Protecting Boats & Motorcycles       

Before you take your motorcycle on the road or put your boat on the water, it may pay to be certain your insurance is ship-shape.  

Motorcycles and boats are often significant investments, and the right insurance policy can help protect them. Here are a few tips, courtesy of  IBS Financial Group .

·        Evaluate your specific needs. Insuring a boat or a motorcycle is different than insuring your car or home. A specialized motorcycle policy, for instance, can provide coverage for custom paint jobs and aftermarket equipment that might not be covered if the bike were just added to a generic auto policy.

 ·        Similarly, a specialized boat policy could cover things like the cost to replace lost or damaged fishing gear and costly services such as emergency on-water towing and fuel-spill cleanup. You probably wouldn’t get this coverage by adding a boat to a homeowner’s policy.  

·        Consult with an independent agency – like IBS Financial Group . Unlike “captive” agents who represent only one company, independent insurance agents and brokers are licensed insurance professionals who represent several companies. They can offer you a variety of coverages, review and evaluate your policies, suggest new coverage options that meet your changing needs and answer your questions.  

“An independent insurance agent or broker can make sure you have the specialized coverage you need to protect your boat or bike,” said Jim Lloyd, of the Progressive Group of Insurance Companies. “Some insurance companies provide only bare-bones protection for your boat or motorcycle by simply adding it onto your existing auto or homeowner’s policy, but independent agents and brokers can review and evaluate your needs to help match you with the company that will provide you with the combination of specialized coverage, service and price that’s best for you.”  

To learn more about Progressive Boat and Motorcycle insurance, contact IBS Financial Group.
 

Better Boating

Tips For Smooth Sailing This Season

(NAPS)—Before you take that first pleasure cruise or fishing trip of the season, make sure your boat insurance is shipshape.  

Insuring a boat is different than insuring a car or home. Boats require specialized cover-ages. To avoid a sinking feeling about your boat insurance, consider these tips from the experts at The Progressive Group of Insurance Companies:  

Evaluate your specific needs. Some insurance companies provide no-frills boat coverage that is simply added to an existing auto or homeowners policy. While this sounds good in theory, the reality is that your boat may be best covered if you seek out a specialized policy just for boats, not an add-on to your car or house policy. A knowledgeable, independent insurance agent will review all options with you. A specialized boat policy can cover things not likely covered by a homeowners policy, like the cost to replace lost or damaged fishing gear and costly services, such as emergency on-water towing and fuel-spill cleanup.  

Consult an agent or broker who provides the most options. Unlike “captive” agents who represent only one company, independent agents and brokers represent several. They can offer a variety of coverages, review and evaluate your policies, answer your questions and suggest new coverage options that meet your changing needs. They guide you to the policy that provides you with the best combination of specialized coverage, service and price.  

Look for a company that offers specialized boat policies. When there’s a claim, you will appreciate a company that provides specialized coverage and specialized claims handling. Ask other boaters what company they recommend or find an independent insurance agent who under-stands boat policies.  

Once you choose a policy, make sure you understand what you’re buying. Your agent should be able to explain, in layman’s terms, what the different options mean. If you are unclear about something, be sure to ask for an explanation.  

For more information about boat insurance coverages, talk to an IBS Financial Group insurance agent, who can provide you with the combination of price, coverage and service that’s right for you. To find an independent agent, visit progressiveagent.com.  

Did You Know?

For information about boat insurance coverages, talk to an IBS Financial Group insurance agent, who can provide you with the combination of price, coverage and service that’s right for you. To find an independent agent, visit progressiveagent.com.  

Sinking boat insurance myths (April 2008)

You don't believe in the Loch Ness Monster. You don’t believe your friend caught Jaws fishing off the Florida coast. So why do most boaters believe boat insurance covers them wherever they go?

Progressive surveyed more than 1,000 boat owners. It uncovered a few insurance myths floating around. Here's a sample of the findings and the facts behind each:

Myth: Everyone pays more for insurance because of the hurricanes from a couple of years ago.

Reality: Even though it’s believed by 74 percent of respondents, it isn’t true. Boat insurers generally price policies based on claims in each state. For example, Ohio customers won't pay more for insurance because of hurricanes in Florida.

Myth: Boat insurance covers me anywhere I decide to go boating.

Reality: Seventy-six percent of respondents believed this one. The reality is some insurers only provide coverage where the boat is used most. Insurers may limit coverage to 100 nautical miles of your home port. Progressive provides coverage virtually anywhere you decide to go in the continental U.S. and Canada.

Myth: I’ll get a better insurance rate if I buy from the same company that insures my home or car.

Reality: Buying more than one product from the same insurance company doesn't mean you get the best rate – even though 45 percent of respondents thought so. Boaters can save by shopping around and combining specialized policies from different companies.

"It’s important to understand what’s available," said Dominic Mediate of Progressive. "You want to be properly protected in case your boat is stolen, you get into an accident or contents are damaged. We’re separating fact from fiction so boaters can make the best insurance decisions possible."

Did You Know?

After RVers make routine checks, they should review their insurance policy to make sure it meets current needs. Progressive, for example, has developed specialized coverages that offer true protection, much more than other companies that simply add RVs onto an existing auto policy.