Were are you Cat owners getting Insurance?

Pachanga_Rick · Dec 11, 2006

You would think a 25ft cat would be easy to insure… guess not. My local State Farm who I have 2 Cars, 1 house and 1 boat with says they cannot insure a Catamaran Power Boat – (But The Do Insure The 28 Skater down the canal – WTF??

)

I may just do the "self-insurance" thing.

DonMan · Dec 11, 2006

Another State Farm thread ...........

:boo:

Pachanga_Rick · Dec 11, 2006

DonMan said:
Another State Farm thread ...........

:boo:

:laugher:

dirtlawyer · Dec 11, 2006

Pachanga_Rick said:
You would think a 25ft cat would be easy to insure… guess not. My local State Farm who I have 2 Cars, 1 house and 1 boat with says they cannot insure a Catamaran Power Boat – (But The Do Insure The 28 Skater down the canal – WTF?? )

I may just do the "self-insurance" thing.

The owner of the Skater that is insured w/ SF may have not been truthful in his application... not a good idea.

Here in Florida, the only insurer that I am aware of that will insure cats is Markel. They are expensive, however... Try calling Sy Goldberg at Total Dollar Marine - I have had my insurance thru Sy for the past 4 or 5 years - he can write Markel and may have some other options for you as well. Good luck.

Dd24SKATER · Dec 12, 2006

Try Westfield Insurance

Pachanga_Rick · Dec 12, 2006

Thanks, But after getting a few quotes I think I'll Self-Insure.

Ran-Dom32 · Dec 12, 2006

Pachanga_Rick said:
Thanks, But after getting a few quotes I think I'll Self-Insure.

your willing to put everything you've work for your whole life on the line for a couple grand??

self insured is something on very very wealthy people do. One screw up & your risking a whole lot $$$. My family & myself have been in the marine insurance business for many years, & I've seen some large pay outs for minor accident injuries.

Pachanga_Rick · Dec 12, 2006

Ran-Dom32 said:
your willing to put everything you've work for your whole life on the line for a couple grand?? self insured is something on very very wealthy people do. One screw up & your risking a whole lot $$$. My family & myself have been in the marine insurance business for many years, & I've seen some large pay outs for minor accident injuries.

I’m far from wealthy but this is a old race boat that I will be racing only, which Insurance wont cover anyway. I don’t think I’ll be using it to run out to the bay and back. (But I may). And if I do I have Personal property and liability insurance that covers cover me if I do go out on the water and (God Forbid) injure someone and get sued.

Horse power · Dec 12, 2006

State farm sucks A friend had them and some thing happened to his truck they would not cover it because it was after market W.T.F does that matter. :laugher: Go with ALLSTATE They never ask any thing

Ran-Dom32 · Dec 12, 2006

Not sure about US, but in Canada, personal property & liability insurance unless specified would not cover a vessel that is capable of speed in excess of 40MPH. I would double check on that. If your strickly using it to race than I see your point. Just don'nt have a few bottles of encouragement & take your buddies out for a blast.

Andretti 502 · Dec 12, 2006

don't you need insurance to race???

Pachanga_Rick · Dec 12, 2006

Andretti 502 said:
don't you need insurance to race???

Just health Insurance, the promoter has the event covered in case of an accident that injuries a spectator or non-race personal.

Super24 · Dec 13, 2006

Andretti 502 said:
don't you need insurance to race???

If you read the fine print on your policy it probably says something like "not covered in organized racing events"

Life insurance policies say something like that too.

American Pride · Dec 13, 2006

I talked to Sy recently and while there is another company that offers insurance on Cats, he was not yet comfortable with them. Markel is the only game in town right now and while they may be expensive, not so much so that I'd risk everything just to save $4 to $5k!

:chase:

Promod · Dec 13, 2006

Markel with Sy @ Total Dollar is where we go!

project hunter · Dec 14, 2006

I called USAA today just to see what they would say to a 25 daytona 502/415hp stock boat 2000 model. Then after being on hold for a while she said that they could'nt cover it but she would find someone that could. Then after a further search wth Progressive and other partner companies she still could'nt find anyone to cover it.

........SO I guess I wont get a Daytona any time soon.....I just think this is total bullchit...I just dont understand it.. And I refuse to pay these other companies an absurd amount for insurance.

MattBMiller · Dec 14, 2006

So did you get the boat?!

Pachanga_Rick · Dec 14, 2006

MattBMiller said:
So did you get the boat?!

Not sure yet, the bank wants to wait for other offers. But no one is offering anything near what they want or what its worth other than me. (I guess they cant get Ins. Either) If for some reason I don’t get it there is a local Skater (Race) for sale at a great price that I’ll get if this one falls through.

90Velocity · Dec 14, 2006

I use Markel. In fact the payment is due again.

Were are you Cat owners getting Insurance?

Pachanga_Rick

DonMan

Pachanga_Rick

dirtlawyer

Dd24SKATER

Pachanga_Rick

Ran-Dom32

Pachanga_Rick

Horse power

Ran-Dom32

Andretti 502

Pachanga_Rick

Super24

American Pride

Promod

project hunter

MattBMiller

Pachanga_Rick

90Velocity

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