Boat Insurance

[zoom650]

I'm binding ACE American Insurance Company through Global Marine Insurance Agency. Recommended by the lender I'm using. 500K liability, agreed value per dealer invoice, 10k medical payments, on-water tow, enviro lia, yada yada. Low 4 hundreds.

They were $30 more than Progressive, but included environmental damage from a fuel spill. Progressive did not. Coverage works under my excess liability policy.

Both were less than my quote from BoatUS and Chubb.

[LongLakeLegacy]

I just paid almost $700 for my insurance on my new pontoon 2 million liability and covers fire, theft, and collision

[babock]

Boat US for me as well. They were substantially lower than Progressive as well.

One thing you need to know is that Boat US is not the insurance carrier. They are basically the broker for an insurance company. Your contract will actually say who the insurance carrier is.

[ROLAND]

I will also add 1 for Boat US. They were cheaper than almost all of the standard insurance companies.

Is your boat new or substantially updated? If so, consider an "agreed value" policy instead of a "actual cash value" policy. If something happens to it, the policy will pay the purchase price or the value that is placed on the policy. Most companies like Progressive only have the actual value type which is just like your car. They take depreciation into account. Agreed value is a bit more expensive but might be worth it.

I currently have a progressive policy on my boat and when i took out the policy it was for an "agreed value policy".... as i understand it, if the boat is a total loss they pay the "agreed value", which in this case would be to replace the current boat with a brand new one similar to the original... Progressive will pay the agreed value for the first 5 years of ownership, after that, they go to actual cash value ( depreciation )....

[sunedog]

Progressive will pay the agreed value for the first 5 years of ownership, after that, they go to actual cash value ( depreciation )....

Again, not accurate. It depends on your policy. I have a 13 year old Bennington which I've owned for 11 years and I have an agreed value policy from Progressive.

[VacationLand]

Not accurate. I use Progressive and have an agreed value policy on my toon. My premium this year is $177 for an agreed value of $10,000 on my 2001 Bennington and actual cash value on my 2001 Seadoo GTX. I've never had a claim (excuse me while I knock some wood) so I can't comment on their performance.

If I am mistaken then I apologize. I checked with Progressive while shopping for insurance. They did not offer me anything but an actual value policy. I know that State Farm whom I use for everything else offers one but was more expensive than my Boat US policy.

After another unrelated experience with Progressive, I personally would never use them but they are very popular.

[Papa Joe]

Boat US for some 16 years and have had good luck.

[Soonertoon]

Progressive is my carrier. Got em thru AAA. Agreed value of 16k for $213.00 per year. I probably could have searched and searched to save 30-40.00 per year but my time is worth way more than that so I went with it.

[ROLAND]

Progressive will pay the agreed value for the first 5 years of ownership, after that, they go to actual cash value ( depreciation )....

Again, not accurate. It depends on your policy. I have a 13 year old Bennington which I've owned for 11 years and I have an agreed value policy from Progressive.

Sunedog.... it is accurate with regard to my policy... in the event of a total loss, for the first 5 years I get a check for the agreed value... after that it's actual cash value. I'm certain of this because I recently had this conversation with a progressive agent specifically about the policy I have.... I was never offered an "agreed" value policy for anything beyond 5 years... not saying they don't offer it.. just saying I was talking about the terms of "my policy".

[landlockedsailor]

Boat US here. Very reasonable!

[sunedog]

Progressive will pay the agreed value for the first 5 years of ownership, after that, they go to actual cash value ( depreciation )....

Again, not accurate. It depends on your policy. I have a 13 year old Bennington which I've owned for 11 years and I have an agreed value policy from Progressive.

Sunedog.... it is accurate with regard to my policy... in the event of a total loss, for the first 5 years I get a check for the agreed value... after that it's actual cash value. I'm certain of this because I recently had this conversation with a progressive agent specifically about the policy I have.... I was never offered an "agreed" value policy for anything beyond 5 years... not saying they don't offer it.. just saying I was talking about the terms of "my policy".

I just re-read what you wrote and I now see what you are saying. My apologies. I initially thought you were making a blanket statement that Progressive didn't offer anyone agreed value insurance for anything beyond 5 years.

[blacklabjeff]

I want to thank all of you who responded to my insurance query.

I did a great deal or research on different companies (including my homeowner/auto insurance company). I also contacted the boat dealership where I purchased the boat to see which insurance company was the easiest to deal with regarding claims work.

With all said, I did go with Boat US for this year.

Thank you all again. Being a newbie to Pontoon Boat Forums (and to pontoon boats), it is nice to know fellow pontoon boaters are so willing to pass along tips/advice/etc.

Jeff
2014 SunTracker
Fishing Barge 20DLX
60 Merc Big Foot 4 Stroke

[sunnyside]

I had Boat US insurance for 20+ years on various runabouts until I got this new Bennington pontoon. Boat US was way more expensive than Progressive for the new boat. I'm paying $285 per year for actual value of $72,000 for the new boat, motor and trailer with a 6 mos layup provision. The Boat US rate was $450+ for the same coverage.