Insurance Shock!!!

[hallett 260]

I called a few of the insurance co. recommended on the board for my repower of a 1996 Hallet deck. With a 525hp motor the premiums are $740/yr. (Progressive) If I go with a 600hp motor (Pfaff) the premium is $4000/yr. with restrictions. :eek: This makes my decision much easier. Does this sound right?
Zach

[dimarcobros]

Sure does, I would take the $740 premium and be very happy with that.
DMB

[Havasu_Dreamin]

Take the 525 and the $740 premium.

[redi4fun]

I called a few of the insurance co. recommended on the board for my repower of a 1996 Hallet deck. With a 525hp motor the premiums are $740/yr. (Progressive) If I go with a 600hp motor (Pfaff) the premium is $4000/yr. with restrictions. :eek: This makes my decision much easier. Does this sound right?
Zach
DDDDDAAAAAMMMNNN, looks like 600hp is the magic number when it comes to power. I wonder if this is true with most insurance companies? Anybody know? I would definitely stick with the 525hp and leave the premium for the 600hp for the big boys. :D

[bunny 166]

We got quotes similar to that, too. Luckily we're at 490hp with our motor--seems like once you touch either 500 hp or 75 mph you're screwed... :lightsabe

[diggler]

I am having a new engine built as we speak... So, I was calling around for insurance quotes. I didn't lie once on the application which was:
2000 19' Ultra Shadow
800+hp engine (Will know for sure after it's built, but this is expected)
85mph (I'm guessing here)
Most insurance companies turned me down flat and wouldn't touch it.
However, one did.... International Water Safety Foundation
With all of the above, the cost quoted per year is $1,100.00
Not a bad deal if you ask me....

[mbrown2]

What's interesting is that a 525 is rated at the prop I am pretty sure and what is the 600 rated at shaft? Also, the 525 is rated conservately so it is around 550...so both engines are pretty dam close in the HP they deliver to the prop.

[RiverOtter]

What's interesting is that a 525 is rated at the prop I am pretty sure and what is the 600 rated at shaft? Also, the 525 is rated conservately so it is around 550...so both engines are pretty dam close in the HP they deliver to the prop.
http://www.havasubarney.com/forums/html/emoticons/huh.gif Ixnay on the amsay! Next thing ya know the 525 will be http://midwestboatparty.com/phpBB2/images/smiles/banned.gif

[hallett 260]

From what they tell me 500hp seems to be the magic number. On the 525 they measure it at the prop which is 500hp and is therefore ok. The other magic number is 75 mph. Anything above 75 you will be paying big.

[bunny 166]

From what they tell me 500hp seems to be the magic number. On the 525 they measure it at the prop which is 500hp and is therefore ok. The other magic number is 75 mph. Anything above 75 you will be paying big.
Exactly what we found...not going to lie to insurance...might as well be un-insured.

[hallett 260]

Exactly, I don't want to give them any reason to not pay. It looks like the 525 will be in my future.

[Nubbs]

You could try Clarke Garvey Marine Insurance.
Insurance (http://www.clarkegarvey.com/index.html)

[Lake Ape]

Now I know why my '67 De Ville with a 500 CID cadillac is rate at what it is. You should list your horsepower at the prop not the flywheel.....That'll teach 'em!

[Backfire]

IMO, It's unlikely that an insurance company is going to have the engine from your wrecked boat dyno'd. In most claims scenarios, horsepower or top speed would not be factors. The only time you're vulnerable is in an over 70mph crash. If your boat was stolen, it would be cheaper to eat the extra cost of the bigger engine rather than pay a big premium.

[Debbolas]

Jetton Insurance is our insurance company...Steve sometimes lurks here, I've been trying to get him to join!!! :D
We pay around $800-$1000 a year for our 26 ft Kachina. (we don't have the "blue"engine) :confused:

[No Doubt]

I have a 27ft Fountain with a 500 EFI motor with insurance through Boat US for about 1475.00 a year. If you take there on line Boating skills test they give you 10 percent off. My $1475.00 quote is with my 10 percent off. What are you going do, got to have it.

[BADASS38CHEVY]

My quote from alternative insurance in corona for my new 500efi with whippler charger laveycraft deck valued at $130.000. They quoted $1620.00 a year with full replacement value for 5 years and declining deductable after each year if you dont have any claims,and a $1000.00 deductable. So far alot better than Markel that wanted $4121.00. Thats a killer quote for a whippled 500efi.

[BADASS38CHEVY]

I called a few of the insurance co. recommended on the board for my repower of a 1996 Hallet deck. With a 525hp motor the premiums are $740/yr. (Progressive) If I go with a 600hp motor (Pfaff) the premium is $4000/yr. with restrictions. :eek: This makes my decision much easier. Does this sound right?
Zach
There are still 500efi's available with a 2500.00 rebate thru mercruiser and go with the arizona speed and marine kit and have almost 525hp for alot cheaper.

[Holland]

I have a 525 in my 30 Kachina... State farm gave me the best rate. 800 a year, Progressive quoted me 1475.. and the others were up from there, I had a claim on my last boat and State Farm wrote the check out in two days. It could not have gone any better!!!!
my .02$ Good Luck.....

[CJ]

Diggler, DO NOT INSURE WITH IWSF!!! They are probably not even licensed to insure in your state. Ask them, THEY WILL NOT ANSWER. Search the internet very carefully for them and you will find a few CEASE AND DESIST orders filed. They are located in Canada, Montreal I believe (first strike, not real Canadians, always wanting to start their own country)
QUADRUPLE CHECK ON THE IWSF BEFORE INSURING WITH THEM!!!!!!!
I am having a new engine built as we speak... So, I was calling around for insurance quotes. I didn't lie once on the application which was:
2000 19' Ultra Shadow
800+hp engine (Will know for sure after it's built, but this is expected)
85mph (I'm guessing here)
Most insurance companies turned me down flat and wouldn't touch it.
However, one did.... International Water Safety Foundation
With all of the above, the cost quoted per year is $1,100.00
Not a bad deal if you ask me....

[BADASS38CHEVY]

I have a 525 in my 30 Kachina... State farm gave me the best rate. 800 a year, Progressive quoted me 1475.. and the others were up from there, I had a claim on my last boat and State Farm wrote the check out in two days. It could not have gone any better!!!!
my .02$ Good Luck.....
The quote i got was thru alternative insurance in corona and that was insurer was progressive insurance.when i called progressive directly they quote me alot higher.the guy at progressive sounded like he didnt really know what he was talking about.so lavetcraft told me to call alternative insurance and he said sometimes when you get a quote from them sometimes you will get someone new that will misquote insurance.i told progressive the truth about the whipple and they said on my paper work will state "500 efi with whipplecharger altered horse power" so if there is ever a claim im covered.

[CJ]

Alternative is my agent. I am paying around $900 for a 28' with a 525 with Progressive.

[Essex29]

The quote i got was thru alternative insurance in corona and that was insurer was progressive insurance.when i called progressive directly they quote me alot higher.the guy at progressive sounded like he didnt really know what he was talking about.so lavetcraft told me to call alternative insurance and he said sometimes when you get a quote from them sometimes you will get someone new that will misquote insurance.i told progressive the truth about the whipple and they said on my paper work will state "500 efi with whipplecharger altered horse power" so if there is ever a claim im covered.
Did they already send you the cards??Did it go through underwriting yet??
If not....I highly doubt that it will...not to be negative, but Progressive won't touch anything with over 500 hp/per motor and over 75mph...I have tried and been shot down.
Again, if it did go through..AWESOME!
Good Luck!

[BADASS38CHEVY]

Did they already send you the cards??Did it go through underwriting yet??
If not....I highly doubt that it will...not to be negative, but Progressive won't touch anything with over 500 hp/per motor and over 75mph...I have tried and been shot down.
Again, if it did go through..AWESOME!
Good Luck!
No, boat is not done yes.if it doesnt go thru laveycraft has a big problem.there the one that set everthing up with alernative.they gave them all of the info on the boat i just gave them my personal info.

[SHAKEN Not Stirred]

I am also with Alternative Insurance Agency in Corona.....
They wrote me a policy through Markel....
I run 850 HP and run over 80 MPH.....
I currently have a 3mo lay-up.....Dec-Jan-Feb.....
I pay about $ 2,500 a year.....
I also looked at IWSF......They came back with a great rate.
Which is what bothered me.....
A buddy of mine has a policy with them....
They are not an admitted carrier and I could not find a S&P rating....
I spent a bunch of time talking with them to see whatI was missing....
I don't think I was missing anything......
Talk to Mike at Alternative about a Markel policy.....
951-280-9999
Later,
CJG

[SoCalOffshore]

I have twin 525's and was turned down by State Farm and Progressive. I went with Total Dollar and Sy Goldberg.

[diggler]

I called IWSF, and asked them.... are you even licensed to sell insurance in California? They got very huffy and passed me around to a few folks before a guy answered. he told me that they were a membership company that would allow me access to discounted rates to a third (un-named) party that underwrites the policy.
Screw them... now I need to find an insurer. Thank god I didn't give IWSF any money.

[CJ]

They hung up on me when I asked if they were licensed in Cali. Happy to hear you steered clear of IWSF! Not worth the risk.

[hallett 260]

I ended up going with a Merc. 525. on the 26' deck. I just started the policy with progressive for $780/yr. with $2500 ded.

[riverroyal]

i may only have a 496 but i still have beer money,i just wont get there as fast

[RIPPINGNOLEGSKROKER]

Please list coverages also, cheap bottom line numbers dont mean a thing if they dont cover your ass, forget the boat what are the liability coverages
R.I.P. Johhny Cockring

[INSman]

Why do people feel the need to call thier insurance company when thinking about or doing a "Repower" ??
I will state this once again and hopefully for the last time:
With a standard company like Progressive, State Farm, AAA, Allstate, Farmers, etc., you will not find anything in the policy that states you have to contact them in this situation. You should just get your normal renewal in the mail.
You cannot be dishonest in the application process, which would allow for denial of a claim, based upon misrepresentation of facts on the application or in conversations with the agent.
The only problem is that you will not get replacement coverage for that engine, only what was originally on the boat. I for one am not going to pay out thousands of dollers a year when I know I can get a policy for $800, just beacause I increased the engine HP, added a Whipple or whatever.

[HavasuDreamin']

he told me that they were a membership company that would allow me access to discounted rates to a third (un-named) party that underwrites the policy.
And now you know why they have cease and desist orders. I can't imagine the run around you would get in the event you were to file a claim. Company's like this take your premiums and make you sue them in a foreign land or foreign state (both equal traveling and hiring lawyers in that area) to collect. Bad news. :yuk:

[diggler]

So, let me get this straight... I am insured with AAA right now. I get the new engine at the end of April. I never lied on the original application with them back in September.
Now, I get a significantly higher hp engine. I could care less about the replacement cost. What I'm worried about is the liability. What is the situation there?
Why do people feel the need to call thier insurance company when thinking about or doing a "Repower" ??
I will state this once again and hopefully for the last time:
With a standard company like Progressive, State Farm, AAA, Allstate, Farmers, etc., you will not find anything in the policy that states you have to contact them in this situation. You should just get your normal renewal in the mail.
You cannot be dishonest in the application process, which would allow for denial of a claim, based upon misrepresentation of facts on the application or in conversations with the agent.
The only problem is that you will not get replacement coverage for that engine, only what was originally on the boat. I for one am not going to pay out thousands of dollers a year when I know I can get a policy for $800, just beacause I increased the engine HP, added a Whipple or whatever.

[INSman]

So, let me get this straight... I am insured with AAA right now. I get the new engine at the end of April. I never lied on the original application with them back in September.
Now, I get a significantly higher hp engine. I could care less about the replacement cost. What I'm worried about is the liability. What is the situation there?
The situation is, take a few moments and READ your particular policy. You want to look at the definition of liability which will refer to bodily injury and property damage, and most importantly, you want to look at the policy "exclusions". You should find absolutely nothing in the policy that states that you are to notify the company of any changes made to your boat/engine and you should find nothing that would state that coverage is null & void if your boat has a different motor or more horsepower than what it had initially when you secured the coverge.
At worst case scenario, if you were found to be negligent in a situation, had a decent size claim, and it was somehow determined or suggested that the causation of that loss was due in part or whole to that upgraded or modified motor, you can bet you will be shopping for a new carrier come renewal time, as would be the case probably without any changes or modifications.
If you want to feel really comfortable, call your agent as if you were shopping for a boat quote and ask them about this exact situation. Don't tell them of course that it is you, just pretend to be Joe whoever on the street. I as would others like to hear that response and exactly where in the policy they would direct you to as a resolve to your questions or concerns.