Insurance and Finance quotes

BeerMaker · 05-03-2008, 07:33 AM

Interested in quotes for:

2002 DCB Mach 26
496 ho
Extreme trailer
30yr old male
$55k 10% down
No moving violations
687-710 credit scores
5 yrs boating exp. never owned

rlj676 · 05-05-2008, 11:59 AM

If you get quotes via PM would you mind posting them here, as I'm thinking of nearly the exact same type of boat/power with a very similar history/credit, etc.

The only difference for me is I would have myself a nice long layup (Damn Detroit winter).

Thanks

WakezoneINS · 05-05-2008, 12:14 PM

Quote:

Originally Posted by BeerMaker

Interested in quotes for:

2002 DCB Mach 26
496 ho
Extreme trailer
30yr old male
$55k 10% down
No moving violations
687-710 credit scores
5 yrs boating exp. never owned

Are you planning on taking the Tres Martin Course?

Insurance is not going to be cheap nor is it going to be easy. With no prior ownership of performance boats and being a first time CAT owner, it isn't going to be easy either. Basically you have two choices American Reliable or Markel. American Reliable will most likely decline. They are a very conservative carrier, but it's for a reason, to keep the rates low for the people who qualify for the program.

Markel will possibly offer a quote but I can almost guarantee they will make you take a Tres Martin course prior to insuring you. The course with Tres is approx. $2500, but well worth the money and experience you gain from it. So,that said, I will guess markel will price you out at around $4000 or higher per year for insurance coverage.

Hope this is informative and helps you out.

rlj676 · 05-05-2008, 04:17 PM

Quote:

Originally Posted by WakezoneINS

Are you planning on taking the Tres Martin Course?

Insurance is not going to be cheap nor is it going to be easy. With no prior ownership of performance boats and being a first time CAT owner, it isn't going to be easy either. Basically you have two choices American Reliable or Markel. American Reliable will most likely decline. They are a very conservative carrier, but it's for a reason, to keep the rates low for the people who qualify for the program.

Markel will possibly offer a quote but I can almost guarantee they will make you take a Tres Martin course prior to insuring you. The course with Tres is approx. $2500, but well worth the money and experience you gain from it. So,that said, I will guess markel will price you out at around $4000 or higher per year for insurance coverage.

Hope this is informative and helps you out.

I'm slightly confused as I think you are the person I've read as stating that speed is the ultimate component in ins costs. I don't think that a 26 ft cat with an HO is going to be incredibly fast, so why would it be so costly/impossible to get coverage on? What would the cost be for a similar speed in a 26 ft V, say under 80 mph, or 70 even? (what speed assumption do you use for a 26 ft cat with 425 hp?)

Thanks

BeerMaker · 05-06-2008, 03:11 AM

Wow I'm a bit surprised that such a mild boat would be so difficult and/or expensive to insure. I got a quote from Progressive a month or so ago for a 2003 Magic 28 Deck with a 496HO and it was $945 a year. Is the expected performance between the 2 that different? I would think the DCB could only be a few MPH faster. I have heard Decks are cheaper to insure but wow...

Yes I will be taking Tres Martin's class. Thanks for the respose.

Loan Ranger · 05-06-2008, 08:13 AM

Quote:

Originally Posted by BeerMaker

Interested in quotes for:

2002 DCB Mach 26
496 ho
Extreme trailer
30yr old male
$55k 10% down
No moving violations
687-710 credit scores
5 yrs boating exp. never owned

Beer,
Give me a call. I can help you with the financing.
Kyle

WakezoneINS · 05-06-2008, 10:08 PM

Quote:

Originally Posted by rlj676

I'm slightly confused as I think you are the person I've read as stating that speed is the ultimate component in ins costs. I don't think that a 26 ft cat with an HO is going to be incredibly fast, so why would it be so costly/impossible to get coverage on? What would the cost be for a similar speed in a 26 ft V, say under 80 mph, or 70 even? (what speed assumption do you use for a 26 ft cat with 425 hp?)

Thanks

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.

WakezoneINS · 05-06-2008, 10:12 PM

Quote:

Originally Posted by BeerMaker

Wow I'm a bit surprised that such a mild boat would be so difficult and/or expensive to insure. I got a quote from Progressive a month or so ago for a 2003 Magic 28 Deck with a 496HO and it was $945 a year. Is the expected performance between the 2 that different? I would think the DCB could only be a few MPH faster. I have heard Decks are cheaper to insure but wow...

Yes I will be taking Tres Martin's class. Thanks for the respose.

Hey BeerMaker,
You're welcome. I was just trying to give you some insight on my particular carrier and what they would say. If you can get into Progressive then that is great! progressive will do deck boats but not regular CATS. In this case, it is not so much performance as it is you just not meeting the underwriting requirements for a quote in the high performance program. I will however be the first one to say, if you can get insurance outside of a high performance program, for the sake of cost, then go for it.

WakezoneINS · 05-06-2008, 10:22 PM

Quote:

Originally Posted by BeerMaker

Wow I'm a bit surprised that such a mild boat would be so difficult and/or expensive to insure. I got a quote from Progressive a month or so ago for a 2003 Magic 28 Deck with a 496HO and it was $945 a year. Is the expected performance between the 2 that different? I would think the DCB could only be a few MPH faster. I have heard Decks are cheaper to insure but wow...

Yes I will be taking Tres Martin's class. Thanks for the respose.

I just tried to get a quote in my Progressive system (I sell Progressive products as well) and it stated that it was an "UNACCEPTABLE" watercraft. I attached a copy of the screen.

Tres · 05-07-2008, 08:50 AM

Quote:

Originally Posted by BeerMaker

Wow I'm a bit surprised that such a mild boat would be so difficult and/or expensive to insure. I got a quote from Progressive a month or so ago for a 2003 Magic 28 Deck with a 496HO and it was $945 a year. Is the expected performance between the 2 that different? I would think the DCB could only be a few MPH faster. I have heard Decks are cheaper to insure but wow...

Yes I will be taking Tres Martin's class. Thanks for the respose.

I will be in Havasu first week in June. 352 620-8737 Get me when I am there!