100 mph V-hull vs. 100 mph Cat Insurance
 

Let's say you have two boats that do 100 mph. Both have the same hull value of $100,000. However, one is a V-hull, and the other is a Cat. What would the ratio of the insurance rate be between the V-hull and Cat (eg. Cat three times the V-hull, two times, etc.)?

Would the ratio be the same for first time boat owner?

Michael

I asked a while back. Fo me the cat would be about 1k more.

You might luck up and get the v insured for $800, but more likely $1-1200 due to insurance underwriter not really paying attention and thinking just another pleasure boat(this will be more likely if it's a brand like formula, etc) cat is going to throw a flag up. $1800-2200 is what I hear some guys pay for cat worth $100k

what if registered in ca?

Hmmmm. That's cheap! I don't lie on my ins. Owned a high performance boat for 17yrs. I was quoted $18-2200 for a t/s Gun or Glad and $25-3000 for a 35-36 Motion or Spectre. 110-115mph.

That is a good rate for Motion at that speed in my area.

I'd say you're probably looking at about 2x as much, but I'd call Stacy at Wake Zone for a more accurate number if you're serious. I do know the difference is significant.

I posted this in another thread but same applies here:

Our agency writes A LOT of CAT insurance. Our most recent was a client with a 199mph boat...

So, I can tell you based on my experience that the average CAT insurance rates for an experienced CAT owner is about $2.00 - $3.00 per $100 in coverage afforded on average for liablity and physical damage. That usually equates to 2% - 3% of your insured hull value as your total premium. (This number is extremely dependent upon the types of coverage you have, credits that can be applied, location, MVR etc).

If you are inexperienced and a first time CAT owner you're looking more towards $3.00 - $4.00 per $100 in coverage afforded or 3.5% - 4% of your insured hull value.

We just insured an MTI valued at $400,000 in TX on a year round policy and the insured is paying $7,300 a year. But this was for a very experienced CAT owner.... he has "paid his dues" over the years.

The following is the ideal situation (best rates) if you are looking to get into your 1st CAT (note I didn't say first boat that is a cat):

1. 35 years or older
2. no more than 1 minor MVR violation in the past 5 years (NO MAJORS ex. DUI, Reckless)
3. at least 5 years of total boat ownership experience (this can be a boat of any kind)
4. top speed of vessel UNDER 100mph (best rates are for boats under 75mph top CAPABLE speed)

If you do not (or the boat does not) fall within the guidelines above, you'll be lumped into one of our programs that runs at about $4.00 per $100... So, you would be at around $4,000 per year on a $100,000 purchase price, give or take a bit. After you've owned the CAT for two years loss free, then we can move you into the cheaper program that I mentioned above.

At Wake Zone we can insure any boat and any operator, even young first time CAT owners. The only exceptions to this rule are boats kept in CA and NY (carrier won't write coverage in these states).

If you need help getting insurance, let me know. We've helped many of the first time CAT guys here on OSO get insurance.

I'm looking into getting my first CAT and have been told to check the insurance rates before I come home with one. I had no idea there was THAT big of a difference between the two. Is there a statistic or reason a cat is that much more?

Thanks, Stacy. What would these approximate percentages be if it were a V-hull?

Dare I ask what they would be for the first time boat owner?

Michael