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Cat Insurance Situation Has Gone Beyond Ridiculous!

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Old 07-02-2007, 02:47 PM
  #31
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Originally Posted by Tom A. View Post
Good point Chris!
However, there is a problem here. Twice I was ready to make a move on a 36 Spectre w/ mild power and have yet to be approved for an insurance request.
Did you try Markel?
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Old 07-02-2007, 07:04 PM
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Originally Posted by Chuck
There is a new player already doing business. I don't think they will write a no cat exp. policy , but they are much more competitive than Markel. Call Bob Luellan at Worldwide Marine Group.
This is the call to make. This is the call to make.
Stop listening to V bottom owners that "heard stuff" and listen to cat owners who have legit insurance.
These cat insurance posts are getting as bad as the step bottom spin outs and the apache threads.
Actually Chuck was exactly right. I spoke to Bob Luellan at Worldwide Marine Group. Very nice person, but said needed cat experience before he could help.

I also spoke to John at Total Dollar Insurance, a Markel rep, and he said Markel has horsepower limits that they will insure, twin 575's for 32', twin 700's for 36'. Over that it is considered "over powered". He also said for similar sized boats, similar value, and similar top speeds, the cat insurance is approximately three times more expensive than a V. He cited a higher incident rate, and higher loss levels per incident for cats vs. V's. As an example, I asked about two boats both worth $100K and capable of 110 mph. The V "ballpark" (don't hold him to it) was $1800, while the Cat was $4.5K to $5K.

Also their policies state that if alcohol is found to be involved, the claim will automatically be denied. He mentioned that one of his customers doesn't allow drinking by ANYONE on the boat until the boat ride is over, in case he needs that person to be an eyewitness or help out after a crash.

Michael

Last edited by Michael1; 07-02-2007 at 07:18 PM.
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Old 07-03-2007, 10:52 PM
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If you buy a lower power cat the insurance can be decent if you keep the policy value (and therefore loan value) low enough. My 496HO cat costs about 100 more than my 28 Pantera, both reasonable.

That said, you have to be willing to live with the decent cruise and top end but less than spine tingling accleration- but I'd rather be in the cat I have than wishing I could afford the bigger/faster cat and living with the V

Then again, my Pantera will wax the Daytona up to 70 mph
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Old 07-03-2007, 11:07 PM
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insurance

whose not listening i'll post the # to international water foundation assoc. that is a great co. to insure cat's
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Old 07-03-2007, 11:14 PM
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insurance

this goes out to the guy that was looking at the 32 skater , what a deal. who ever you decide to use you cannot tell the
insurance co. that the cat will run over a 100mph no matter how much experience you have, this coming from a guy that has had 5 cat's. if you want somthing you can get insurance on. i've got a 30 spectre i'll sell you. post your # and i'll call you
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Old 07-04-2007, 12:22 AM
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ok, why is the insurance so hard to get and so much more expensive for cats than v's?
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Old 07-04-2007, 06:32 AM
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ok, why is the insurance so hard to get and so much more expensive for cats than v's?
also spoke to John at Total Dollar Insurance, a Markel rep, and he said Markel has horsepower limits that they will insure, twin 575's for 32', twin 700's for 36'. Over that it is considered "over powered". He also said for similar sized boats, similar value, and similar top speeds, the cat insurance is approximately three times more expensive than a V. He cited a higher incident rate, and higher loss levels per incident for cats vs. V's. As an example, I asked about two boats both worth $100K and capable of 110 mph. The V "ballpark" (don't hold him to it) was $1800, while the Cat was $4.5K to $5K.

Also their policies state that if alcohol is found to be involved, the claim will automatically be denied. He mentioned that one of his customers doesn't allow drinking by ANYONE on the boat until the boat ride is over, in case he needs that person to be an eyewitness or help out after a crash.
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Old 07-04-2007, 10:44 AM
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Originally Posted by Cattitude View Post
If you buy a lower power cat the insurance can be decent if you keep the policy value (and therefore loan value) low enough. My 496HO cat costs about 100 more than my 28 Pantera, both reasonable.

That said, you have to be willing to live with the decent cruise and top end but less than spine tingling accleration- but I'd rather be in the cat I have than wishing I could afford the bigger/faster cat and living with the V

Then again, my Pantera will wax the Daytona up to 70 mph
v's suck i had a 29 fever for six months what a lesson
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Old 07-09-2007, 12:43 AM
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World Wide has a least two companies that will write policies for cats. American Reliable is one of them.

I had two agents quote me prices from American Reliable and I would not agree to the value they put on my boat and they said it would go 10 - 15 mph faster than what I was stating.

My next step is to find the break points on HP and speed and maybe repower to get lower rates.
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Old 07-09-2007, 04:14 PM
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[QUOTE=Beak Boater;2186921]He also said for similar sized boats, similar value, and similar top speeds, the cat insurance is approximately three times more expensive than a V. He cited a higher incident rate, and higher loss levels per incident for cats vs. V's. As an example, I asked about two boats both worth $100K and capable of 110 mph. The V "ballpark" (don't hold him to it) was $1800, while the Cat was $4.5K to $5K.
QUOTE]


Does anyone remember more Cat incidents then V incidents? I think OSO does a good job of reporting on all boat accidents. I can remember a few cat accidents but I remember way more V accidents then cats. The more V accidents may because there are way more V's.
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