Boat Insurance BS
 

I have Progressive Boat Insurance that I have had for years now.

I have an older 2006 Malibu VLX
I pay $400 a year for average coverage. My insurance seems like it never really goes down much in price, plus $400 seemed a little high to me.

I call to get it lowered over the phone with the billing dept./ customer service from Progressive. I explained to him that my boat goes down in value, my rates should reflect the decrease more than it does in my opinion. He agrees, but tells me that the Progressive computes the market value into the renewal amount automatically and it shows $400 with what the coverage I want. So I tell him I am going to think about paying my bill right now since I have time and I hang up.

I decided to go to the Progressive website and plug in all my info on my boat as if I was a new customer wanting a quote. Same coverage info form my print out, boat make and model. Guess what?

$277 a year pops up on my screen.

I opened a new account with the new lower rate. Paid for it in full with coverage starting when my current insurance policy expires. I feel better about saving $133, but that is BS that I had do all that to get it. I wonder if he even looked into lowering my rates or he just saw the renewal amount and gave me a line of BS hoping I would just pay the $400.

Just thought I would share.

Skisafe is good

Git says you dont have the same coverage. Insurance is so highly regulated, its hard for the provider to do that.

Also, Liability against an at-fault accident never gets cheaper as the boat ages, they are not related.

My experience with Allstate is that existing customers are targets for screwing over. You have to check around every few years because they treat you like the frog in the pot that doesn't jump out when you slowly heat the water.

If you really wanted to make your point you should have signed up for the new policy immediately and then cancelled your old one. You should get a refund for the remaining coverage period after the cancellation.

TigeMike, i even messed with my level of coverage and upped it to the very highest lecel and it still was not at the $400 amount per year. So i feel your statement might be what an jnsurance guy might of told you.

Sorry I was typing while sipping whiskey.

Which statement?

Insurance is so regulated by the state, you cant fart without it being approved by the state insurance commission. Through your online quote, did you submit your drivers license and SS #? Typically cant get an accurate quote without those.

Check the break down of any vehicle policy that includes comprehensive coverage along with the liability. You will see that the liability portion is the greatest cost of any policy. Replacing the boat on the comp side is the least expensive part is settling an accident in which you are at fault.

Yep... Insurance is usually a Rip.... I just went through a similar situation a few months ago. I have a 2003 Super Air Nautique 210 and it had got up to $577 a year. I bought a car and called my agent to add the car and she said I can save you some money on the boat policy, so she got me a few quotes for equal coverage and the best was Progressive for $235 a year, More than half.... So I'll let that ride till it gets too high and switch it up again I guess.

Coming from the insurance world, mainly life and DI though, you've gotta shop these people around. Either do the shopping yourself or find an agent with access to multiple carriers. "Captive" agents will spin it any way they can to make it sound like they have the cheapest rates for you because they only have one option available.

I see it a lot with bundling. The major home and auto carriers will try to sell you a term life on top of everything else you have with them, and while it sounds good in the moment, it's probably not as competitive as going with another carrier

I just switched from Progressive to Geico same coverage less money and they are Boat US so you automatically get water tow coverage

yep, same thing with homeowners. Policy was going up 7-10% per year. Agent tried to tell me house was worth 150K more than it is and I needed that big of policy. Carrier actually refunded money cover their ass and I found a new agent/carrier. will save about 1000 this year