Got my new insurance quote, Want to buy a Motion?
 

I just got my new insurance quote. This is such a bunch of Crap!!!! My old premium was $4300 per year. I am 38, clean record, no claims, Life time of boating experience, 10 years Cat experience, Guess how much!!??

$12,886.54 for 12 monthes with a $7500 deductable!
I have family members that loan money at high interest rates, I'm ging to tell them to go into the cat insurance biz!! Much more profitable

Re: Got my new insurance quote, Want to buy a Motion?
 

that's a years worth of house notes for me :eek:

don't forget gas too :mad:

Re: Got my new insurance quote, Want to buy a Motion?
 

A friend pays $11k for a Nortech 36...

That's a commitment.

Re: Got my new insurance quote, Want to buy a Motion?
 

Ouuuuuuuuuch !!

Re: Got my new insurance quote, Want to buy a Motion?
 

Why such a big increase?

Re: Got my new insurance quote, Want to buy a Motion?
 

Do you know who it's through? I was told there are only 2 or 3 companies that will insure cats. The quote I have is with Markell. I was told if more then one quote request goes to a company for the same person but through differat agents, it could be a problem if one thing is listed differant in the details of the boat.

Re: Got my new insurance quote, Want to buy a Motion?
 

the insurance companys monitor oso!!!!!!!!!!!!!!!!!!!

Re: Got my new insurance quote, Want to buy a Motion?
 

There have been a few Fatal cat accidents in the past couple of years and most insurance companies eliminated cat coverage. This is such a bunch of bull. How many fatal sports car accidents are there a year?

Re: Got my new insurance quote, Want to buy a Motion?
 

I was accurate in my application. These things only do 50 MPH don't they. Just kiddiing.

Re: Got my new insurance quote, Want to buy a Motion?
 

Its a wonder that the manufacturers can even sell them !!

Re: Got my new insurance quote, Want to buy a Motion?
 

I was thinking of a cat,but not at those rates.

Re: Got my new insurance quote, Want to buy a Motion?
 

The pool of car and motorcycle driver is much greater than cats.

Re: Got my new insurance quote, Want to buy a Motion?
 

Thank you!! I can afford the insurancee but will have to cut out fuel. At least if the boat sinks at the dock, I'm covered.

Re: Got my new insurance quote, Want to buy a Motion?
 

We were thinking of getting a cat, but when I read post like this I will just keep what I got, at least until I make more.

WILL :eek:

Re: Got my new insurance quote, Want to buy a Motion?
 

I was under the impression that there was only one company that would write a cat policy? and yes, if the same underwritter gets diff. information from two agents it can either prevent you from getting coverage all or at least they are going to work off which ever set of numbers is in their favor?
You might try a pm to Tantrum, he just went through the ins. process for his new cat, he has some insight at least?

Re: Got my new insurance quote, Want to buy a Motion?
 

Lube~ I feel your frustration! If you've had no claims and a clean slate, I just don't understand? That's such a big difference in premium that if I were you, I'd report that to the state insurance commisioner or at least bring that to Markel's attention. That's just wrong!

Bottom line, I wouldn't pay it...

Re: Got my new insurance quote, Want to buy a Motion?
 

Probably because they don't want to insure cats :(

Re: Got my new insurance quote, Want to buy a Motion?
 

The broker is very well known in the industry and proably insures many OSO members. He was actually suprised, He said he was thinking it would be between $15 to $16K with the power. The problem is the compay that use to insure me, no longer insures cats. We are at the mercy of 2 or 3 companies. They know they have us by the ****s! If I don't have insurance, God forbid something happens. As my girlfriend said, Insurance premium numbers are as big as our go fast egos!!

Re: Got my new insurance quote, Want to buy a Motion?
 

Don't they realize, The cat''s are not the problem! It's the stupid sailboats that get in front of us when we're flying. They should charge the heck out of the sailboaters!!! It's like the guy doing 40 MPH in the left lane when the rest of us are trying to do 90!!

Re: Got my new insurance quote, Want to buy a Motion?
 

not to mention they generally only maim or kill themselves and do little property damage.

Re: Got my new insurance quote, Want to buy a Motion?
 

Am I missing something here? Did you re-power your boat or something? Because to me, an $8k increase in one year warrants some questions and explanations if your boat hasn't changed.

I must be living in a hole. Are there a bunch of idiots out there crashing the piss out of their cats that I haven't heard about? I boat at LOTO a lot and I've never heard of any cat accidents ever and that lake is a hot bed with them.

Why is the cat insurance industry taking this turn????

Re: Got my new insurance quote, Want to buy a Motion?
 

Emotion Driver from here, sold his Motion due to Ins rates I think. :mad:

They will slowly put the speed boat business out of reach for most :mad:

Re: Got my new insurance quote, Want to buy a Motion?
 

The poor get poorer and the rich richer :evilb:

Re: Got my new insurance quote, Want to buy a Motion?
 

If they slowly put the speed boat business out of reach for most, does this make them think that only the guys who can afford it are the better drivers?

Re: Got my new insurance quote, Want to buy a Motion?
 

Who here, would keep their boat and continue to pay an insane rate increase like what Lube has experienced?

Re: Got my new insurance quote, Want to buy a Motion?
 

WOW,a year or two ago i read the insurance article in pwr boat mag,i thought it was insane when i read about the guy near detroit who had a twin turbine boat and his insurance was over 10k a year and he said he only used the boat a couple times a year,its just crazy! :eek:

Re: Got my new insurance quote, Want to buy a Motion?
 

If a 21 year old kids can AFFORD a 36' Nortech then he can afford the insurance to go with it!

Re: Got my new insurance quote, Want to buy a Motion?
 

SO TRUE SO TRUE :D

Re: Got my new insurance quote, Want to buy a Motion?
 

I did repower the boat. BUT, they said the magic number is 100 MPH. As soon as your over 100 in a cat your screwed. I was over 100 before the repower. I can see if I had a bad driving record or an excessive amount of claims. I have never had a claim. Anytime I have ever had any minor incident in my car, boat or with one of my employees having a minor incident, I have always paid out of my pocket. I guess that will change in the future. But then again, I will be screwed even worse!!

Re: Got my new insurance quote, Want to buy a Motion?
 

I am with you Lube if my insurance was that high I would have to sell my boat. That is rediculous. I feel lucky paying 800 for my 18 Donzi with a 6 month layup. That is just way to painfull to even think about.

May want to call up Sy for some insite anyhow.

Jon

Re: Got my new insurance quote, Want to buy a Motion?
 

Sy's company is who it's thorugh. I dealt with John who is an absolute pleasure!! He is as reputable as they come! He dosen't make the rates!!! I trust him completely. If they say that's what it is, then that's what it is. Just think what you could do with $12,886!

644 Friction dances and 2 diet cokes
or
1,288 Table dances and 2 diet cokes.
or
3 Boob jobs and 2 diet cokes.
or
6,443 Diet cokes!!!

It just isn't fair!!!!

Re: Got my new insurance quote, Want to buy a Motion?
 

I'm suprised that everyone is so suprised. It has been this way for at least the last 3 yrs that I have had cat ins. and there have been multiple threads about it. I still think it sucks but if you want to play you gotta pay.

Re: Got my new insurance quote, Want to buy a Motion?
 

I wonder what it would take to Self-Insure ??? :confused:

Re: Got my new insurance quote, Want to buy a Motion?
 

Do you even need ins. and is it even required?

Re: Got my new insurance quote, Want to buy a Motion?
 

Yes, some of you ARE missing something. '04 was riddled with serious and fatal incidents, gas powered and turbine. As someone said above, these boats come with big expenses. I'm sure the insurance companies read magazines and check web sites. Cats costing +/- a million bucks and go in excess of 150 are going to have premiums more than the average Bayliner

Re: Got my new insurance quote, Want to buy a Motion?
 

LubeJobs42,
You might have to do some re-thinking here.....how much money did you just put into your boat? (It seems like you just dumped alot of money in the boat) if you sell it, will you lose alot more money?
Sounds like a tough decision.

Re: Got my new insurance quote, Want to buy a Motion?
 

The claim that took BLACKADAR marine insurance out of business was a turbine cat in CHESAPEAKE BAY.The claim amount was $2,000,000 and there was not enough premium money in the pot to sustain the program.I can only say that the companies that are still writing cat insurance do not want this scenario to happen to them.

Re: Got my new insurance quote, Want to buy a Motion?
 

not this friend I hope!!!!!

Re: Got my new insurance quote, Want to buy a Motion?
 

Capo, yes it's gone insurance made it NO fun.

If it wasn't for the numb nutz that killed themselves running a cat for the first time, or the azzholes that bought the cat 's for a season, then arranged a stolen boat. :(

We would all have lower rates.

THANKS AZZ WHOLES.... :rolleyes:

Re: Got my new insurance quote, Want to buy a Motion?
 

Hind site being 20/20 he probably should have tested the boat a few day's later after the first shaft breaking. :(

At least he perished at what he loved...SPEED...RIP Ed & Roger...