Need some insight on my insurance quote

McGarnicle

So this is my first year with my 342 my previous boating experience was with my Chap 260sig for 3 years. 

When I purchased my 260 I went with Progressive because I use USAA for everything but they don't offer marine insurance and have a partnership. No big deal was only $500 bucks a year didn't think much about it. 

I purchased my 342 this past Feb and Progressive quoted me 3k, almost had a heart attack but at the time just wanted to make sure I was insured during transportation and everything else so I just paid. Now the boat is on land and laid up for the winter I'm ready to make a change. 

Reading threads on the forum a lot of people recommended Global Marine, so I submitted an application and received a quote this morning. Being so new in the marine world, and to be honest dealing with insurance in general this all confusing and not sure if this would be acceptable coverage, and what's Progressive is covering that AIG isn't and vice/versa. 

One big thing I did notice is that AIG motor and drive depreciation is 7 years and Progressive offers Propulsion Plus, not sure if this is a big deal or not.

Any help/insight would be greatly appreciated!

LaRea

That's $8 per $100k of agreed value, which is similar to what they quoted me.  The only difference is you specified a 6-month layup, and I had 5 months.  

It's good coverage.  The $1M fuel spill is good, but you might ask USAA for a price on a $1M umbrella policy.  That would cover fuel spill and much more.  

Stodge

I'm in the same boat (USAA for nearly everything) but didn't have THAT bad a quote from progressive.

After the crazy rate increase from BoatUS insurance, I went to a local insurance broker who got me a policy with International Marine Underwriters.  We did agreed hull value of $62k and $500k liability and my premium for the year was $425.  Pollution, uninsured boater etc. are included as line items but included in the base price.  I can increase the liability coverage and the rate will go up a little.

I kept the center console with BoatUS insurance because these guys wouldn't insure that small of a boat.

McGarnicle

Ended up speaking with Andrea from Global Marine, she was extremely helpful and with her dealing with both companies she was able to explain the differences and show why not only would there be extreme cost savings but also better coverage. That being said I decided to move forward with the switch, and hope to never have to use it.

Also good idea @LaRea will also look into adding an umbrella for extra security 

Black_Diamond

Where do you boat at?

McGarnicle

Black_Diamond said:

Where do you boat at?

Chain O'Lakes IL so inland lakes but considering going to Lake MI so this policy will cover that also just no oceans. 

Black_Diamond

ah OK.  FYI all your Michigan boaters: check out Fremont Insurance on their boat/yacht policy, I pay about $600/yr with fixed value.  Covers my dinghy, motor, and depreciation protection on engines and outdrives.

Just a happy customer.  I do not work for them!  lol

Dream_Inn

I guess I'm partly to blame for some global marine switches. I am a very happy customer with them for 7 years and unfortunately two large claims. Both were handled extremely well and very minimum rise is premiums.

like you said, hopefully you never need to use it.