Insurance

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Pat Anderson

New member
Patty here. We are upset. We have had Progressive since 2003. Premiums go up, we get it. Last year was a hefty increase. This year we are being charge $100 more. The reason is, based on our (stellar) credit report, we do not have any revolving loans or payments except one credit card. We aren't getting their lowest rate because we don't have enough debt. We'd like to look into other companies and would like to know who you use and if you're happy. Also would like to know your premium which you can PM us if you're willing to share. Thanks.
 
My boat insurance is Progressive. Had it for 10 years on the current boat and also had it on earlier boats. My insurance is quite reasonable for the agreed value. My policy renews in March and I need to up the value so we'll see what happens.
 
I liked Progressive because of their no hassle agreed value. However, their rates got too wild for me a few years ago so I went with Foremost through my Farmer's agent. He saw on Facebook that we were posting pictures from the San Juans and sent me an email invite to get a quote. It was way less than Progressive. Farmer's did not offer marine policies when I asked years back.

The best Foremost would do for agreed value was $38k on the boat plus $5k electronics and some other lower amount for personal stuff. The trailer was set at $2500 value. Progressive was $50k for the boat itself. Foremost also has an higher liability limits and lists the marina as additional covered. Both policies had the traditional offshore towing coverage but I think the Foremost was up to 150 miles instead of 75 miles for Progressive. That's off the top of my head, and as you have seen the past few years there is not much on the top of my head.

Last June the policy from Foremost was $385 for a year, up from $375 in 2022 and 2021. Who knows what the next bill will be. I have never used either of the policies in 22 years of paying for them.
 
For the boat, and everything else we use American Family. They are based here in Madison, and we've been pretty happy with the service. Last year our annual premium for just the boat was $437. Policy is for actual cash value. Colby
 
Good idea to compare note on this. My policy is through Coast Underwriters.

Covered for $50K on hull, motors, trailer plus $2 million protection and indemnity the annual premium last year was $843 CDN.
 
I just repowered my boat a couple of months ago. Figured 16 motors, 26 hull, 5 trailer. Agreed value of $47,000. Progressive declined the agreed value. Sent them the new receipts on everything. Haven't heard anything, its been a week.

They were quick to canceled my insurance after 2 weeks and keep my $850 paid up front for a year.
 
-Waypoint-":7vriz445 said:
I just repowered my boat a couple of months ago. Figured 16 motors, 26 hull, 5 trailer. Agreed value of $47,000. Progressive declined the agreed value. Sent them the new receipts on everything. Haven't heard anything, its been a week.

They were quick to canceled my insurance after 2 weeks and keep my $850 paid up front for a year.
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I would suggest that you send them the "Market Place" for record of what boats have sold for recently. The insurance companies go off of BUC or NADA, and we know that those are low for the C Dory.

If anything, new replacement cost is way low on the hull. But I doubt that the insurance company would write for a "new" hull replacement.

Do you have a brokerage representing you? I run my payments thru a brokerage which I have used for many years. The agency should go to bat for you. IF they don't get the agreed value that you desire then they will find out why and hopefully help you get the value you resign.

I did this in the past and it worked.
 
Thanks Bob on that recommendation. This post hit a nerve with me. I was thinking I could sell my boat tomorrow for $47,000! Considering what people are getting for boats that have the original engine on them. I was also thinking that my truck is insured with Progressive too. In the unlikely event of an accident towing on the road, the tuck and boat insurance couldn't point a finger at the other one to not cover the boat.
 
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