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,

I would look at two options depending on budget and area you are boating. One being a non-blown 496 or 525 single engine 25-26' cat. Or a bigger non-blown twin engine set up in the 29-33 range, 496's, 500's. As for the smaller cats, it can get tricky, lets say you were to buy a 24 skater with twin outboards, that set up could put you well in the triple digit arena. Think of it from a driver seat perspective. Where are you less likely to get into a situation that is going to be hard to correct. A more predictable boat with a lower top speed is a great way to build your boating resume.

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.

Keeping the nose clean takes care of me.

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.

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.

The claim window for the second carrier is 3 years. The first is a 5 year time frame. Single engine vs. twin engine is carrier dependent.... when it comes to eligibility, the guidelines have speed thresholds. When it comes to rating, the total HP will matter. So, carrier 2 is 120mph. Carrier 1, top speed has to be less than 100mph. So it really doesn't matter what is in the boat for engines so long as the resulting top CAPABLE speed is below the eligibility guidelines.

Stacey, on the Marine Claims. Does theft while in storage count against for that?

Yes, most definitely it would count. The only time I have seen a claim "not count" is if the claim was subrogated to another party and subrogation was successful.

Well, maybe I can subrogate the claim to the thieves sitting in jail that stole the drives.

How long with this effect me and it that with just this one carrier or all?