Progressive Boat Insurance

Progressive Boat Insurance

Progressive boat insurance is a good option to think about having if you own a boat or other watercraft.


After all, aren’t boats and watercraft the perfect way to get away and relax on the water?


Surely most people would love going boating on a hot summer day. And knowing that you and your boat are covered in case of an accident should put you even more at ease. Progressive Insurance Company makes it easy.


So, what exactly will Progressive boat insurance cover? It covers roadside assistance, on-water towing, total loss replacement, etc. Roadside assistance covers boat towing to the nearest repair shop, as well as labor costs involved in repairing your boat.

These costs can be due to a mechanical or electrical breakdown; battery failure; not having enough fuel, oil, water or other fluids; having a flat tire; getting locked out; and getting stuck in snow, mud, water, or sand within 100 feet of the road.


Roadside assistance is available 24/7 and is automatically included for Pleasure boats and PWCs with trailers.


On-Water Towing and Labor Coverage service will pay $300, $500 or $1,000 per occurrence toward towing and labor expenses, based on how much coverage is chosen.


Labor coverage is utilized when workers attempt to repair the boat at the time and place of the accident, while the boat still remains in the water. On-Water Towing and Labor Coverage are reimbursed.


Progressive Insurance Company also covers comprehensive and collision costs. Collision costs may be involved in repairing or replacing your boat if it is stolen or damaged by hitting another boat (or them hitting you), hitting a pole, or other inanimate objects.


Comprehensive coverage protects your boat in case of fire, theft, or defacement. If a total loss occurs, you have three different options:

  • actual cash value
  • agreed value
  • total loss replacement costs.


Actual cash value is determined by the age, condition, and market value (rating base) of your boat when total loss occurs. It is regarded as being the most economical of the three choices.


Actual Cash Value will cover either the actual cash value or the current market value, whichever is lower.


Agreed value pays the current market value, no matter what the actual cash value is. If it is a partial loss, the batteries, sails, canvas/plastic coverings and out drive units or outboard motors older than five years are the only parts of the boat that decrease in value.


If the boat is newer than two years old, the sales receipt or an appraisal serves as the current market value.


Total Loss Replacement is available for boats newer than a year old. In the case of a total loss, Progressive Boat Insurance will replace the old boat with a new boat of the same make and model, if feasible. Otherwise, a different boat will be given for boats five model years old or under.


For older boats, the current market value of the boat and insured attached equipment is paid. A sales receipt is required in this case. Total Loss Replacement is not offered for watercraft.


Both Agreed Value and Total Loss Replacement coverage includes Disappearing Deductibles. For every period in which you have no claims, Progressive Insurance Company reduces Comprehensive and Collision deductibles by 25 percent. After the fourth consecutive period, the deductible is reduced to $0.


If Progressive pays a comprehensive or collision claim, deductibles go back to their initial amounts when the policy is renewed. That rule does not include liability, roadside assistance, or other claims that are not considered physical-destruction related. Unfortunately, this little bonus is not an option with watercraft.


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