Cat insurance in trouble

[Brad]

Just FYI you actually don't need to take an official course to have your rates be lowered. I know of two people that had Johnny Tomlinson fly in to run their boat with them for a couple days and got 5-8k off their over all insurance bill. So as of now, no, you don't have to take an "approved safety course" if you don't want to. But it's a good idea to go out and have a professional teach you how to run your boat. I know JT will do this, Bob Teague has done this with customers and when I bought the Cig, Phil took me out for the day and showed and explained a lot to me about the dynamics of boats, attitude, reaction, step vs straight hull etc.

I guess my point is; if you have the opportunity to learn from someone who has a vast amount of knowledge on the topic of safety while running a performance boat, you should take it!

Interesting, I'm surprised they got an underwriter to agree to a discount with a non-accredited program. Not knocking JT just a difference in an accredited program developed with the input of insurance company’s verses spending a day with the top throttle man in the country. In SC you can reduce the cost of insurance on new drivers by having them take an accredited training course. You could not get a better rate by having Jimmy Johnson spend the day with your young driver. What really surprises me is that the manufactures of cats are not more involved in stressing training and safety to reduce the cost of insurance. Tres was the first to do this and yes he does promote his agenda, based on what I have seen his clients have been happy with the class.

And to follow up on Tank's last comment. I agree you should try to learn as much as possible everytime you get behind the wheel of a boat. It's no surprise that as you get older and have a safe driving record that you get lower insurance rates for sports cars. Boating should be the same.

 

[Tres]

You provide a needed service it helps everyone in the business as accidents are our worst enemy.

Thanks, but we feel there is more that we can do, but too much fall through the cracks if you kniow what I mean.

 

[Ratickle]

It's no surprise that as you get older and have a safe driving record that you get lower insurance rates for sports cars. Boating should be the same.

Exactly. Isn't that one of the things the new Boating Safety Organization is planning on trying to address????

 

[DKwestern]

Originally Posted by DKwestern
Curious how you prove previous experience? If you had a cat 5 years ago with ABC Ins. and they folded up, wheres the proof of experience?

If you incur a million+ $$ claim, they'll start looking for titles, registrations, marinas, neighbor interviews, etc. They'll put alot of effort into not writing that check.

Not a claim; previous experience when buying next boat

 

[Ratickle]

I would think the combination of the title, copies of insurance every year on a smaller boat, copies of registration on a smaller boat, etc would suffice.

 

[Batgirl]

The ony two insurance companies are the two you mentioned, neither will write cats over 130 mph. Anything above those speeds is uninsureable. This is what the agent and carrier stated. It is even written on the policy.

This is not true, My ex has a 36 Skater with twin 1150's Sterling's which now have been customized. The boat runs over 150, he gets insurance through a local agency in Salisbury NC, through a freind of his other ex girlfreind.
He pays about $1200 a year. Its is being investigated now, but in the mean time this person still goes on Poker Runs and is not properly covered.
They never came out and looked at the boat or I am not sure they even know the total HP of it. He had another 32 Skater before that, that was with Markel. He had no prior Cat experience before that boat. He did not want to keep Markel becuase of the cost, so he is flying under the radar with the 36.
I am sure that there is probaly others as well.

 

[glassdave]

This is not true, My ex has a 36 Skater with twin 1150's Sterling's which now have been customized. The boat runs over 150, he gets insurance through a local agency in Salisbury NC, through a freind of his other ex girlfreind.
He pays about $1200 a year. Its is being investigated now, but in the mean time this person still goes on Poker Runs and is not properly covered.
They never came out and looked at the boat or I am not sure they even know the total HP of it. He had another 32 Skater before that, that was with Markel. He had no prior Cat experience before that boat. He did not want to keep Markel becuase of the cost, so he is flying under the radar with the 36.
I am sure that there is probaly others as well.

I know many that try this trick and basically they have NO insurance. If a claim is filed the policy is void, and yes they will put a great deal of effort in sorting out those little details like HP and estimated speed. It just kills me when i see these 450hp 10-71 blower motors in a boat that "only" goes 70

 

[OldSchool]

This is not true, My ex has a 36 Skater with twin 1150's Sterling's which now have been customized. The boat runs over 150, he gets insurance through a local agency in Salisbury NC, through a freind of his other ex girlfreind.
He pays about $1200 a year. Its is being investigated now, but in the mean time this person still goes on Poker Runs and is not properly covered.
They never came out and looked at the boat or I am not sure they even know the total HP of it. He had another 32 Skater before that, that was with Markel. He had no prior Cat experience before that boat. He did not want to keep Markel becuase of the cost, so he is flying under the radar with the 36.
I am sure that there is probaly others as well.

Yor ex is pretty much just wasting $1200 a year!!! :willy_nilly::sifone:

Let's just all hope that he doesn't wreck it.

 

[Powerabout]

I dont have a dog in this fight BUT if Cats are safer at high speed than a vee why would an insurance company that determines premiums from acturies and history charge more for a Cat than a Vee and or say uninsurable?

 

[Wild]

Famous last words of many who went in the drink or not around to post anymore. Learn to drive by accident.Who ever wrote your policy is respomsible for ever rising rates.:cuss:

I didnt say i wasnt taking any lessons or i was going to learn by accident, just said you course was not mandatory by my insurance co. Randy Scism will just be the teacher this time, since its his boat and in his back yard.

And you should be carefull who you accuse of " being responsible for for the ever rising rates", since its also the company making people take your course

im not trying to get out of taking the course, just trying to give BraceYourself some options to get him started in a cat and ideas of how to get insurance - dont drown me just yet Tres

 

[Wild]

single asset llc just for the sole purpose of owning the boat...very common...saved me:sifone:

thats what im doing - making a poker run team, LLC

 

[Wild]

There's nothing wrong with starting with a 100mph Cat either! They are fun as hell at ANY speed, and you can juice it up after you earn your "stripes" with the insurance guys!:driving:[/QUOTE]

Thats what first time cat guys should do, find one with mild power and 6s, then add big power after a few years

 

[MarylandMark]

If you can start at the top; why not would be my opinion.

46 Cig 1075/#6; would be hard to go "backwards" for lack of a better way of saying it. If I had the coin I'd want Flight Club as well!

 

[Wild]

If you can start at the top; why not would be my opinion.

46 Cig 1075/#6; would be hard to go "backwards" for lack of a better way of saying it. If I had the coin I'd want Flight Club as well!

keep the cig and get a 36 or 32 skater or a 36 MTI with mild power and keep it for a few years, take tres class, get some seat time, then after a few years you will get insurance on whatever cat you want, its all about the seat time for the insurance companies

 

[TIKI]

Plus a 36' MTI with mild power will run faster than the 46 cig with 1075s.

 

[Tank]

Interesting, I'm surprised they got an underwriter to agree to a discount with a non-accredited program. Not knocking JT just a difference in an accredited program developed with the input of insurance company’s verses spending a day with the top throttle man in the country. In SC you can reduce the cost of insurance on new drivers by having them take an accredited training course. You could not get a better rate by having Jimmy Johnson spend the day with your young driver. What really surprises me is that the manufactures of cats are not more involved in stressing training and safety to reduce the cost of insurance. Tres was the first to do this and yes he does promote his agenda, based on what I have seen his clients have been happy with the class.

And to follow up on Tank's last comment. I agree you should try to learn as much as possible everytime you get behind the wheel of a boat. It's no surprise that as you get older and have a safe driving record that you get lower insurance rates for sports cars. Boating should be the same.

Eloquently put as usual Brad....Maybe you should handle all the PR.

Funny you bring up safe vehicle driving for people with clean records. I always chuckle a bit when someone says this. As a high speed driving, core 5 (basic driving maneuvers) instructor for both law enforcement and private sector it's funny how many people in their 30s, 40's, 50's, etc. that haven't had any drivers training since the DMV gave it to them at 16 years old! And you think being on the water with the occasional high speed in-experienced boater is unsafe. Think about all the drivers you and your family are next to every day when you drive. Pretty f*ckin'g scary!

 

[Batgirl]

Yor ex is pretty much just wasting $1200 a year!!! :willy_nilly::sifone:

Let's just all hope that he doesn't wreck it.

Oh, I totally agree with you. The boat is paid for, so the only reason why he gets insurance is so he can go on Poker Run's, because its required.
They have no idea if its good or not, they just ask for proof of insurance.
What is not fair, that if he kills or hurts someone else on a event, or at any time while boating, they are not going to be covered by his insurance, so it it not fair to the other people on the events. Its puts them in Jepordy.
:willy_nilly:

 

[Tres]

I didnt say i wasnt taking any lessons or i was going to learn by accident, just said you course was not mandatory by my insurance co. Randy Scism will just be the teacher this time, since its his boat and in his back yard.

And you should be carefull who you accuse of " being responsible for for the ever rising rates", since its also the company making people take your course

im not trying to get out of taking the course, just trying to give BraceYourself some options to get him started in a cat and ideas of how to get insurance - dont drown me just yet Tres

I only tell it the way it happens.Your earlier post encourages the skirting of getting proper knowledge, training and understanding. Just because you have experience, dont mean you have the right experience. Go figure. I break peoples bad habbits everyday.What ever you may learn may only be 30% of what you really need.You will do the minimum to get on the water anyway.

 

[Tank]

I only tell it the way it happens.Your earlier post encourages the skirting of getting proper knowledge, training and understanding. Just because you have experience, dont mean you have the right experience. Go figure. I break peoples bad habbits everyday.What ever you may learn may only be 30% of what you really need.You will do the minimum to get on the water anyway.

Soooo really what you're saying is no one else but you is qualified to teach proper high performance boating? That's kindve how I'm reading it. Please correct me if I'm wrong.

 

[Chris]

Originally Posted by DKwestern
Curious how you prove previous experience? If you had a cat 5 years ago with ABC Ins. and they folded up, wheres the proof of experience?




Not a claim; previous experience when buying next boat

What I'm saying is they'll take your word (and your premium) and when you make that big claim, this is one of those things they'll investigate to avoid paying.