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 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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