Ahoy folks! I recently finished dealing with a nightmare situation having bought my boat insurance through Progressive (in Rhode Island) for my 41′ Passport. So batten down the hatches and get ready for a ride!

When I arrived at a long-term location in Hampton, VA I needed to add Safe Harbor as an additional insured on my policy. No big deal I thought…

It turned into a total nightmare. Progressive said I had to rewrite the policy now as a Virginia policy (also very normal). However, when I notified them of the change of location they cancelled my old policy with them. Then the new policy was also cancelled automatically (within a few days).

How? When the rep asked me if I were a liveaboard I said no. They then told me if I ever slept on the boat I had to say I was a liveaboard. As a result, I was automatically cancelled because they don’t insure liveaboards (FRUSTRATING!).

This time when I attempted to resolve the issue with them, they said I’d already been cancelled twice and I needed to find a new insurance carrier. It was a terrible experience to say the least.

The light at the end of the tunnel was that I ended up getting an insurance survey for my boat (which now acts as a checklist for prioritizing my projects). I also save thousands each year on my boat insurance premiums, and I have better coverage with a knowledgeable carrier for the boat insurance market. One more added perk is that my new boat insurance carrier (The Gowrie Group), is a Safe Harbor partner.

If you’re looking for boat insurance (especially with a vessel over 40 feet), I hope my experience can help guide you along the way!

My Personal Experience:

Progressive Boat Insurance: I began my insurance quest with Progressive, initially enticed by its convenience of no survey requirements. Progressive’s understanding of the market for larger vessels left room for improvement. Notably, their definition of a “liveaboard” raised concerns, as they considered any overnight stay as such. Yet, in reality, a liveaboard typically denotes someone whose primary residence is their boat, not just an occasional overnight visitor. Also, they were incredibly expensive in terms of premiums for the coverage you were getting (not to mention unreliable as insurers).

State Farm Boat Insurance: Seeking a more budget-friendly option, I explored State Farm. Their attractive premiums and easy underwriting were appealing. Plus, they didn’t require a survey. However, as I delved deeper into the maritime community, I found unsettling reports about their reluctance to pay claims. The affordability came with a potential cost – a disconcerting risk.

The Gowrie Group: Recognizing the challenges I faced with the previous carriers, I shifted my course to The Gowrie Group, a Safe Harbor partner. Despite the survey requirement, the thorough process, and the added effort, this choice proved to be a wise decision. The Gowrie Group offered a comprehensive understanding of the yacht insurance market. Moreover, they extended enticing benefits for Safe Harbor members, such as free hurricane haul-out and a zero deductible for marina work. In the end, the investment in the survey and the partnership with a reputable broker yielded not only substantial savings on premiums but also a profound sense of security regarding claims.

Understanding Your Options:

With these personal experiences in mind, we’ve compiled a comprehensive guide covering a variety of insurance carriers, each with its own set of advantages and drawbacks. Navigating the seas of boat insurance for larger vessels necessitates a thorough understanding of the options available, as well as additional considerations to ensure a safe and secure journey on the water.

Here’s a comprehensive list of insurance carriers, each with its own set of advantages and drawbacks:

1. Progressive Boat Insurance:
   • Pros: No survey requirements for convenience.
   • Cons: Higher premiums for larger vessels; broad definition of “liveaboard.”
2. State Farm Boat Insurance:
   • Pros: Attractive premiums and simple underwriting; no survey needed.
   • Cons: Reputation for claims reluctance.
3. The Gowrie Group:
   • Pros: A deep understanding of yacht insurance; benefits for Safe Harbor members, including free hurricane haul-out and zero deductible for marina work.
   • Cons: Requires a survey, which can be a meticulous process.
4. Geico Boat Insurance:
   • Pros: Competitive rates, and discounts for bundling boat and auto policies.
   • Cons: Limited coverage options compared to specialized marine insurers.
5. BoatUS:
   • Pros: Specializes in boat insurance and offers coverage tailored to the unique needs of boaters.
   • Cons: May not be as cost-effective as some other providers.
6. Markel Marine:
   • Pros: Provides coverage for a wide range of vessel types and has a solid reputation for claims processing.
   • Cons: Premiums can be on the higher side.
7. Chubb Marine Insurance:
   • Pros: A recognized name in the insurance industry, offering specialized marine insurance with a focus on luxury yachts.
   • Cons: Less competitive for average-sized boats due to their exclusive focus on high-end vessels.
8. Allstate Boat Insurance:
   • Pros: Provides bundling discounts and may be a convenient option for those already using Allstate for other insurance needs.
   • Cons: May not offer the same level of specialization and tailored coverage as marine-specific insurers.

Additional Considerations:

• Navigational Area: Ensure your policy covers the geographic areas where you plan to navigate, especially if you’re taking your boat to international waters.
• Agreed Value vs. Actual Cash Value: Understand the difference between these coverage types and choose the one that best suits your vessel’s value.
• Liability Coverage: Ensure you have adequate liability coverage to protect against accidents and injuries involving your boat.
• Uninsured Boater Coverage: Consider adding this protection to safeguard against accidents with uninsured or underinsured boaters.
• Hurricane and Natural Disaster Coverage: If you’re in a region prone to natural disasters, verify that your policy includes coverage for these events.
• Optional Coverages: Evaluate options such as salvage coverage, towing, and pollution liability, depending on your specific needs and usage.
• Equipment and Personal Property: Remember to account for valuable equipment, electronics, and personal property on your boat when determining coverage needs.

Securing the right insurance for larger vessels involves a combination of thorough research and selecting a carrier that aligns with your specific needs and budget. Understanding the nuances of boat insurance, along with the pros and cons of various carriers, is crucial for a smooth and secure voyage on the water. Diligence in the upfront process ensures that your vessel and your peace of mind remain protected during your maritime adventures.

We also found this video which helps answer some of the most common questions about boat insurance (hope it helps!)

In our next post we’ll dive more into our thoughts and experiences with terms of coverage. If there’s anything else you want us to write about please let us know in the comments ⬇️