Is your boat insurance going down???

[996scott]

So I was looking up something on my boat and came across my insurance for the boat. I use Progressive. I usually just pay it every year and not pay too much attention if it's gone up or down. I pulled up the last 3 yrs and was shocked to see it has steadily gone DOWN the last 3 yrs! In 2022 it was $458, 2023 it was $397, and in 2024 it was $304 for our 2021 Craz. I want to call Progressive to see if they've made a mistake but I don't dare lol. Anyone else have the same experiecne with their insurance?

[Buckeye]

I also have Progressive and have had the same experience

[HFarr]

I guess because of depreciation?

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[myaurisvietnam]

Wow, that's unusual! Insurance usually goes up, not down. Maybe they initially overestimated your risk? I'd still call them, free money is free money

[Holdmybeer]

Your boat value is dropping so the premium matches.

I had this conversation with my agent last year since I have an older boat. I picked a firm value now and my rates are always the same. Basically if it is totaled I'll get a set number regardless. I did this since boat market is up but NADA is still low on used boats.

[sandm]

I use progressive for my auto and it went down $50 from last august for my 6 month policy. guessing it's due to the used car market finally stabilizing.

[VA LSV]

I switched to Progressive this year and paid WAY less than than I was paying in the past. Even my agent couldn't believe the difference.

[bergermaister]

Funny - I switched everything about 2 years ago because of ridiculous rate hikes even though we had no claim history. At the time the new carrier was about 40% less overall for multiple vehicles, houses, trailers, boat, etc. Now that we're 2 years in guess what... nothing but hike hike hike. They went from annual to 6 month renewals to provide "better service and rates". Uh huh. More like jack it up that much faster. On the boat it went from $462 a year in 2023 to $656 this year. What a bargain. The catch is keeping the boat and all the other stuff together equates to some significant bundled discounts on the properties so in the end I'm still coming out ahead. But probably not for long.