Insurance, Coverage, and Claims

[Wake4Fun]

Boater's Insurance Agency has a good deal with Indmar Engines & Malibu Boats. You get a 5 year factory direct warranty on the engine and 5 years of replacement coverage on the Malibu boat itself. I've never heard of anyone offering that anywhere else. Their rates are very good considering they have coverages found nowhere else. Most all StateFarm, All State and Geico policies depreciate the value of your boat just like your truck or car. Boater's Insurance Agency told me they don't depreciate the value of the boat for the lifetime of the policy! Here is their Indmar deal...

http://wakeboardingmag.com/news/2010/08/26/first-look-indmars-factory-5-five-year-warranty/

[NewMalibu]

i got progressive because my car/home/life/umbrella company recommended me to them as their partner. this summer i had some damage happen when on vacation, and i was a little worried because i had heard some horror stories about Progressive.

however, i have to say that they have been great to work with. I called them up and they gave me the names of 2 shops that they already had relationships with. the agent said i could use one of these shops or use my own (but that would take a little more work because they would have to set them up in the system). i took the boat to the shop that was recommended by Progressive (because they were also recommended by some other folks i know).

The adjuster came out to look at the boat, accepted all of my damage claims and worked directly with the shop on the rate. In fact, the adjuster actually called me and told me that instead of patching a hole in my cover, they were just going to buy me a brand new cover and to let them know where i got the cover from. from what i understand, there were no questions asked about the costs from the fiberglass or cover shop.

The only issue i have had was that the fiberglass shop itself. instead of grinding out the damage and re-gel coating it, they tried to fill and wetsand only. When i called the agent, he told me that they were supposed to return everything to factory, so he is keeping my claim open, and after boating season, i need to take the boat back and they will make it right.

I dont know if there are any 'different levels' of Progressive coverage, but if it helps, when i call in to my claims number, the recording tells me something like 'thanks for being a Progressive Platinum customer'. not really sure what that means, because i just went with the coverage that my home/auto/life/umbrella company told me to go with.

[WakesetterE]

This *is* a great post idea. I would love to hear what anyone else has to say that's had to make a boat related claim. I'm through a lesser known insurance company called erie insurance. Anyone ever have a claim through them? Also interested in what people have to say about safeco or liberty mutual as well.

Safeco is owned by Liberty. Having been employed by Liberty in my younger days, if you dont want to get paid what you are owed, want the run around, and be shorted at every opportunity, then Liberty is for you. That was 7 years ago, so they may pay even less now.... IMHO.

[WakesetterE]

My Dad told me many, many years ago to never take a check from an Insurance company before the repairs have been done. Once you accept that check, they can consider this as a settlement and any undiscovered damage won't get paid for.

You may also want to consider who is running Progressive insurance. It's no coincidence that the name is the same as a far left political ideology. Scroll to near the end of this story:

http://www.theblaze....bama-democrats/

Thats not true on first party claims. Your payment is based on the contract of insurance you entered. That may be true on third party claims, if you sign a release. However, most should allow approved supplements if the adjuster gets a chance to see the hidden damage. Different states, different laws...

[tcody]

I am an Independent Agent who represents more than 65 companies. Most of the ones mentioned here I have access too. I can tell you horror stories af any company you name, and I can tell you great stories on any company. The bigger the company the more bad you may here. This is because of the number of policies they write. The most important thing to do is find and agent you can and will trust. If you do not trust you agent, find a new one. DO NOT BUY INSURANCE ON PRICE ALONE. Get the coverage you need so when the claim does come you are covered. Someone is always is cheaper. Ever company has good and bad adjusters. Always talk to the adjuster, most of the time they can help you. If for some reason they cannnot help you, either ask for a supervisor or call you agent. An open line of communication is the best cure for problems. Getting down off my soap box now.

TLC

[Lance B. Johnson]

Few companies have had entire books written about their claims practices:

http://www.amazon.com/Good-Hands-Boxing-Gloves-Insurance/dp/1934833010/ref=sr_1_1?ie=UTF8&qid=1316613330&sr=8-1

Thanks for posting that....it is time for me to get off my keyster and find a different company. Been procrastinating....

[tvano]

I am an Independent Agent who represents more than 65 companies. Most of the ones mentioned here I have access too. I can tell you horror stories af any company you name, and I can tell you great stories on any company. The bigger the company the more bad you may here. This is because of the number of policies they write. The most important thing to do is find and agent you can and will trust. If you do not trust you agent, find a new one. DO NOT BUY INSURANCE ON PRICE ALONE. Get the coverage you need so when the claim does come you are covered. Someone is always is cheaper. Ever company has good and bad adjusters. Always talk to the adjuster, most of the time they can help you. If for some reason they cannnot help you, either ask for a supervisor or call you agent. An open line of communication is the best cure for problems. Getting down off my soap box now.

TLC

thanks for the insight; good stuff.

[areamike]

Boater's Insurance Agency has a good deal with Indmar Engines & Malibu Boats. You get a 5 year factory direct warranty on the engine and 5 years of replacement coverage on the Malibu boat itself. I've never heard of anyone offering that anywhere else. Their rates are very good considering they have coverages found nowhere else. Most all StateFarm, All State and Geico policies depreciate the value of your boat just like your truck or car. Boater's Insurance Agency told me they don't depreciate the value of the boat for the lifetime of the policy! Here is their Indmar deal...

http://wakeboardingmag.com/news/2010/08/26/first-look-indmars-factory-5-five-year-warranty/

I'm definitely checking them out(just filled out their online form).

Since having my motor rebuilt I have this overwhelming fear it could fail again. Having engine failure coverage as part of my policy would give me a huge peace of mind. Ski Safe would not cover my first engine failure even though it was determined it due to bad gas that had sandy grit in it that clogged the fuel injectors and caused a piston to overheat and fail.

[wakeboarder3780]

Safeco is owned by Liberty. Having been employed by Liberty in my younger days, if you dont want to get paid what you are owed, want the run around, and be shorted at every opportunity, then Liberty is for you. That was 7 years ago, so they may pay even less now.... IMHO.

I'm actually employed by Liberty right now which is why I asked what others opinions were. I didn't offer up my personal opinion because I didn't have a claim with them. Have you personally had claims with them? The only reason I'm asking is because my opinion of liberty is actually quite the opposite. My opinion has always been that they're a quality company focused on quality coverage even if it costs a bit more to do so.

I think the fellow that posted the bit about how each company is going to have bad news is probably accurate. I'm sure the most vocal people are the people who feel they got screwed. When's the last time someone told you how *good* their insurance company was? Most people rarely have claims and since it deals with losses they typically don't brag about how good they were covered to friends or family.

FWIW My dad has been in the auto business his entire life. Owned his own frame shop for years for which he did work for a lot of different mechanic shops (mechanic shops hire out frame straightening because it's a niche market and requires expensive machinery). He is now teaching in the field at a local technical college. He says that progressive is absolutely the worst as far as fixing vehicles goes. He says they used the cheapest parts, never OEM, and will sometimes go after used parts. I wouldn't touch progressive with a 10' pole from the comment alone but obviously your mileage may vary.

Edited September 22, 2011 by wakeboarder3780

[flapjack]

The bigger the company the more bad you may here.

While this may be true for independent policy holders, I think a company that regularly interacts with the claims process (e.g. Smoothwater Sports) could make conclusions that shouldn't be devalued as anecdotal.

On Progressive.... their online tool is very good for getting the exact coverage you want. They have same day insurance coverage, so you can buy a boat and use it the same day. Ski Safe does not provide same day coverage on used boats, and I find that distilling your policy is difficult with them.

[SmoothWaterMan]

While this may be true for independent policy holders, I think a company that regularly interacts with the claims process (e.g. Smoothwater Sports) could make conclusions that shouldn't be devalued as anecdotal.

On Progressive.... their online tool is very good for getting the exact coverage you want. They have same day insurance coverage, so you can buy a boat and use it the same day. Ski Safe does not provide same day coverage on used boats, and I find that distilling your policy is difficult with them.

Interesting. I haven't purchased personally from them in the last year or two, but in the past we have called them up, got a quote and a binder for customer on the spot in one phone call. This would have been with a $500 deduct, 500k liability and replacement value on the boat and trailer for at least 5 years. If someone has insured with them recently I would like to know if this has changed.

Thanks,

Peter

[MUpde]

My Response is covered by Allstate.

A few years ago, the wife put the side of our boat into the end of a dock. Needless to say, Allstate covered the ENTIRE thing. They were really a pleasure to deal with. I know dealing with some insurance companies can be a pain in the arse....

The dealer where we bought our boat (Tilly's) recomended the agent. We couldn't be happier with Allstate...

[85 Barefoot]

My Response is covered by Allstate.

A few years ago, the wife put the side of our boat into the end of a dock. Needless to say, Allstate covered the ENTIRE thing. They were really a pleasure to deal with. I know dealing with some insurance companies can be a pain in the arse....

The dealer where we bought our boat (Tilly's) recomended the agent. We couldn't be happier with Allstate...

Isn't that what you paid them to do?

[flapjack]

Interesting. I haven't purchased personally from them in the last year or two, but in the past we have called them up, got a quote and a binder for customer on the spot in one phone call. This would have been with a $500 deduct, 500k liability and replacement value on the boat and trailer for at least 5 years. If someone has insured with them recently I would like to know if this has changed.

Thanks,

Peter

Peter, you certainly may be able to do insurance on the spot as a dealer; that makes sense.

I have had SkiSafe for >10yrs on my Response; I have never had a single claim. I expected them to be quite accommodating on a new policy.

I paid cash for a used jetski about 2 weeks ago (not from a dealer). I tried on the web, and then I called SkiSafe and they would not start an insurance policy until the next day. I asked for a manager, and they explained that they never do same day policies on any boats.

There was no way I was going to be able to bring a jetski home and not take the kids out; I called Progressive, and I got instant insurance starting that minute. I understand why SkiSafe would have their policy, but I think an existing policy holder without any claims would have been a pretty safe bet on the ol' actuarial charts. They lost my business on the jetski. Furthermore, the Progressive quote was lower and more flexible... I'll be doing research before renewing next year's policy on the Response.

[MUpde]

Isn't that what you paid them to do?

Absolutely. My point was they didn't balk at it. They paid the claim and there were no hastles...

[srintx]

Seems as if there is no real consensus on one or a few companies that provide an all around "best policy."

Has anyone dealt with Progressive on theft related claims? This will be our first year keeping our boat at the marina on a lift. In the event something was to happen, I would like to know how the claim was handled.

[WakesetterE]

Remember, most policies are state mandated to be the same, while limits vary, coverage amongst similar policys in the same state is likely the same. Its the claim service and company attitude that makes a big difference. Having an agent that will pull for you is a bigger plus than most realize. That agent knows what to say to ensure your loss is covered, you may not. The internet bought policy may not offer the same service.

After 21 years of working in the business, working for over 100 insurance companies, there is no one "good" company.(although I could place a pretty good argument for USAA) Your best bet is to insure everything you own with one company, and keep them for as long as you can. When handling claims one of the first things pointed out to adjusters is... "we have Mr.Smiths auto and homeowners polices, he has been with us for 12 years with no claims; take care of him".

In contrast to" this policy was placed on the internet, 2 months ago, with no physical inspection or photo of the risk. Ensure this is a new claim.Do we owe it?" I had a jet ski claim with progressive. They eventually paid the right amount. Boating/motercycle/camper insurance is highly profitable and sought after in the business. These items are not typically used every day. So, even if the lake had as many boats as the freeway had cars, odds are you use the boat less than 10% of the time you spend in your cars. Thinking of it that way, see how much less risk exposure they have for the policy dollar?

[Rechromed2]

I've had nothing but great dealings with USAA, had them for the last 17yrs. I was really bummed when I found out they wouldn't ensure the boat. In fact I think they contract out to Progressive. That was a crazy expensive quote at ~2k!

[85 Barefoot]

I have usaa on most of our stuff (house, cars, etc.) as has my family. I wouldn't give them a 10 for their claims handling. They even outsource some parts of their claims to a third party. Bet a lot of USAA folks didn't know that. That third party was extremely problematic for me. I would give USAA a 10 for everything...banking, investments, CS... but claims handling has been poor in my experience.

We have Global Marine on the boats (my 2 and ski club) and we have 300/500 liab and UB for under $350/yr. No claims experience. We did that because USAA refers to Progressive. Thanks but no thanks.

[Vettesetter]

This *is* a great post idea. I would love to hear what anyone else has to say that's had to make a boat related claim. I'm through a lesser known insurance company called erie insurance. Anyone ever have a claim through them? Also interested in what people have to say about safeco or liberty mutual as well.

After an axle failure a towing company hired by BCAA damaged my trailer and dash, BCAA says call ICBC, ICBC says call Kelowna ICBC, they say call your home ICBC, they say, we don't fix boats. I will probably have to sue the towing company after the boat is fixed by my insurance ($475 deductible). Up here the Insurance companies all only insure you for a full year. I asked if I could put storage only insurance for the 9 months that we don't use the boat, they said "no". I said OK, I'll just cancel my policy after the season, they said you have to prove that you sold the boat to do that.

[BlastRlxi]

I've had nothing but great dealings with USAA, had them for the last 17yrs. I was really bummed when I found out they wouldn't ensure the boat. In fact I think they contract out to Progressive. That was a crazy expensive quote at ~2k!

+1 for USAA. I've only had a couple of claims in over 20 years with USAA and never had any problems. I don't think USAA contracts all their boat policies with Progressive. It depends on what state your boat is kept in. If you are on the coast or in a hurricane prone area, they are probably more likely to contract with a third party for coverage.

[hethj7]

I wanted to provide some follow up on Progressive. Although I'm having issues with the the shop, Progressive has been great thus far. My agent promises to return calls the same day if you call his cell phone before 4 and leaves his supervisor's name and number so you can call him if the agent doesn't keep his word. I thought that was cool.

They are paying my claim with no questions asked. The agent was also at the shop today and called me from the shop so we could "expedite" the shop together. Unfortunately, I wasn't able to answer the call because I was in a meeting. But, I'm super impressed after I told the agent yesterday my concerns over the shop that he said he'd be there today and would help me work through some issues while he was there, all related to the shop and not Progressive. Work still needs to be done, but so far I have nothing but good things to say about Progressive.

[coldwater-echelon]

I insure my Echelon LX with Allstate. A few years ago we were caught in a storm on an inland lake in southwest Michigan and ran aground trying to idle back to the dock. We bent everything below the water line, skegs, strut, rudder, prop shaft & prop were all junk, over $3K in total repair bill. I contacted my agent and explained what happened, hauled the boat to a Malibu dealership and they contacted my agent with a repair quote. Allstate okayed the work and cut a check to cover the damage. About two weeks later I got my boat back and my insurance premium has not gone up since. Allstate was easy to work with and the claim process went very smoothly.

[Deephaven]

any experience with Travelers?

Replaced the fishing rods stolen from my locked rod lockers very quickly and fairly. And I love the mechanical coverage although I haven't had to use it.

[SmoothWaterMan]

Once again the Progressive adjuster (I swear he is doing everything possible to ensure a huge year end bonus) was here. After 4 weeks he is finally going to write off the the boat that had a repair estimate of 15K instead of his 6k, mainly because I think he feels he can get enough from the salvage auction. Unknown what they are actually going to pay the customer for the total loss though.

The other boat he is still arguing on about the fiberglass repair. Along with him trying to tell the customer to not use Smooth Water Sports I'm finding myself at the end of my tolerance with Progressive. My customer (just like the one above) said if they don't pay he has no problem fighting with them for it, as they are not going to take the boat somewhere else.

I'd love to say it's just the adjuster, but both him and the other Progressive adjuster have to send proof of what they saw and back up their decision to their office, before approving anything. (Or at least they say so) It's almost like Progressive wants to drag it out, to wear down the customer into accepting their offer.

So I'm still not seeing any positive results from using Progressive. The other adjusters and other companies have been straightforward and knowledgable to deal with.

Peter :/