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Help! Decision on boat purchase based on INSURANCE!

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Old 03-30-2006, 04:49 PM
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Default Re: Help! Decision on boat purchase based on INSURANCE!

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Originally Posted by 88Fount33
A little off topic but still about insane insurance rates. Way back in time when the ZX-10 and then the ZX-11 hit the streets, a couple of motor cycle mags had articles about the cost of insurance for an under 21 new rider being about $6k per year, the price of the bike at that time was about $5800 Anyone else remember this?
Snomobile insurance went through the roof on the big iron up here a couple of years ago, like $3000+ for a $6000 machine if it was over 800cc, just liability, thats if you could even get it! It's back down to about $600 on my 1000cc Arctic Cat
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Old 03-31-2006, 08:28 AM
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Default Re: Help! Decision on boat purchase based on INSURANCE!

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Originally Posted by Chris288
That makes a lot of sense they let a bass boat go 90 and a HP offshore boat only 75.
I don't get it either.
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Old 03-31-2006, 08:29 AM
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Default Re: Help! Decision on boat purchase based on INSURANCE!

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Originally Posted by ActiveFun
So the ZR does not go over 75 MPH???
It's the horsepower part that I'm talking about, I have no idea how fast that boat is with that power.
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Old 03-31-2006, 09:08 AM
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Default Re: Help! Decision on boat purchase based on INSURANCE!

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So the ZR does not go over 75 MPH???
about 74 I think...
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Old 03-31-2006, 12:44 PM
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Default Re: Help! Decision on boat purchase based on INSURANCE!

I'm wondering if creating an LLC to own the boat might help with the insurance. When my Dad moved up into a more "performance" airplane, due to the low flight hours in type he could not insure the new one. He created an LLC owned by myself and my Brothers and we insured than leased him the plane. Some tax avoidance might have been another reason for going this route!!

Read someplace that a high performance boat was at idle in a no wake zone and was hit by a jet ski going full out. The jet ski moron died, his family sued the performance boat people. The jury awarded the jet ski family cash because a performance boat should have been able to move fast to avoid the accident. In courts performance boats are like Rottweilers miss understood!!!! Corporate structure opens up better risk management of liabilities that could translate to insurance company being more friendly with insurance. Several firms specialize in risk management for their clients and insurance, might want to look into what they can do for you even as an individual........
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Old 03-31-2006, 01:51 PM
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Default Re: Help! Decision on boat purchase based on INSURANCE!

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Originally Posted by century29
I just got new insurance a month ago. State Farm had the best rates for me this time. The progressive agent i talked to said they couldn't insure my boat because of the thru-hull exhaust.
I called my agent (State Farm) and he told me that if you are not already a customer of State Farm they will not insure any boats.

I had no problem getting insurance on my 43 Black Thunder. $1300.00 per year. This is with a $1000.00 deductable and I do not have to lay it up by a certain time.This was through State Farm
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