Progressive Boat Insurance Review

man stands at bow of yacht with arms outstretched. Getty Images/Gary John Norman

 Company Overview

One of the best known insurance companies in the U.S. is Progressive Insurance, thanks in part to its very successful television commercials featuring its popular spokesperson, “Flo.” The Progressive Corporation has been in business since 1937 and offers a comprehensive line of insurance products including auto, motorcycle, homeowners, renters, life, health, commercial auto and boat insurance.

Financial Stability and Customer Service Ratings

Progressive Insurance has more than $8 billion written in net policy premiums and has excellent financial strength through these insurance rating organizations:

  • S&P: AA “The AA rating shows a very strong capacity for a company to meet its financial commitments.”
  • A.M. Best: A+ “Excellent”
  • Fitch: AA  “Very Strong”

Boat Insurance Policy

Progressive insures boats up to 50 feet long and up to $250,000 in value. The policy covers you on rivers, inland lakes and on all navigable waterways of the continental United States and Canada including ocean waters within 50 miles of the coast. Loyalty rewards decreases your deductible by 25 percent with each claims-free policy period. The boat insurance policy from Progressive features several customizable features including:

  • Roadside Assistance
  • On-Water Towing
  • Total Loss Replacement
  • Uninsured Boaters Coverage
  • Fuel Spill Liability
  • Wreckage Removal Coverage
  • Agreed Value Coverage

You can obtain boat insurance from Progressive for these types of boats or personal watercrafts: Runabout, Mini Jet Boat, Sailboat, Pontoon, House Boat, Cabin Cruiser, Bass Boats, Personal Watercrafts and other types of fishing boats.

Exclusions

Progressive does not offer physical damage coverage on boats more than 15 years old that are worth more than $20,000.

For some states, there is a different maximum (20 years old and worth more than $40,000).  Policies are not written for physical damage only or engine/motor coverage only. No coverage is available for boats over 50 feet and valued over $250,000, personal watercrafts valued over $27,000, boats exceeding 75 mph maximum speed or that do not meet published U.S. Coast Guard Standards.

Policy Service and Claims

Through the Progressive website, you can manage your policy, pay your bill online or get insurance ID cards. For claims, you can report the claim online when logging into your Progressive policy or by calling 1-800-776-4737. You can also track your claims online using your claim number. The company also offers its policy holders a mobile insurance application compatible with iPhone, iPad and iPod touch.

Discounts

Progressive offers boat owners many ways to save money including the following discounts:

  • Safety Course: You can qualify for a discount by completing an approved boat safety course.
  • Homeowner: Owning your own home qualifies you to receive the homeowner discount.
  • Claims-Free Renewal: If you have no at-fault accidents during a policy period, you will receive a discount at renewal.
  • Multi Vehicle: Insuring more than one boat qualifies you for the multi-vehicle discount.
  • Multi Policy: Multiple policies with Progressive such as auto and homeowners insurance, qualifies you to receive the multi-policy discount.
  • Idle Assisted Steering: Having an idle assisted steering device on your personal watercraft qualifies you for this discount.
  • Responsible Driver: If you have no accidents or violations on your driving records during the past three years, you qualify to receive the responsible driver discount.
  • Original Owner: Your rate will be reduced if you are the only person who has owned your boat.
  • Paid in Full: If you pay your policy premium in one payment, you will receive a discounted rate.

Final Thoughts

Progressive is a well-known name in insurance and has excellent financial strength.

The total loss replacement option offered through Progressive replaces your boat with a brand new model if the loss is covered and within the first five model years. You can decrease your deductible by 25% for each policy period you remain accident-free. There is no extra charge for loyalty rewards with the agreed value and total loss replacement policies.

There are some types of boats that are excluded from coverage, so make sure that your boat type is covered before obtaining a quote. When comparing boat insurance quotes, Progressive boat insurance is a good option to consider. For more information about boat insurance from Progressive, visit the Progressive website or call 1-855-758-0943.