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Travelers Boat Insurance Review


ConsumersAdvocate.org Rating: 4.1 / 5 (Excellent)
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Founded in 1853, the Travelers Companies, Inc. is a Connecticut-based insurance company that provides a range of commercial and personal property and casualty insurance products and services, including boat and yacht insurance policies, in the United States and overseas. The company is accredited by the Better Business Bureau and holds an A+ rating with the organization.
 
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How is Travelers rated?

Breakdown

4.3/5
Coverage & Benefits
0.0/5
Discounts
4.0/5
Customer Experience
4.5/5
Financial Strength & Reputation

Overall Rating: 4.1 / 5 (Excellent)

Travelers' inclusive basic package—which features mechanical breakdown protection, commercial towing, fuel spills, personal property, and medical payments coverage—makes their boat insurance product one of our top choices for consumers seeking a comprehensive policy for less. The company also offers a good number of discounts including multi-policy, umbrella, safety education, and hybrid/electric motors. It has solid financial strength ratings as well as a superior rating with the Better Business Bureau.

Travelers Coverage & Benefits

Coverage & Benefits - 4.3 / 5

Travelers offers an inclusive insurance policy for boats and yachts that features coverage for physical damages, bodily injury and personal property liability, and personal property protection. Built-in benefits also include towing and assistance. Those looking for ways to save on boat insurance premiums will find travelers offers several excellent savings opportunities through discounts for those who have multiple policies, complete boating education courses, have safety equipment on board, and lay-up their yachts while the vessels decommissioned. Consumers seeking additional protection may also opt for an umbrella policy through Travelers, which provides an extra $1 million to $10 million in liability coverage.
Policy Type
Agreed Value
Actual Cash Value
Coverages
Comprehensive
Collision
Bodily Injury Liability
Property Damage Liability
Medical Payments
Uninsured/Underinsured Boater
Personal Effects
Type of Boat
Yacht
Leisure Boat
Add-On Coverages
On-Water Towing
Discounts
Multi-Policy
Homeowners Insurance
Boat Education Course
Coast Guard-Approved Fire Extinguisher
Ship-to-Shore Radio
Layup (Storage)
Benefits
Salvage Assistance
Roadside Assistance
Fuel-Spill Liability
Boat Towing
24/7 Dispatch

Travelers Customer Experience

Customer Experience - 4 / 5

The company offers free quotes, 24/7 claims reporting and processing, and online accounts. Its website has informative boat-related articles and boat insurance FAQ.
Online Quotes
24/7 Claims
Online Account
Additional Resources
Articles
FAQs

Travelers Financial Strength & Reputation

Financial Strength & Reputation - 4.5 / 5

According to its website, Travelers has been on Forbes' Fortune 500 List since 1995 and has been featured in Fortune's World’s Most Admired Company List since 2006. It has an excellent BBB rating of A+ based on 28 negative reviews to which the company has diligently replied and which are unrelated to its boat insurance policies. Travelers' direct premiums earned for 2017 surpassed $1 billion.
Company Type
Underwriter
Year Founded
1853
NAIC Marketshare (2017)
0.03%
NAIC Complaint Ratio (2017)
0.9
NAIC Total Complaints (2017)
2
NAIC Direct Premiums Earned (2017)
$1,048,664,993
AM Best Financial Rating
A+
Standard & Poor's Financial Rating
A
Moody's Financial Rating
A2
BBB Rating
A+
Number of BBB Positive Reviews
3
Number of BBB Negative Reviews
28
Date Collected
2018-04-13

Company Profile

Full Name
Travelers Boat Insurance
Company Website
https://www.travelers.com/index.aspx
Headquarters
One Tower Square, Hartford, CT, 06183

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Customer Comments & Reviews

Loading Reviews ...
R
RM
7/5/2019
In 2006, a fire erupted in the engine room of my 44’ Pacifica. We were 2 miles offshore, we called a mayday to the USCG, fire department etc. , the fire had spread so rapidly that we were unable to launch the dinghy and we were prepared to jump overboard. When authorities arrived in a fire boat, they got us off the boat and then flooded the boat with seawater. The boat was towed back to the Marina and was declared a total loss. We had $800K invested in the boat, but only had $280K insurance with Travelers that had been our insurer for about 20 years, never having a previous claim, and paying about $5k per year in premiums. They jacked us around for a year after the loss and finally told... Read More

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