I was just yesterday talking to a guy about plane insurance. He said insurance on a plane is "very expensive". I said, oh, how much is that? He said a fixed gear is about $1500 per year. But if you get a retractable gear, it goes "wayyyyy up". So, I asked again, oh, really, how much is wayyyyy up? He said $3000 per year!!!! I was like that is freakin nothing compared to boats!!!! I was amazed at the difference. And some planes cost the same as boats. I'm sure there is a reason for the huge difference! I'll take water over windshear any day!

Much of cat insurance is high no question. Here is your reasons why. And it is going to sky rocket if..... This is what is happening, Agents are willing to write a policy on a new cat owners with no experience because they need the sale. I have done a few people this year that should have not been on the water at all . They had enough sense to call and request training.Some dont. As these folks get on the water and something bad happens, a claim is submitted. This is not profitable for the underwriters. The blame goes deep. Todays vessels are more complex than ever and everyone thinks they can drive them. That is why we offer skilled base training, and no more who you may have experience with, it may not hurt to obtain new knowledge that is proven. As far for the high prices, many have brought this on themselves.

but when the insurance on my 2001 28 daytona with 496 mag ho's in florida is over 3000 there is a problem...plenty of v's faster with much cheaper insurance...i can't even believe the cost on the bigger ones, or more powerful ones..

Tres would the cat guys save money if they got raceboat insurance? Would be better than none at all IMO.

Trick is read the poliies very careful. They have many exit clauses, or fund depression on payout.

"fund depression"??

In your case it's "BRAIN DEPRESSION"

Raceboat insurance is more expensive; is only valid for testing/racing and will not cover replacement cost of the boat when on the water!

Why wouldnt some of the owners of the big cats get together and start a captive and tell the insurers to go Phuck themselves?

I know trucking companies have done it and it is working very well. You can also likely get someone to write a catastrophic loss policy and then self insure for the smaller stuff (under 300k maybe?).

I am sure there might be hurdles as far as this is concerned but when you are talking 25k per year to insure and you get a few big cats involved for a couple of years the captive could begin to pay off nicely.

Wake Zone won't write insurance along the Texas Gulf Coast.