Progressive Boat Insurance Review

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 is headquartered in Mayfield, Ohio. It 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 $40.6 billion written in net policy premiums as of 2020 and has excellent financial strength through these insurance rating organizations:

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

Better Business Bureau Rating

Progressive Insurance has an “A+“ rating with the Better Business Bureau. The file was opened in 1956. Progressive does not have accreditation from the BBB. While companies are not obligated to have BBB accreditation, it is a way for customers to see how the company handles and resolves complaints. Progressive has a composite score of 1.11 out of 5 stars based on 467 customer reviews.

Boat Insurance Policy

Progressive insures boats up to 50 feet long and below $500,000 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 decrease your deductible by 25 percent with each claim-free policy period. The boat insurance policy from Progressive features several options that can be customized for your needs 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 watercraft:

• Runabout
• Mini Jet Boat
• Sailboat
• Pontoon
• House Boat
• Cabin Cruiser
• Bass Boats
• Personal Watercraft and other types of fishing boats

Exclusions

Progress does not insure boats over 50 feet in length. In some hurricane-prone states, the limits can be 35 feet and $175,000 in value. Policies are not written for physical damage only or engine/motor coverage only. No coverage is available for boats over 50 feet and valued at over $250,000, personal watercrafts valued at over $27,000, or those 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 policyholders 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.