly, no arguments...but no one thought to have the boat hauled and the rudder inspected. Additonal damage found two years later from cracks in the rudder? Quite substantial. A proper marine adjuster would have had the boat hauled, period. (Not that there aren't curs who'd try to skip that as well.)
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Old 09-23-2011
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Quote:
Originally Posted by hellosailor View Post
"Try to get "Agreed Value" coverage if possible"
As posted elsewhere: Progressive are weasels about that. the policy may read "Agreed value or market value or replacement value, whichever is less" and while you will pay the premiums based on the AV, you'll have to argue about which rate they pay you back at.

Also be careful about general insurers who aren't in the marine business. A friend's boat broke free from a mooring in a storm, his auto insurer sent an adjuster very promptly, no arguments...but no one thought to have the boat hauled and the rudder inspected. Additonal damage found two years later from cracks in the rudder? Quite substantial. A proper marine adjuster would have had the boat hauled, period. (Not that there aren't curs who'd try to skip that as well.)
This is dead wrong. The Progressive policy contains no such words. And the adjuster I dealt with was NOT an automotive adjuster. He only did marine work. When I had my claim last year, they had a preliminary check in my hands within days and when some additions came up during the work in the spring, there was no problems.
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Old 09-23-2011
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"This is dead wrong. The Progressive policy contains no such words. "
It is not dead wrong. I did say say the policy would read that way, only that it MIGHT read that way. And I say this based on my personal experience with a Progressive rep, who eventually was convinced to read the specifc terms of an agreed value policy to me over the phone.
On that day, that rep, that policy, DID IN FACT contain weasel words allowing them to pay out whichever was less: The agreed value, or some other value.
Maybe Progressive has gotten better. Maybe they've got a marine-only division now. Maybe a lot of things, which is why I said, and continue to say, any insurance policy including Progressive needs to be examined for weasel words.
Progressive seems to have a good reputation--but I still caught them out that time. And they also boast how much they can save the "typical" Geico customer. Again, not quite right, they're priced higher than Geico for some customers. Of course Geico themselves may tell you there are four "Geico" companies...
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"Weasels to the left of us, weasels to the right, trapped in the middle again?"
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Old 09-23-2011
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My first year was insured with my homeowners company. Then I realized that in the event of a total loss, they would pay out only the value of the boat - no extra for salvage, hazmat fees, etc. But if your boat breaks loose in a storm, you are likely to be required to by the local municipality to pay for salvage, and EPA could get you big time for hazmat, etc. I asked my insurance agent about these things, and she just shrugged her shoulders - she had no idea. So this year I switched to BoatUS.

I think it makes sense to buy insurance from someone who is used to insuring boats. Otherwise you are likely to get unpleasant surprises.
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