The LAST word in Offshore Powerboat (CAT & V) Insurance
03-17-2004, 02:20 PM
#21
Allergic to Nonsense
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Originally posted by Airpacker
Its just like any mis understood insurable risk. Catamaran is a word that scare the hell out of insurers for the most part. Most visualise a dangerous water borne rocket bound to crash, hey , they have rented and watched some freeze frame movies. V's on the other hand are what most of them have or remember growing up at the cottage, not the fastest thing around but anyone can drive one, hell their mommies could drive the 14 footer with the outboard on it so how dangerous can they be?
As for the HIGH premiums in general, remember, insurance funds are a pool of premiums, fewer boats than cars so less of a client list to fill the pool and usually payouts from the boat pool are larger than from the car pool(no pun intended) thusly each client insuring a go fast boat must dump a bigger bucket of cash into the pool to keep it full. Pretty simple really.
Its just like any mis understood insurable risk. Catamaran is a word that scare the hell out of insurers for the most part. Most visualise a dangerous water borne rocket bound to crash, hey , they have rented and watched some freeze frame movies. V's on the other hand are what most of them have or remember growing up at the cottage, not the fastest thing around but anyone can drive one, hell their mommies could drive the 14 footer with the outboard on it so how dangerous can they be?
As for the HIGH premiums in general, remember, insurance funds are a pool of premiums, fewer boats than cars so less of a client list to fill the pool and usually payouts from the boat pool are larger than from the car pool(no pun intended) thusly each client insuring a go fast boat must dump a bigger bucket of cash into the pool to keep it full. Pretty simple really.
T2x
03-17-2004, 03:21 PM
#23
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Originally posted by Airpacker
Are you picking on my left coast cat again Rich?
Are you picking on my left coast cat again Rich?
T2x
03-17-2004, 05:28 PM
#24
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Rich,I swear I am going to bring it back down to GLH's milk run and make you take it for a drive. That'll teach ya to mess with a "real beer" drinkin, back bacon eating hoser 
03-17-2004, 05:32 PM
#25
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Originally posted by Airpacker
Rich,I swear I am going to bring it back down to GLH's milk run and make you take it for a drive. That'll teach ya to mess with a "real beer" drinkin, back bacon eating hoser
Rich,I swear I am going to bring it back down to GLH's milk run and make you take it for a drive. That'll teach ya to mess with a "real beer" drinkin, back bacon eating hoser
I have a bad connection
Eh?
Eh?
Earth To Canada...is there any body there?
Are you all oot?
Eh?...Eh?
Damn pointy headed Canadians......
Thank God for South Park.....Eh?
T2x
03-17-2004, 05:54 PM
#27
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Originally posted by Airpacker
ROTFLMAO
P.S. what the hell does oot mean anyway.
ROTFLMAO
P.S. what the hell does oot mean anyway.
Eh?
Eh?
T2x.............. OH CANADA...... I love that song!
03-17-2004, 07:06 PM
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The insurance business is real interesting. I have a friend that did some research for me on insurance for my Skater. This is how it works. 1. It is all about supply and demand. 2 High performace makes up a small number of polices. If a carrier insures 250 high performance they use a % of the number of boats to have claims, say 2 % Which is 5 boats will have claims of say $200,000 of damage. Perminums collected is 250 boats X 1,000.00 per year=$250,000 - claims(200,000)= $50,000-administrative cost/ commision paid to agents(21,000)=$ 29,000 profit. It sounds like a great deal but it is all about numbers to the insurance compaines. I have my 24 Skater insured for $35,000 full coverage with high limits and pay $387.94 a year. I also live in oklahoma.
03-17-2004, 07:15 PM
#30
Trim it Up!
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Re: The LAST word in Offshore Powerboat (CAT & V) Insurance
Originally posted by Maximus
I believe that because its a luxury hobby the scale tilts against us?
Let's hear it.
M
I believe that because its a luxury hobby the scale tilts against us?
Let's hear it.
M
OK so, what do you pay??
