Guideline for determining if you have a good rate
06-02-2008 | 01:34 PM
#1
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HP Marine Ins. Specialist
Joined: Mar 2008
Posts: 985
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From: Insuring any kind of boat
Guideline for determining if you have a good rate
UPDATED AS OF 02/24/2010
THIS DOES NOT APPLY TO THOSE OF YOU WHO ARE INSURED WITH YOUR HOMEOWNERS CARRIER ON YOUR PERFORMANCE BOAT (i.e. you have your 130mph Skater on a State Farm boat policy)
OK... Here is the best thing I can give you all for determining if you have a good rate. It is not 100% accurate and is a mere guideline, it's not a quote, it's not a promise, it's nothing contractual. There are many factors that can make these guidelines inapplicable to you personally. This is my own personal opinion of where rates should be based upon all the quotes I've done in the past. This is just my assumption of average rates. This should in no way be construed as a representation of any particular carriers rates as I write for many carriers. However, this is the best I can give as a guideline tool or ballpark scenario. These numbers will not factor in any lay up or course discounts. IF you have a lay-up or courses, your over all rate with us will be lower than those rates listed below.....
If you have a V-Hull Performance boat
Under 60 mph:
Take the agreed value of your boat or the Limit of insurance and divide that number by 100 and then multiply the number you get by .65. Your premium should be around this number give or take a couple hundred dollars.
Example Calculation: $100,000/$100=$1000*.65=$650 per year
61-80 mph:
Take the agreed value of your boat or the Limit of insurance and divide that number by 100 and then multiply the number you get by .95. Your premium should be around this number give or take a couple hundred dollars.
Example: $100,000/$100=$1000*.95=$950 per year
81 - 90mph:
Take the agreed value of your boat or the Limit of insurance and divide that number by 100 and then multiply the number you get by 1.10. Your premium should be around this number give or take a couple hundred dollars.
Example: $100,000/$100=$1000*1.10=$1100 per year
90 - 130mph: This classification of boats is VERY different from boat to boat and owner to owner. The rate heavily relies on experience of high speed boats. The more experience, the lower the rate.
Take the agreed value of your boat or the Limit of insurance and divide that number by 100 and then multiply the number you get by 1.25 - 2.00. Your premium should be around this number give or take a couple hundred dollars.
Example: $100,000/$100=$1000*1.25 to 2.00=$1250 to $2000 per year
FOR CAT HULL OWNERS:
If your speeds are 80+mph: Again, this category is highly dependent upon your experience.
Take the agreed value of your boat or the Limit of insurance and divide that number by 100 and then multiply the number you get by 2.5. Your premium should be around this number give or take a couple hundred dollars.
CAT HULL OWNERS ABOVE 130mph.... use 3.0
So, again, this is a guideline to help you determine the ballparks. If you calculate what your expected rate should be according to the guideline and you find you are much higher, then please contact me so I can get your information and hopefully try to save you money. Thanks!
THIS DOES NOT APPLY TO THOSE OF YOU WHO ARE INSURED WITH YOUR HOMEOWNERS CARRIER ON YOUR PERFORMANCE BOAT (i.e. you have your 130mph Skater on a State Farm boat policy)
OK... Here is the best thing I can give you all for determining if you have a good rate. It is not 100% accurate and is a mere guideline, it's not a quote, it's not a promise, it's nothing contractual. There are many factors that can make these guidelines inapplicable to you personally. This is my own personal opinion of where rates should be based upon all the quotes I've done in the past. This is just my assumption of average rates. This should in no way be construed as a representation of any particular carriers rates as I write for many carriers. However, this is the best I can give as a guideline tool or ballpark scenario. These numbers will not factor in any lay up or course discounts. IF you have a lay-up or courses, your over all rate with us will be lower than those rates listed below.....
If you have a V-Hull Performance boat
Under 60 mph:
Take the agreed value of your boat or the Limit of insurance and divide that number by 100 and then multiply the number you get by .65. Your premium should be around this number give or take a couple hundred dollars.
Example Calculation: $100,000/$100=$1000*.65=$650 per year
61-80 mph:
Take the agreed value of your boat or the Limit of insurance and divide that number by 100 and then multiply the number you get by .95. Your premium should be around this number give or take a couple hundred dollars.
Example: $100,000/$100=$1000*.95=$950 per year
81 - 90mph:
Take the agreed value of your boat or the Limit of insurance and divide that number by 100 and then multiply the number you get by 1.10. Your premium should be around this number give or take a couple hundred dollars.
Example: $100,000/$100=$1000*1.10=$1100 per year
90 - 130mph: This classification of boats is VERY different from boat to boat and owner to owner. The rate heavily relies on experience of high speed boats. The more experience, the lower the rate.
Take the agreed value of your boat or the Limit of insurance and divide that number by 100 and then multiply the number you get by 1.25 - 2.00. Your premium should be around this number give or take a couple hundred dollars.
Example: $100,000/$100=$1000*1.25 to 2.00=$1250 to $2000 per year
FOR CAT HULL OWNERS:
If your speeds are 80+mph: Again, this category is highly dependent upon your experience.
Take the agreed value of your boat or the Limit of insurance and divide that number by 100 and then multiply the number you get by 2.5. Your premium should be around this number give or take a couple hundred dollars.
CAT HULL OWNERS ABOVE 130mph.... use 3.0
So, again, this is a guideline to help you determine the ballparks. If you calculate what your expected rate should be according to the guideline and you find you are much higher, then please contact me so I can get your information and hopefully try to save you money. Thanks!
Last edited by WakezoneINS; 02-24-2010 at 09:14 PM.
06-03-2008 | 08:55 PM
#6
Registered
Joined: Aug 2007
Posts: 337
Likes: 7
From: Waterford, MI
You're really quite right, though, about all the variables....I'm in Michigan....so the boat's laid up for half the year (nod to cheaper)...but I'm also a first-time owner with limited experience (nod to waaaay expensive). Interesting how it all evens out.
When I was searching for quotes last fall I got everything from "won't touch you" to $1500 to the $330 rate the formula works out to. Definately pays to shop!
When I was searching for quotes last fall I got everything from "won't touch you" to $1500 to the $330 rate the formula works out to. Definately pays to shop!
Last edited by Ryan8886; 06-03-2008 at 08:57 PM.
