Progressive Offers Better Coverage in Texas

Smooth sailing with these great and industry leading Boat coverages

  • Sign & GlideSM takes on-water towing coverage to a new level. If a customer is stranded while on the water, our dispatch center will arrange for a licensed tow vessel to come to their aid. One call is all it takes—and there are no out-of-pocket expenses for your customer.
  • Trailer Trip Interruption coverage pays your customer for meals, transportation and lodging if they have a trailer or tow vehicle breakdown or accident while towing their watercraft more than 100 miles from home.
  • With Total Loss coverage for PWCs, we’ll pay the MSRP of a current model year PWC if the covered one is declared a total loss. It’s that simple.
  • Propulsion Plus® coverage provides coverage for the outdrives of outboard and sterndrive (inboard/outboard) motors in the event of a mechanical breakdown, including those caused by wear and tear.

Contact us for a quote on your boat or to add these benefits to your current policy.

How are you paid in the event of a loss on your vessel?

How are you paid in the event of a loss?

When discussing how you are paid, you need to distinguish between a total loss and a partial loss. Most of us are concerned how the boat insurance policy responds in the event of a total loss. The likelihood of a total loss is much less than a partial loss; therefore it is important to understand how the policy pays for both.

There are three different types of boat insurance policies — agreed value, actual cash value and replacement cost. One of these three could be paid in the event of a total loss. In the event of a partial loss, you will need to know if the policy is paying replacement cost or depreciated value.


Agreed Value

Agreed Value is easy. You and the insurance company agree on the value of the boat before the loss. Using our example, you would be paid $40,000. If the current value of the boat at the time of the loss is $20,000 or $55,000, you would be paid $40,000, the Agreed Value of the boat.

Actual Cash Value

Actual Cash Value is the value of the boat at the time of the loss. A boat insurance company will pay the insured value or the Actual Cash Value of the boat at the time of the loss, whichever is lower. In our example, if the Actual Cash Value of the boat is $25,000, this is the most you will be paid. If the Actual Cash Value is $55,000, then you would be paid the insured value of $40,000. The Actual Cash Value is determined by the insurance company from sources such as a used boat price guide and other boats listed for sale.

Replacement Cost

The newest option is Replacement Cost. A Replacement Cost policy agrees to replace your boat with a new boat. You are required to purchase this coverage when the vessel is new and the coverage is only available until the vessel is two or three years old. Our $40,000 three year old boat has a Replacement Cost new today of $45,000. The Replacement Cost policy would pay $45,000 for a new boat. Some policies may specifically state they will pay a percentage over the amount the vessel is insured for, 20% for example. Once the boat reaches the age where replacement cost is no longer available, the policy form will be changed to Agreed Value or Actual Cash Value.

What is Commercial Towing and Assistance?

What is Commercial Towing and Assistance?

Most boat insurance policies provide coverage for towing and emergency services. Some policies may automatically include the coverage while on others it may be optional.

Towing coverage may only be provided while on the water or may provided while on water or land.

Towing provides coverage to the nearest place where necessary repairs can be made. This may not be to your repair facility.

Emergency services include such items as delivery of fuel, oil, parts, battery and emergency labor while away from safe harbor. The cost of parts, batteries, fuel or oil is not included.

The amount of towing and emergency services coverage varies by company. It may be $0 to $10,000. The amount of coverage for most companies is per occurrence but we have seen companies that use an aggregate limit