by: The Insurance Journal
10-22-2014
The Progressive Group of Insurance Cos., which insures more than one million watercrafts nationwide, has launched a line of new boating coverage options targeting Florida’s large population of boating enthusiasts. The Mayfield Village, Ohio-based company noted data from the National Marine Manufacturers Association that states that Florida is one of the top five boating states in the country, and that it ranks the highest in total boat registrations, with some 870,031 recorded as of 2012.
The set of watercraft coverage offerings now available in Florida include:
- Sign & Glide: The average cost of an on-water tow in Florida is $712 (according to Compass Marine’s 2014 listed towing costs), but this coverage offers comprehensive assistance while on the water for $50 a year with no extra charges. If a watercraft becomes disabled, Progressive will pay for towing, jump starts and fuel delivery. With one call to the dispatch center, everything is taken care of – Progressive arranges for the tow and then pays the tow operator directly once the service has been provided and completed; when an operator cannot accept direct payment from Progressive, Progressive will reimburse a customer within two business days.
- Propulsion Plus: Created as a direct result of customer feedback,this coverage pays to repair or replace the lower unit of an outboard motor, or the outdrive of a stern drive motor in the event of mechanical breakdown – even if the breakdown is caused by wear and tear. Propulsion Plus is available as an optional coverage for as little as $38 per year. Replacing the propulsion system on a boat can cost thousands of dollars, so the coverage can help save clients money in the event of a mechanical breakdown.
- Trailer Trip Interruption: If a client is more than 100 miles from home and the client’s tow vehicle or trailer is disabled while towing his boat, Progressive will pay up to $500 per occurrence for food, lodging, and transportation until the client is back on the road, for $10 per year. Customers are insured for a daily maximum of $100 for lodging, $50 for alternative transportation and $50 for food while the trailer or motor vehicle is being repaired.
- Total Loss Coverage (TLC) for Personal Watercrafts (PWC): With TLC, if a customer’s PWC is deemed a total loss within the first three model years, Progressive won’t pay the depreciated value of the totaled PWC, but instead will pay the current model year’s MSRP, protecting customers from both depreciation and inflation at $25 per year.