ive read on here quite a bit that no one really likes to insure first time cat owners but i need to figure out who does so i can get an idea of what i may be paying for insurance..

right now im looking at getting into a 26 foot American offshore cat. but if insurance is going to ridiculous i will have to look into something else.

thanks!!

I tried every local insurance place by me when I bought my first cat. A few of the agents said they would write it no problem, real reasonable. A week or so later I would get the call. Underwriting said no. Ended up using Markel, and payed big $$ for it too. Good Luck....

Insuring first-time Cat owners can be a risk to insurance carriers. It's not necessarily the hull design that dictates the higher rates, rather the type of use a cat-hull boat will receive in comparison to a V-hull or deck boat. Insurance companies have taken (paid) large losses on cat-hull boats and there is a good percentage of those where the operator was younger or had no prior cat ownership. Yes, there are also many losses to V-hulls, but there is a trend of losses across the board for performance cat-hull boats.

Now, with you specific situation, if the HP & speed isn't too great then you may be able to purchase reasonable insurance. 75mph is a cutoff with some carriers where if the boat doesn't exceed 75mph then you can get coverage as a first time cat owner, and at a reasonable rate.

If you'd like, I'd be happy to run some numbers for you. You can either input your info. at my website: www.wozencraftinsurance.com or call me at 888-477-6517 and I'd be happy to discuss with you by phone. I have offices in Orange County, CA & Lake Havasu City, AZ.

Even if your boat exceeds 75mph most likely I can still find you coverage. My agency can write most any type of boat and at any speed. The premium may be high, but we most likely can get you covered.

Thanks,

Devin Wozencraft

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.

Stacy, what about older boats? What about a 30 year old operator, 1981 30ft cat with twin old 300's, est top speed 80ish with 18 years of boating exp and 4 years high performance exp? Or is the boat simply too old?

There isnt' much of a market for older boats, especially CATS when it comes to insurance. However, you're in luck as there are two that would take you at a first time CAT owner.

so something like a 1995 26ft american offshore should be fairly easy to get insured then?

from what you've told me, yes, it will be easy as long as you are not in NY or CA.

nope i am in michigan..

Then we'll be able to do it.