1997 34' magic twin 502's insured for $55,000 replacement value, $500 deductible
$1,100 per year - progressive insurance

Talking with my agent at State Farm (who I am friends with) said if it looks like a stock 502, why say there was anything done internally to the motors! He said it you would add a supercharger or something like that and they came out to look at it would be a different story. He said State Farm wouldn't dyno the motor.

They wouldn't have to dyno the engine if you lied about what engine was in the boat. I'm sure it's listed in thier records the HP rating of merc's stock engines. If you tell them you have a 502 mag and when you have a 500 EFI it could cause a problem, especially if you were trying to replace it. There must be a reason why they ask how fast the boat goes. My last two boats the agents asked how fast it goes and what engine or HP the engines are. I know it would be rare and you would probably really have to lie on the low side but why give them a reason to fight you for a few hundred dollars.

Cant complain about my rate. As for deductable, my agent actually told me not to call him unless it sinks!
Gary

Wouldn't you be!? And yes, he's a little disinchanted w/the insurance industry right now. He could only find three companies that would even consider insuring it!

By the way, I already asked this but no one answered so someone answer me this question in regards to Cigarette's.

Is it true they are more expensive to insure because of "Racing" in the name??

I was told the price was three times on a 38 Top Gun that ran low 80's compared to a 38 Fountain that ran mid 90's. My next boat is a cig and I really don't want to pay 3k or more a year for insurance!

Highmark,

The motor started out as a 502 Mag. I was stating Horse Power #'s. 502 Mag is 415 HP. Horse Power # is what the Insurance company asked for. Had it reworked to increase Horse Power.

I looked at a 38 Cig before I bought the Formula. My agent said with the "Cigarette" name he couldn't insure it at any price. The Formula was no big deal, so I guess there is some truth to it. I'd say it was that "Cigarette" was the only name the underwriters recognized as a "fast boat". Seems the same now if you say "cat".

And just to answer the question, the Formula is just under $800/yr, the Scorpion is $600 and change.

-Greg

Tank,
There is no truth to the rumor that the term "racing" in Cigarette's name increases the cost of insurance. Some carriers have brands they don't want to insure due to speed , quality of construction, or specific loss experience with a brand but the name has nothing to do with it. I insure performance boats daily and you just have to know which carriers want what brand of boat.

24' Formula w/454 mag - $350/year through Allstate (though I have 4 cars and house with them already, so I guess there is a discount)

First quote from boat US "affiliate" over $700