How to get started with a cat

[livinglife2]

Say your long term goal is to have a big power MTI running 150 plus,
What is the best way to be able to get insurance at a good rate for a 1st time cat owner so some day you can move up to the bigger cats. Where do most people start at 25-30 single motors, small power 496 , 525 ??? or do they just buy the MTI and put small power in it till they have a few years under their belt so they can get insurance, This is for the average guy getting started in cat hulls. What are your thoughts or how did you do it.

Thanks,

[SSNLO]

performance boat coarse like the one offered by tres martin

performance boat experience (both cat and v-bottom as a owner or operator keep a log of hours on the water in various vessels)

clean driving record

age (they will never tell you that however)


navigational area ( midwest easier than cooastal waters)

lay up period

[Griff]

Move up gradually in size and speed. Once you are over 120mph in a cat, there really is no such thing as a reasonable insurance rate. Be happy if you can get insured.
Expect insurance to be 12-24k a year depending on how fast you are going and your experience level.

[can_play007]

All the answers are correct for the most part... What you need is prior verifiable cat experience (kind of a catch-22), high performance experience, a good driving record, no insurance losses, lay-up period, area's of navigation, mooring location and completing a ultra-high performance driving course4 similar to what Tres Martin offers. Some carriers also check credit scores when they do the scoring for coverage.

If you use your boat 12 months a year like in FL the rates Griff posted are a little on the high end but if you have a lay-up period of 6 months or so like we do around here the premiums will be about 50% less. At least that's my experience in the wonderful world of owning a Cat...

Jim

[wiggler4490]

you will pay 8k-12k/year for a large cat with up to 800hp for a 6 month lay up at loto with 5+ years of experience, and a safety course.

[PlowtownMissile]

which insurance companies are cat "friendly"?

[QWKRN U]

which insurance companies are cat "friendly"?

Smaller recreational cats with tame power... State Farm, Farmers
Once you get into the larger stuff with bigger power....
Then its the Markels and such. at least from my experience.

[schnydo]

Lottory

[livinglife2]

Has anyone been on a nordic 27 thor ??? Would that make a good one to start with

[can_play007]

which insurance companies are cat "friendly"?

For larger cats' you have just a few... American Reliable, Markel and Sy Goldberg over on OSO has been posting about a new one but I don't have any information on who it is....

Jim

[Wild]

Start with an mti with 525s, take tres course, get a few years under your belt in that boat and then move up

[boater]

Guess I should consider myself luckey I went from an Allison to a FastCat lost 5 to 7 MPH and much safer boat but the insurance company said they had to drop the coverage on it after this policy expires (they don't do Cats) I got a quote of 1,200 dollars and thought it was crazy seeing the rates for you big guys I think I am pretty luckey.

[PlowtownMissile]

Guess I should consider myself luckey I went from an Allison to a FastCat lost 5 to 7 MPH and much safer boat but the insurance company said they had to drop the coverage on it after this policy expires (they don't do Cats) I got a quote of 1,200 dollars and thought it was crazy seeing the rates for you big guys I think I am pretty luckey.

Are you the guy I was talking to before tech at the shootout?

[boater]

At the Mississipi shoot out yes

[Wild]

my insurance went down 1/3 after having one year under my belt, cant wait for next year :)

[Insurancegoddess]

Our agency writes A LOT of CAT insurance. Our most recent was a client with a 199mph boat...

So, I can tell you based on my experience that the average CAT insurance rates for an experienced CAT owner is about $2.00 - $3.00 per $100 in coverage afforded. That usually equates to 2% - 3% of your insured hull value.

If you are inexperienced and a first time CAT owner you're looking more towards $3.50 - $4.00 per $100 in coverage afforded or 3.5% - 4% of your insured hull value.

We just insured an MTI valued at $400,000 in TX on a year round policy and the insured is paying $7,300 a year.

Hope this helps.

[livinglife2]

Insurancegoddess

If your getting your 1st small cat(under 30ft) what are some things to stay away from as far as sizes, top speeds, ect that increase the insurance cost the most? Are some brands cheaper to insure than others, E-ticket, DCB, Nordic, Redline?

To insure a 100K small cat, under 30ft, around 100mph, 7 month layup what could someone expect to pay % wise to cost, used in Kansas & Missouri only?

[Insurancegoddess]

Insurancegoddess

If your getting your 1st small cat(under 30ft) what are some things to stay away from as far as sizes, top speeds, ect that increase the insurance cost the most? Are some brands cheaper to insure than others, E-ticket, DCB, Nordic, Redline?

To insure a 100K small cat, under 30ft, around 100mph, 7 month layup what could someone expect to pay % wise to cost, used in Kansas & Missouri only?

Before I respond, I want to say that I've never seen a CAT rate dip under $2.00 per $100 in coverage. So, now on to answering your question.. :)

The following is the ideal situation (best rates) if you are looking to get into your 1st CAT (note I didn't say first boat that is a cat):

1. 35 years or older
2. no more than 1 minor MVR violation in the past 5 years (NO MAJORS ex. DUI, Reckless)
3. at least 5 years of total boat ownership experience (this can be a boat of any kind)
4. top speed of vessel UNDER 100mph


So, since you are under 30 you'll be lumped into one of our programs that runs at about $3.50 per $100... So, you would be at around $3500 per year. After you've owned the CAT for two years loss free, then we can move you into the cheaper program that I mentioned above.

Hope this answers your question.

[livinglife2]

Thanks [smilie=trink39]

[PlowtownMissile]

Insurancegoddess,

Assuming both boats are valued the same, are deck boats with cat style hulls cheaper to insure than an actual cat?

For example, a 27' Eliminator Daytona with a single 525EFI vs a Magic 28' deck boat with a single 525EFI?

[Insurancegoddess]

Insurancegoddess,

Assuming both boats are valued the same, are deck boats with cat style hulls cheaper to insure than an actual cat?

For example, a 27' Eliminator Daytona with a single 525EFI vs a Magic 28' deck boat with a single 525EFI?

Typically, yes. Deckboats are cheaper to insure than a traditional CAT hull boat.

[Tres]

We are here today on LOTO! great temps today on the water for skill based training.

[Upper Hand]

Insurancegoddess,

Assuming both boats are valued the same, are deck boats with cat style hulls cheaper to insure than an actual cat?

For example, a 27' Eliminator Daytona with a single 525EFI vs a Magic 28' deck boat with a single 525EFI?

A little off subject but if your intersted in a Eliminator with some power in it I have one for sale (might sell without power). Let me know

[PlowtownMissile]

A little off subject but if your intersted in a Eliminator with some power in it I have one for sale (might sell without power). Let me know

Wayne told me about your Daytona and unless one of our extra houses sell, its out of our current price range unfortunately.

[can_play007]

Our agency writes A LOT of CAT insurance. Our most recent was a client with a 199mph boat...

So, I can tell you based on my experience that the average CAT insurance rates for an experienced CAT owner is about $2.00 - $3.00 per $100 in coverage afforded. That usually equates to 2% - 3% of your insured hull value.

If you are inexperienced and a first time CAT owner you're looking more towards $3.50 - $4.00 per $100 in coverage afforded or 3.5% - 4% of your insured hull value.

We just insured an MTI valued at $400,000 in TX on a year round policy and the insured is paying $7,300 a year.

Hope this helps.

I'd like to know more about this coverage, send me a PM here or on my work addy: jblaszak@associatedfire.net

Thanks,

Jim

[Insurancegoddess]

I'd like to know more about this coverage, send me a PM here or on my work addy: jblaszak@associatedfire.net

Thanks,

Jim

Hi Jim,
Thanks for your interest. I'd be happy to tell you more about CAT coverage but it would be really helpful if you can email me the specific questions you have about CAT insurance. There is A LOT of information that i have regarding CAT insurance and if you could help me out by telling me what you'd like to know that would be really helpful. My email is: stacy@wakezoneinsurance.com. Feel free to email your questions and I will respond to you.

Stacy