Markel Says Won't Issue Policy on High Performance Boats without 3 Year Experience
02-24-2012 | 12:59 PM
#1
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From: Newbury Park, CA
Markel Says Won't Issue Policy on High Performance Boats without 3 Year Experience
I requested a quote on a boat which I estimated had a top speed of 80 mph. I have no moving violations, good credit, and age so high my testosterone levels barely register.
They said they will not issue policies to anyone without three years of high performance experience. Their definition of high performance is anything over 65 mph.
When I asked for a referrel to a company that would, the agent recommended Progressive or Geico. I told her Progressive was the one who referred me to them, after Progressive said they do not insure high performance boats.
I own a car with a top speed 174, but I can't buy insurance for a boat that does 80? This is a joke.
This is yet another reason the sport is dying. Entry level people are told over and over they will not be insured. Since there are so few insurers, the premiums end up astronomical.
Michael
They said they will not issue policies to anyone without three years of high performance experience. Their definition of high performance is anything over 65 mph.
When I asked for a referrel to a company that would, the agent recommended Progressive or Geico. I told her Progressive was the one who referred me to them, after Progressive said they do not insure high performance boats.
I own a car with a top speed 174, but I can't buy insurance for a boat that does 80? This is a joke.
This is yet another reason the sport is dying. Entry level people are told over and over they will not be insured. Since there are so few insurers, the premiums end up astronomical.
Michael
02-24-2012 | 01:39 PM
#2
HP Marine Ins. Specialist
Joined: Mar 2008
Posts: 985
Likes: 0
From: Insuring any kind of boat
I requested a quote on a boat which I estimated had a top speed of 80 mph. I have no moving violations, good credit, and age so high my testosterone levels barely register.
They said they will not issue policies to anyone without three years of high performance experience. Their definition of high performance is anything over 65 mph.
When I asked for a referrel to a company that would, the agent recommended Progressive or Geico. I told her Progressive was the one who referred me to them, after Progressive said they do not insure high performance boats.
I own a car with a top speed 174, but I can't buy insurance for a boat that does 80? This is a joke.
This is yet another reason the sport is dying. Entry level people are told over and over they will not be insured. Since there are so few insurers, the premiums end up astronomical.
Michael
They said they will not issue policies to anyone without three years of high performance experience. Their definition of high performance is anything over 65 mph.
When I asked for a referrel to a company that would, the agent recommended Progressive or Geico. I told her Progressive was the one who referred me to them, after Progressive said they do not insure high performance boats.
I own a car with a top speed 174, but I can't buy insurance for a boat that does 80? This is a joke.
This is yet another reason the sport is dying. Entry level people are told over and over they will not be insured. Since there are so few insurers, the premiums end up astronomical.
Michael
Markel is not the only outfit in town. You have many better options. Have you owned any boats prior to wanting to purchase this HP boat? If so, then you likely qualify for American Reliable so long as you meet the other age requirements and MVR requirements of their guidelines.
Stacy
02-24-2012 | 02:01 PM
#3
HP Marine Ins. Specialist
Joined: Mar 2008
Posts: 985
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From: Insuring any kind of boat
FYI... Guidelines state:
First time V-hull or Deck boat owners:
1. Max speed <= 85 mph
2. Min 1 year claims-free ownership of a vessel of similar
speed
3. Min 3 years total ownership experience (any boat).
First time V-hull or Deck boat owners:
1. Max speed <= 85 mph
2. Min 1 year claims-free ownership of a vessel of similar
speed
3. Min 3 years total ownership experience (any boat).
02-24-2012 | 02:29 PM
#4
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Joined: Oct 2004
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From: Newbury Park, CA
If you have to have "claims free ownership of a vessel of similar speed" prior to getting insurance, then you are saying you have to be grandfathered in, and the door is now shut for any new buyers.
This boat insurance industry is completely screwed up. I bought a brand new Firebird Trans Am when I was 20 years old. I never owned a car before. No insurer asked me if I ever owned a car before.
Michael
02-24-2012 | 02:37 PM
#5
HP Marine Ins. Specialist
Joined: Mar 2008
Posts: 985
Likes: 0
From: Insuring any kind of boat
There is an "OR" between #2 and #3 (or at least there should be). I forgot to type it. So hopefully that changes your interpretation.
The marine insurance industry, specifically mid and high performance boats (those over 65mph) are segmented into different categories/sectors.
So, by them saying claims free ownership of a vessel of similar speed isn't saying anything about being grandfathered in. It's saying one year ownership of a "non performance vessel". Similar speed can be +/- 10 mph. OR you can have 3 years of ownership of any boat/pwc.
Does that make more sense? I can't change the industry but I can help you navigate it if you need to insure your boat. Sometimes, insuring your boat can be extremely frustrating because you're not talking to the right people with the right knowledge or specialty. Performance boat insurance is not the same as regular boat insurance.
