1999 profile 28ft cat. 31 yrs old. Crazy high quotes
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1999 profile 28ft cat. 31 yrs old. Crazy high quotes
I got a quote of 2800.00/ yr for a 1999 profile 28ft cat which is insanely high i think. 4-5 yrs experience in boating. Current boat is a 25ft sunsation aggressor. Anyone know of an affordable company? Has a 500EFI from what i understand.
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Also, what is the insured value of the Profile and what is your age?
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Age is in the thread title. 31. Nowhere near 2800.00. A friend of mine is 36. First time cat owner. 850.00. His is a 22ft advantage but valued much higher. Profile valued at 35-40k.
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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)?
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If that is your buddy's rate then I'm guessing he got his home/auto carrier to write that coverage. That is the type of rate you get when you put a CAT in a family boater program.
If you get a CAT with a top speed no greater than 75mph, then you'll get low rates, first time cat owner or not. But if it's over that, then you'll be looking at the rates you've been quoted. Let me know if you ever have any questions or need any advice in the future.
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Not to butt in but the $2800 is a cheap rate for a first time cat owner on a 96mph boat. If you ever intend on getting a cat, I would jump on that rate coming in and get the cat exp your next cat insurer will be looking for. When I bought my cat I was 50 years old, 30+ years in boating and pilot a Fireboat as a living. Rates where coming in at 5K+ for my boat. Finally gat it managable after biting the bullet for a year. Once you go cat you'll never go back!
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Not to butt in but the $2800 is a cheap rate for a first time cat owner on a 96mph boat. If you ever intend on getting a cat, I would jump on that rate coming in and get the cat exp your next cat insurer will be looking for. When I bought my cat I was 50 years old, 30+ years in boating and pilot a Fireboat as a living. Rates where coming in at 5K+ for my boat. Finally gat it managable after biting the bullet for a year. Once you go cat you'll never go back!