What are you paying for insurance on a 28' Skater?
07-28-2011, 04:38 PM
#11
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How come nobody is posting numbers ? What is the Ballpark price ? I know many people who run without ins because of cost and the way policy are written . There is always something buried in there that gives the Ins co a way to avoid paying claim . When it comes to HP boat ins get an atty to go over policy , I trust nobody
Last edited by offshoresteve; 07-28-2011 at 04:41 PM.
07-28-2011, 05:59 PM
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Your correct !!! Well almost , if your towing and trailer hits someone , whatever it hitched to covers it as long as it has insurance.It only covers damage to whatever you hit , not to boat or trailer
Last edited by KEVLARKAT32; 07-28-2011 at 06:08 PM.
07-28-2011, 07:07 PM
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How come nobody is posting numbers ? What is the Ballpark price ? I know many people who run without ins because of cost and the way policy are written . There is always something buried in there that gives the Ins co a way to avoid paying claim . When it comes to HP boat ins get an atty to go over policy , I trust nobody
07-29-2011, 09:31 AM
#15
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Hey guys, saw this thread and thought I would respond to try to offer up some information. We do insure a lot of Skater boats, some that are slower and some that are at or above the200mph mark. We have a program that goes far and above the top speed cut off of most brokerages/carriers.
The reason no one is likely posting numbers is because when you get into insuring a CAT, especially a fast one, it is REALLY HARD to compare one person's rate to the other because of the insane amount of rating factors that go into insurance. BUT, if you use 3.5% to 5.5% of your insured value on the boat, you'll come out with a decent premium range. There are some sections of the country that are just harder to insure in than others and thus more expensive. I have to say that I cringe when people start to compare their rates online because they are not helping one another and if that person asking for other people's rates hears a low rate, they automatically think that if their policy is more expensive, they are getting ripped off. Well the problem is that most of the time, they are two entirely different risks.
Thank you to all of you on here that give me and Wake Zone your vote of confidence. We pride ourselves on being a very upfront, no BS brokerage when it comes to insuring fast boats. We also believe in a little thing called friendly, prompt and dependable service. Something that other brokerages claim to have but really don't execute. It's great to have low rates, but having a great broker behind you can make a huge difference when it comes time to claims. In the event of a claim we work for you, not the insurance company.
Speaking of claims, I see several posts here that reference that the insurance companies are just out to deny claims. I have to disagree. While no company "wants" to pay a claim, they are legally bound by the contract you signed with them and the policy that was put in force. They are out to hold up the contract that you signed and agreed to when you paid money. From the day you get your policy (and often times before) you know exactly what it says, what it includes and excludes for coverage. If you don't understand something you see, then you ask your agent/broker for an explanation. Insurance carriers refer to the policy (your contract with them) when a claim occurs. They don't add language after the fact, they simply uphold what you agreed to with them. I've attached a copy of one of the carrier's policies that we do business with and place many skater's through. I think you'll find the items in the exclusions section fairly common amongst all the high performance policies out there.
The policies are written in ISO format so that they are easy to read. If you take a look at the policy that I attached to this post, you'll see that the policy is very easy reading and really makes sense. It doesn't "hide" anything in legal mumbo jumbo.
If anyone has any questions on insuring their Skater, give me a call or shoot me an email, I'll be happy to help or provide advice where needed. Take care everyone!
The reason no one is likely posting numbers is because when you get into insuring a CAT, especially a fast one, it is REALLY HARD to compare one person's rate to the other because of the insane amount of rating factors that go into insurance. BUT, if you use 3.5% to 5.5% of your insured value on the boat, you'll come out with a decent premium range. There are some sections of the country that are just harder to insure in than others and thus more expensive. I have to say that I cringe when people start to compare their rates online because they are not helping one another and if that person asking for other people's rates hears a low rate, they automatically think that if their policy is more expensive, they are getting ripped off. Well the problem is that most of the time, they are two entirely different risks.
Thank you to all of you on here that give me and Wake Zone your vote of confidence. We pride ourselves on being a very upfront, no BS brokerage when it comes to insuring fast boats. We also believe in a little thing called friendly, prompt and dependable service. Something that other brokerages claim to have but really don't execute. It's great to have low rates, but having a great broker behind you can make a huge difference when it comes time to claims. In the event of a claim we work for you, not the insurance company.
Speaking of claims, I see several posts here that reference that the insurance companies are just out to deny claims. I have to disagree. While no company "wants" to pay a claim, they are legally bound by the contract you signed with them and the policy that was put in force. They are out to hold up the contract that you signed and agreed to when you paid money. From the day you get your policy (and often times before) you know exactly what it says, what it includes and excludes for coverage. If you don't understand something you see, then you ask your agent/broker for an explanation. Insurance carriers refer to the policy (your contract with them) when a claim occurs. They don't add language after the fact, they simply uphold what you agreed to with them. I've attached a copy of one of the carrier's policies that we do business with and place many skater's through. I think you'll find the items in the exclusions section fairly common amongst all the high performance policies out there.
The policies are written in ISO format so that they are easy to read. If you take a look at the policy that I attached to this post, you'll see that the policy is very easy reading and really makes sense. It doesn't "hide" anything in legal mumbo jumbo.
If anyone has any questions on insuring their Skater, give me a call or shoot me an email, I'll be happy to help or provide advice where needed. Take care everyone!
07-29-2011, 04:00 PM
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That declaration page is written in a way so that the U/R has wiggle room to avoid a paying a claim . One example is you can not modify an engine unless noted , Ok lets say you change headers or even valve covers and you dont call them which has time , have a claim and they see a tie wrap that was added your denied , My girl works for a very large classic car ins co and know for a fact they can and will f-U unless you drive a run of the mill stock boring checkmate or sunbunny , the high end stuff is a whole diff ball game . Does anybody see my point??
Last edited by KEVLARKAT32; 07-29-2011 at 11:23 PM.
