What cat for first time owner?
#1
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What cat for first time owner?
To those of you in the insurance business, what cat and what power is the easiest for a first time owner to insure? I have been reading for some time and it seems the smaller boats with less power are the best option but then I read that under 26 can be hard to insure. So if I thought I would be in the market for a larger high performance cat in five years what should I purchase to get some seat time?
Thanks,
Thanks,
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To those of you in the insurance business, what cat and what power is the easiest for a first time owner to insure? I have been reading for some time and it seems the smaller boats with less power are the best option but then I read that under 26 can be hard to insure. So if I thought I would be in the market for a larger high performance cat in five years what should I purchase to get some seat time?
Thanks,
Thanks,
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It depends on the insurer to some degree. Some want to know top speed and/or HP to weight ratio, some probably just look at replacement cost, some probably have some voodoo decision making that involves formulas and various factors. The three key factors explained by my agent were: 1) your previous seat time in performance boats (and any associated accident claims); 2) HP to weight ratio of the boat; 3) your planned use of the boat. I think stick with a moderate speed and HP and keep your nose clean... then you will be able to move up in a few years.
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It depends on the insurer to some degree. Some want to know top speed and/or HP to weight ratio, some probably just look at replacement cost, some probably have some voodoo decision making that involves formulas and various factors. The three key factors explained by my agent were: 1) your previous seat time in performance boats (and any associated accident claims); 2) HP to weight ratio of the boat; 3) your planned use of the boat. I think stick with a moderate speed and HP and keep your nose clean... then you will be able to move up in a few years.
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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):
One carrier:
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
Another carrier states:
1. Max 120mph
2. Engines must be unaltered stock motors. A Merc 600SCI is a "stock" engine since that is how it leaves their factory.
3. Clean MVR - No accidents or tickets in the last 3 years.
4. No marine claims.
Each carrier has their specific guidelines for eligibility. If you can keep it below 100mph and stock engines... you'll be in a better state with insurance.
If you plan to go all out and have your first CAT be over 130mph, huge power, big boat, then plan to pay to play You'll also be required to take a high performance driving course before on water operations will be allowed.
One carrier:
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
Another carrier states:
1. Max 120mph
2. Engines must be unaltered stock motors. A Merc 600SCI is a "stock" engine since that is how it leaves their factory.
3. Clean MVR - No accidents or tickets in the last 3 years.
4. No marine claims.
Each carrier has their specific guidelines for eligibility. If you can keep it below 100mph and stock engines... you'll be in a better state with insurance.
If you plan to go all out and have your first CAT be over 130mph, huge power, big boat, then plan to pay to play You'll also be required to take a high performance driving course before on water operations will be allowed.
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Thanks Stacy,
On the second carrier you have listed no marine claims. Is there a time frame on this? I hit someting in the water and cracked an outdrive but it has been at least 12 years I ran that through insurance. Would that disqualify me?
Is a single engine better than twins? Like a 27 eliminator versus a 28 with twins similar top speeds.
On the second carrier you have listed no marine claims. Is there a time frame on this? I hit someting in the water and cracked an outdrive but it has been at least 12 years I ran that through insurance. Would that disqualify me?
Is a single engine better than twins? Like a 27 eliminator versus a 28 with twins similar top speeds.
#7
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Thanks Stacy,
On the second carrier you have listed no marine claims. Is there a time frame on this? I hit someting in the water and cracked an outdrive but it has been at least 12 years I ran that through insurance. Would that disqualify me?
Is a single engine better than twins? Like a 27 eliminator versus a 28 with twins similar top speeds.
On the second carrier you have listed no marine claims. Is there a time frame on this? I hit someting in the water and cracked an outdrive but it has been at least 12 years I ran that through insurance. Would that disqualify me?
Is a single engine better than twins? Like a 27 eliminator versus a 28 with twins similar top speeds.
#9
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