Insurance and Finance quotes

[rlj676]

Originally Posted by WakezoneINS

Speed is most definitely a major component as to what "insurance program" you personally can fit into. There are other guidelines set by the insurance carriers that determine who is eligible and what rate it is going to be. So, to clarify, in this particular situation (everyone's situation is unique) the problem is:

1. Applicant has NEVER OWNED a boat in the past, thus no ownership experience.
2. The age requirement for most carriers for FIRST TIME CAT OWNERS is 35 years old minimum. If it were a V-Hull then the minimum age is 25 years old.

Nowhere in my post above did I mention anything about speed, because there are other aspects of the underwriting guidelines that knock this particular person into different programs or in this case, out of programs.

Just trying to advise based on this particular case. Sorry if I confused anyone.

I guess I just find it really, really hard to accept that a 26 ft v that does 70 should be so much easier to insure than a 26 ft cat that does 70, regardless of ownership experience. I don't think it's unreasonable to want a mild cat as the first boat owned (under the age of 35), but appearantly insurance disagrees with me. This is in my mind fairly absurd.

Not trying to hijack your thread BeerMaker, but I'm in a very similar situation- 28 looking for a 26 ft cat with an HO as first boat owned, not operated, with good credit and record.

[WakezoneINS]

Originally Posted by rlj676

I guess I just find it really, really hard to accept that a 26 ft v that does 70 should be so much easier to insure than a 26 ft cat that does 70, regardless of ownership experience. I don't think it's unreasonable to want a mild cat as the first boat owned (under the age of 35), but appearantly insurance disagrees with me. This is in my mind fairly absurd.

Not trying to hijack your thread BeerMaker, but I'm in a very similar situation- 28 looking for a 26 ft cat with an HO as first boat owned, not operated, with good credit and record.

I hear your frustration and know many others that share your opinion. I don't think it's unreasonable either. Many of you grew up on boats and have operated them since you could just barely see over the front of the boat. I would say that qualifies but I don't make the rules, I just have to follow them.

[rlj676]

Originally Posted by WakezoneINS

I hear your frustration and know many others that share your opinion. I don't think it's unreasonable either. Many of you grew up on boats and have operated them since you could just barely see over the front of the boat. I would say that qualifies but I don't make the rules, I just have to follow them.

Looking at your website, it appears that one year of cat ownership would qualify me (us) for your better program? Is that true?

Also, what would you expect the cost to be for that 26 cat with an HO and a 6/7 month layup and what is the assumed speed?

[apppedigree]

26' with that power and you can fly below the radar with most carriers. Go with the folks that have your house. They can usually get you a good rate. I had my 27' Fountain with 800hp with Nationwide for 5 years. There is alot of incentive for bringing all your business.

[BeerMaker]

Originally Posted by apppedigree

26' with that power and you can fly below the radar with most carriers. Go with the folks that have your house. They can usually get you a good rate. I had my 27' Fountain with 800hp with Nationwide for 5 years. There is alot of incentive for bringing all your business.

Thanks for the heads up. Currently both my cars and home are with Mercury and dont think they do marine, yet. I will have to make a few phone calls to some of the other big boys. If I cant do better than $4000+ a year I will have to look at a deck or v....

[apppedigree]

Nationwide had me for $300 a year in the Fountain. It is real insurance and I did not get dropped. Hull type is what is going to be an issue for you. I have always taken the ask the right question and receive the answer. I never offer any info that the carrier does not ask for. Usually they just want to know, weight, HP and speed.

[WakezoneINS]

Originally Posted by apppedigree

26' with that power and you can fly below the radar with most carriers. Go with the folks that have your house. They can usually get you a good rate. I had my 27' Fountain with 800hp with Nationwide for 5 years. There is alot of incentive for bringing all your business.

You will be hard pressed to find a home/auto carrier that will do insurance on a CAT. Sometimes people manage to get a carrier like State Farm to write a tunnel hull but that rarely happens.

[WakezoneINS]

Originally Posted by rlj676

Looking at your website, it appears that one year of cat ownership would qualify me (us) for your better program? Is that true?

Also, what would you expect the cost to be for that 26 cat with an HO and a 6/7 month layup and what is the assumed speed?

IF your boat is 26 ft and greater. Yes, one year of prior LIKE OWNERSHIP would qualify you for the program. The age stipulation at this point is minimum of 25 years old.

If you want to call me to discuss this further about your insurance, I am available to talk to you about insuring the 26 but at this point. I'm not following exactly what boat and your age/location etc etc etc. Too many variables....

[rlj676]

Originally Posted by WakezoneINS

IF your boat is 26 ft and greater. Yes, one year of prior LIKE OWNERSHIP would qualify you for the program. The age stipulation at this point is minimum of 25 years old.

If you want to call me to discuss this further about your insurance, I am available to talk to you about insuring the 26 but at this point. I'm not following exactly what boat and your age/location etc etc etc. Too many variables....

Do you have an email address I could send you some questions too. I'm in the same situation as the OP except in Detroit (hence the layup).

[WakezoneINS]

Originally Posted by rlj676

Do you have an email address I could send you some questions too. I'm in the same situation as the OP except in Detroit (hence the layup).

s.shute@wakezoneinsurance.com