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The LAST word in Offshore Powerboat (CAT & V) Insurance

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Old 03-17-2004, 09:32 PM
  #31
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Originally posted by apache21
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.
AAaaahhh.....if it were only that simple......
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Old 03-17-2004, 09:51 PM
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I say the same thing.......Because you have the deep pockets and the need for speed their gonna throw it to ya cause they know your gonna pay it...Hell,most guyz in these circles have a whole lot too lose if they F%&K UP. So I would think that safety and responsability of the individual would be a factor when lookin at what a rate should be. We have cars that will do 140 in a heart beat,but we dont drive them at 140.Just because that boat can reach 150 does not mean the owners gonna do 150 every time not to mention you have a whole lot of room offshore then on a city street. Just my 2cents............
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Old 03-17-2004, 10:45 PM
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Originally posted by Speed2Lead
We have cars that will do 140 in a heart beat,but we dont drive them at 140.Just because that boat can reach 150 does not mean the owners gonna do 150 every time not to mention you have a whole lot of room offshore then on a city street. Just my 2cents............
There are RULES on the roadways that prohibit you from driving 140mph......no such rules on the water. And.....a person who has a 150mph boat isn't "gonna do 150 every time"...... Maybe not full-time, but absolutely everytime. Why have one if you're not....
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