It's called Insurance fraud... :argue:
Hopefully after the claim is denied they press charges against you for blatently lying on your signed application.(People wonder why Ins cost so much)
Cracks me up what people will risk to save a grand or two. If you can't afford to have a big HP Cat that hauls the mail you should look into a wakeboard boat that actually has a small block and goes 50 mph.
This cracks me up. I'm guessing your with Calstate insurance. I would think you would know that lying on your signed app. is not why high Hp cats get completly fock every year on premiums. And if you check your stats you'll find that there's 10 times the pay out for regular run about boats a year verses high HP cats. And in the last 5 years there's been more payouts on large V bottoms then high Hp cats. Do these types of boats pay are premiums? HELL no.I don't care how rich you are, paying 12 to 15k a year for cat insurance, not only are you getting BONED, but some insurance Co. is making a crap load of money. Nothing personal about yourself or Calstate, but companys like Markel who charge these rates, it's just plain wrong. But like you said, own a boat like discribed and the premiums go with it.
I am not lying, I just don't know exactly how much HP its got. As far as speed, it does go 50 mph. Oh yeah I believe that there is alot of people that have expensive boats that don't even have insurance.
http://www.***boat.com/forums/showth...97#post1816197
I am not here to be big brother or throw stones but I found this thread in less than a minute.
350 and 950HP are a pretty big difference. :220v:
I would also guess that a 28' Warlock with 950hp is hitting triple digits pretty easy. :idea:
This cracks me up. I'm guessing your with Calstate insurance. I would think you would know that lying on your signed app. is not why high Hp cats get completly fock every year on premiums. And if you check your stats you'll find that there's 10 times the pay out for regular run about boats a year verses high HP cats. And in the last 5 years there's been more payouts on large V bottoms then high Hp cats. Do these types of boats pay are premiums? HELL no.I don't care how rich you are, paying 12 to 15k a year for cat insurance, not only are you getting BONED, but some insurance Co. is making a crap load of money. Nothing personal about yourself or Calstate, but companys like Markel who charge these rates, it's just plain wrong. But like you said, own a boat like discribed and the premiums go with it.
I own/run an Agency we are not an Insurance company.(I do everything I can to supply my clients with the best service and products possible...If I can't do it I let them know and find someone that can)
I will post something that I wrote a couple months back.
Believe it or not Markel probably makes way more money on V's than they do on cats.
I agree it is very exspensive and Markel is about the only game in town. I have called many places looking for someone that will cover a 100+ MPH 500K boat and nobody wants it.
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Quote:
Originally Posted by Kilrtoy
Well I paid about 1000 a year for insurance on my 05 Vette which cost 60K
now if I went and got a 300k ferrari
im sure my insurance would climb to over 5K a year
im sure everyone understands that
Go figure cat insurance
Try 5-10K a year depending on what Ferrari and where you live.(LA is alot more exspensive to insure a car than OC due to crime/traffic)
the cost difference for the vette/Ferrari is more based on value,parts avaliability and paying the bodyshop that works on Ferraris to make the needed fixes.(Usually a Ferrari Dealership)
Your vette has as much performance as any Ferrari that cost less than 200K but can be worked on at any corner garage,also the parts are cheap compared to the Italians.(Also our 60K Corvettes depreciate a whole lot faster than a 300K Ferrari)
Insurance is also largely based on statistics. If 100 out of 20,000 "2005" Corvettes are crashed/stolen that is not a huge deal to the insurance industry.
If 50 out of 250 "2005" Ferraris are crashed/stolen then this becomes a much more exspensive car for the Insurance industry to over.
Now when thinking about Cat inurance the closets vehicles you can compare to them where money is not the problem is big CC sport bikes.
Call your insurance agent and ask him for a quote on a 1400cc Yamaha warrior and then tell him you are also looking at a 1000cc R1.The rate will go from $800 to $4000 real quick unless you find a niche market.(Sport bikes have a huge loss ratio)
With Cats there are not enough boat runing around to really transfer the risk enough to justify a cheap rate.we are the exception and not the rule when it comes to boating experience and knowledge.I am going to go out on a limb and say that the insurance industry has a very high loss ratio on high HP boats with cat hulls, Not only because they can be trickier to drive and they go alot faster then a similarly powered V but also because the boat industry probablly makes 1 cat for every 10 V's built.
Any boat that goes over 75mph is oing to be somewhat pricey to insure.Any boat that goes over 100mph expect to bend over and spread cheeks.If you own a boat that goes over 130mph be prepared to be uninsurable or lie to your insurance agent.
Here is another math equation....
Think of how many years it would take to pay off a new 250K 29' DCB if your anual insurance payment was 7,000?(It would take almost 36 years to pay that off but the insurance company might have to pay that off after you made your first $583.00 monthy payment.)
I think it sucks but I also understand why it has to be.
I am not lying, I just don't know exactly how much HP its got. As far as speed, it does go 50 mph. Oh yeah I believe that there is alot of people that have expensive boats that don't even have insurance.
It's a blown 454 with a 3 speed.. Boat runs right around the high 90's, maybe a little shy of a 100 atleast from the last time I road in it. If something happens to the boat your insurance company is going to take one look under the hatch, and your probably going to get nothing.. For blatantly lieing they might not even send you your premiums back, which is usually what they do. Just send you your cash back and tell you good luck. If your out at the river doing 20 mph and some bonehead jetskier T-bones you (they're completely at fault) they could still sue you for injuries in which case your going to really wish you paid a little more now, for alot more later.
RD
Just found out Markel doesnt insure cats over 7 years old. Ive got a 97 25' Daytona nobody will insure. aint that a kick in the ass.How is that?
It's a blown 454 with a 3 speed.. Boat runs right around the high 90's, maybe a little shy of a 100 atleast from the last time I road in it. If something happens to the boat your insurance company is going to take one look under the hatch, and your probably going to get nothing.. For blatantly lieing they might not even send you your premiums back, which is usually what they do. Just send you your cash back and tell you good luck. If your out at the river doing 20 mph and some bonehead jetskier T-bones you (they're completely at fault) they could still sue you for injuries in which case your going to really wish you paid a little more now, for alot more later.
RD
chris had no insurance on it.
I am planning on getting it insured for the hp and mph that it curently has. The quote is almost the same, just a few hundred more.
chris had no insurance on it.
I am planning on getting it insured for the hp and mph that it curently has. The quote is almost the same, just a few hundred more.
Thats a no brainer.
If you can insure that boat for less than 2K a year with a reputable company that has the true specs run to there office and write the check.
I have my V that might hit 64mph down hill with Progressive and I pay 1100 a year.
What company said a couple hundred more?
Oh yeah.... Nice Boat!!
Thats a no brainer.
If you can insure that boat for less than 2K a year with a reputable company that has the true specs run to there office and write the check.
I have my V that might hit 64mph down hill with Progressive and I pay 1100 a year.
What company said a couple hundred more?
Oh yeah.... Nice Boat!!thanks. I forgot the company name, but they insure houses and BIG boats, to my understanding. I also got another price from progressive, of about 1500 a year.
Oh I forgot to mention, I also had to take some boating classes. This was added in the quote as a discount.
I guess I could see if someone lives in a bad area with a Ferrari, but our insurance on our 512M is 1,100 a yr. 5-10k :?
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