Where Do We Find Insurance For Hi Perfomance Boats ?

[OSO LAVEY]

I Want To Buy A 2.5 280 For My Boat But Am Afraid My Insurance Will Drop Me Because Of Exceeding Hp Rating.are There Any Options?

[tj309]

Good luck. There are companies out there - check the perf boating mags - but thet will soak you for it. The best I could do was $3600/yr for a 24' cat with twin 300 OB's. I borrowed against my 401K (no interest) and did it that way - I'll be dammed if Im going to pay more for insurance than the boat!

[Li'l Toy]

There are several discussions. I will paste below a very long post I did a while ago (since I'm not computer literate enough to know how to do a link):

I almost gave up trying to insure my 19 year old Eliminator 21. The guys specializing in hot boat insurance told me that Markel Performance would not insure any tunnel less than 26', and I kept getting told from others that my boat was too old. Then someone told me just to call Markel's direct marketing number--800-806-9626. They told me to ask for "regular water," which is not one of the automatic options on the machine.

I did not "fudge" at all on the information--boat mfg, model, length, and speed. I make my living working for insurance companies, and I know that a misrepresentation on the application can get you denied with no problem when you have a claim.

The sad thing is that I finally found an agent who was able to get me a quote--from Markel--but I needed to give him a big application for me and each of my sons who would drive the boat, and the premium was several hundred more than the direct deal. Only downside--on the direct thing, for the hull insurance (pays if the boat is stolen, burns up, sinks, etc.), they either have you agree to accept blue book value for one premium, or you value the boat but their payment would be "actual cash value"--what they think it was worth when it is stolen, sinks, or whatever. This was a few hundred more than the straight "I agree to blue book."

The blue book was $4,000 for a boat I paid $10,600 for and I am pretty sure (was looking for 6 months) that I got a very good deal. The policy through the agent would be for a set value, but I would have to have a marine surveyor survey the boat and give a value. I would have had to lobby him. Since liability was my big concern, and I was worried about the experience level of one of my sons for insurance purposes, I went with the direct.

The agent, in case you want to go that way, was Frank Garza at 561-483-5849. I doubt that he has any geographic limits.

For what it is worth, I pay $1186 per year for $300,000 in liability, including waterski liability. I got my insurance in June of 2005.

When I was looking for my boat, I did look around this board to see about insurance. There were lots of people on the board with much hotter bots than mine (STVs and the like) who got insurance through their regular State Farm or Progressive agents for pennies. I was supprised how much trouble I had, but apparently the market had tightened way up since they got their insurance. As soon as I typed "Eliminator" on the on-lin Progressive application, it bounced me--"We don't insure boats from that make."

If you do a search on this board for insurance, you will find a lot--but many of the people recommended by others could no longer write a hot boat. On the other hand, I had a tunnel. Your V may be easier.

Some of the names I came up with from the board:

Ronny Jetmore, ronald@jetmoreinsurance.com--very helpful, drives a Hydrostream, couldn't get me insurance but sent me to the folks that sent me to Markel. Can't find a number for him.

Marty Reichman--800-557-6952

Buzz Fyrie, 888-fast-ins (mostly offshore boats)

Matt Graham, First Financial Network--may be 866-577-3500, xt 13

Charter Lake Ins, 800-879-2248 (I think they wrote Markel)

World Wide Underwrtiters, 800-339-1235

There is a guy in Long Island who couldn't help me, gave me several ideas and helped a friend--can't find his name here, the friend would have it--email me if you get nowhere with these.

Call me if you want to ask any more--this search wasn't fun. Pat Gent, cell 954-249-3246.
__________

[STV Tunnel]

I have had insurance on my 100+ MPH rig for over 15 years at exactly $36.00 every 6 months for more than the minimum coverage for passengers and per incident damage to others.


The funny thing is, I get crap from people cause of the type of power my boat has on it to run this speed. The fact is I have been covered by a MAJOR insurance provider for quite a long time, claim free, and have a long record of High Performance coverage to allow me to step up into serious big horsepower cats or V bottoms due to my long record of high performance hull operation with no baulking by the major insurance companies that provide this type of coverage.

My best advice is learn how to play the game, don't screw up, and pay your dues time wise. You may have to run the hull with less power for a while to earn your metal.

I see many posts on various boards about so and so who has no coverage and needs a fund set up etc. I was wondering when this topic would arise again. If you put more money into your motor than you do your ability to cover the damage you may cause then you deserve everything that happens to you including personal injury. Sorry....facts are fact.


BTW....watch out for Boat US. Look around for opinions.....nuff said.

[rhickox]

Mine is through Markel. $500 per year

[sheetsabud]

I don't understand the $ figures people are paying for HP boat insurance. I have all my insurance through State farm. I'm going to be buying a 25-26 OB cat soon and called my agent last week got a quote on a 25 Motion W/ 600 HP valued at 50,000. My price w/ 500.00 dedectible was 420.00 per year. Maybe its because i currently have 2 houses, 2 boats, 2 cars. Also the only claims i've had with them is on the boats. Go figure.

[Hottrucks]

Good morning Jeff,

I contacted Foremost Insurance to inquire about insuring your Skater. They told me that if we list the motors at 150hp each there would be no problem. They also explained why I I couldn't find the year 1987 on their web site...But they will insure a 1987. The only problem is they calculate the hull value at $8,400.00 and the combined motor values at $4,400.00. They did tell me that if you had a water craft appraisal, their underwriting department would consider a higher limit on the hull. However, the values for the motors they cannot increase. So based on the aforementioned limits, plus $3,000.00 on the trailer, the revised quote would be $458.00 annually.

Please let me know if you have any questions or concerns.

Thanks,

Nick
Lapan's Insurance Agency

[Fish]

forget geico, I asked them out of curiosity day before yesterday and the person in their boat division laughed at me.

[riebie]

I insured my Talon with twins with Foremost.They were not as cheap as some others I've heard about but they came through on someone else's claim.

[JWTjr.]

Has done a great job for me...very reasonable rates, and good service.

JWTJr.

[STV Tunnel]

They told me that if we list the motors at 150hp each there would be no problem

Then they damn well better tech out to be 150 HP motors if there is ever a problem.

There will be a "vessle report" if these is ever a wreck or claim done by the Coast Guard or whatever regulating body handles the water laws in your area and serial numbers will be run on more than just the brackets.

You may find yourself in more of a jam criminal wise and at the very least the company will deny the claim.

[STV Tunnel]

Also, you will probably have to have that boat INSPECTED PRIOR to them issuing insurance and this may come up at that point as well.

[wideglide55]

Insurance? We don't need no stinking insurance. Going on 20 years now,never had it never will.Pay cash for whatever you float and use your head when you run it and you won't need insurance.

[WR_Merc]

My DCB with 280s cost 1500.00 yr val at 49k. All info i gave them was true. NATIONWIDE

[rhickox]

My mother has worked for State Farm for 30 yrs. but can not insure my boat because of design. 500 is the cheapest I could find with total replacement coverage.

[BigJohnson]

Just bought a 25' Warlock Cat w/twin 250's. Glad I found this thread. So far my agent hasn't been able to find me insurance. Do you guys getting the good deals have your homeowners with the same company? Anyone getting a good deal just having the boat insured alone?

[rock]

I insure my Allison with offshore motor for $196 a year. Filed a claim the year before for $2700 after striking under water object with my Champion. My boat and my Harleys are the only things I insure with them. Shop, cars and trucks, and business are somewhere else and they still treat me well.
Rock

[BigJohnson]

I insure my Allison with offshore motor for $196 a year. Filed a claim the year before for $2700 after striking under water object with my Champion. My boat and my Harleys are the only things I insure with them. Shop, cars and trucks, and business are somewhere else and they still treat me well.
Rock

I'll give them a try. Thanks.