1999 profile 28ft cat. 31 yrs old. Crazy high quotes
08-03-2011, 06:50 PM
#11
RIPSTA Racing Team
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Yea I thought that too but $850. per year for a 96mph cat? Even a little one, and what mfg offered a 598? We all need that guys insurance co's name. OR I call BS! on the $850.
08-26-2011, 11:02 AM
#14
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08-26-2011, 10:01 PM
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Sorry, didn't look at the age in the title. Just read the post....
Couple things to realize:
1. Don't compare to a friend's insurance, it is completely deceiving. What you think should be cheaper, may actually be higher rating factors etc. For example, you list that your buddy has a 22ft Advantage ...what model? Sport CAT, Party CAT or Citation?
2. Your friend's boat is a 22ft boat, your's is a 28ft boat. These two boats go into completely different programs... 26ft being the determining factor of size as to what programs the boat goes into. You as the owner of a CAT 26ft and over are subject to an entirely different set of guidelines than your buddy is with a 22ft boat.
3. Is your top capable speed, as posted by the mfg, the exact same? If not and he is under 75mph, there is a certain program for him that would afford him cheaper rates.
4. Your age, while it allows you to qualify for first time CAT owner programs in the 26ft and above category, it also doesn't give you credit on the policy for your age. From 30 - 34, there are no age discounts. From 35 and above you get an age discount.
So, those are just a couple things. Here is a list of carriers to obtain rates from. I think you will find that the cost of CAT insurance is high from each of these carriers in relation to your current insurance.
American Reliable - We can help you with getting a rate from them
Chartis - We can help you with getting a rate from them
Markel Insurance Co - Liikely won't qualify as a first time CAT owner but you can try....www.markelmarine.com
State National: from my understanding won't insure this boat because it is over 10 years of age.
So, as a first time CAT owner, you likely have only two carriers to choose from. The $2800 quote you have, is it from either American Reliable or Chartis (National Fire Marine)?
Couple things to realize:
1. Don't compare to a friend's insurance, it is completely deceiving. What you think should be cheaper, may actually be higher rating factors etc. For example, you list that your buddy has a 22ft Advantage ...what model? Sport CAT, Party CAT or Citation?
2. Your friend's boat is a 22ft boat, your's is a 28ft boat. These two boats go into completely different programs... 26ft being the determining factor of size as to what programs the boat goes into. You as the owner of a CAT 26ft and over are subject to an entirely different set of guidelines than your buddy is with a 22ft boat.
3. Is your top capable speed, as posted by the mfg, the exact same? If not and he is under 75mph, there is a certain program for him that would afford him cheaper rates.
4. Your age, while it allows you to qualify for first time CAT owner programs in the 26ft and above category, it also doesn't give you credit on the policy for your age. From 30 - 34, there are no age discounts. From 35 and above you get an age discount.
So, those are just a couple things. Here is a list of carriers to obtain rates from. I think you will find that the cost of CAT insurance is high from each of these carriers in relation to your current insurance.
American Reliable - We can help you with getting a rate from them
Chartis - We can help you with getting a rate from them
Markel Insurance Co - Liikely won't qualify as a first time CAT owner but you can try....www.markelmarine.com
State National: from my understanding won't insure this boat because it is over 10 years of age.
So, as a first time CAT owner, you likely have only two carriers to choose from. The $2800 quote you have, is it from either American Reliable or Chartis (National Fire Marine)?
