Go Back   Boatfreaks > General Forums > Insurance and Finance
Register Calendar Mark Forums Read

Reply
 
Thread Tools Display Modes
  #1  
Old 06-08-2013, 01:36 AM
Darkhorse468 Darkhorse468 is offline
Registered User
 
Join Date: Sep 2003
Location: Braintree
Am I THAT out of touch!?!?!?

Well, two things happened at once today: my dream boat was mine...got my money and banks money and all was right in the world. Call the owner and tell him to clean up the boat for the surveyor on Sunday and print up a purchase/sales agreement.... and then I got my "quote" for insurance on it -
$2,677.00 . For a five month window and seven month layover per year! are you effing $HITTING ME?????????? The boats sale price was $25,000 ! ALMOST THREE GRAND FOR A LOUSY FIVE MONTHS????????? I pay $926 for a FULL YEAR, FULL COVERAGE, BEST LEVELS insurance on my $40,000 truck that I drive EVERYDAY, in MASS no less. On a 1987 boat useable for a five month window....ON THE WATER.... THREE TIMES as much? I am DYING to hear what you guys with actual real fast, nice and EXPENSIVE rigs are paying here... because of this absolute robbery, I cannot buy the boat now. If I actually did let the loan ride the full ten years, I will have paid TWICE the sale price just to own it NOT COUNTING INTEREST. Telling me a guy buys a 1990 Apache for $125,000 and pays another $125,000 to own it on top of the $50,000 or so in interest he pays over the loan life? Anyway, Im pissed, sad and confused at the same time.
__________________
Red line? Whats a Red line?
Reply With Quote
  #2  
Old 06-08-2013, 06:58 AM
sonicss31's Avatar
sonicss31 sonicss31 is offline
Registered User
 
Join Date: Apr 2010
Location: Maryland/Cudjoe Key
Once your blood pressure returns to normal get on the phone for several other quotes. The quote you have does seem excessive. Do a search on here for companies, it is discussed often. Stacey at Wakezone. Sy Goldberg and others. It will work out.
Reply With Quote
  #3  
Old 06-08-2013, 08:05 AM
hotjava66 hotjava66 is offline
Registered User
 
Join Date: Jun 2010
Location: Bay City, MI
Yes, that's robbery, you can get a better price. Should be less than a grand a year I would think.
Reply With Quote
  #4  
Old 06-08-2013, 09:02 AM
cfm's Avatar
cfm cfm is offline
Registered Member
 
Join Date: Sep 2008
Location: On A Dirt Floor
Posts: minus 1
I agree. Shop, shop, shop.

If that doesn't work, move to NH.(joking)

All that crap is 1/2 price here, however, we make 1/2 what we did in MA.

BTW: In 2001, my 4yr old truck was $2800 in MA. In 2002 when I moved back to NH it was $750.00 .Same coverage, same insurer.
__________________
-
-

If the women don't find you handsome, they should at least find you handy.

Sometimes it can be difficult to shake off the shit you read on the internet


Be careful, I think a lot of people on this forum started as retards and got worse. - MarylandMark


Formula I tinted team flawlessly all day.-Sutphen30

Last edited by cfm; 06-08-2013 at 09:03 AM.
Reply With Quote
  #5  
Old 06-08-2013, 09:35 AM
Apollard's Avatar
Apollard Apollard is online now
Registered User
 
Join Date: May 2010
Location: Mooresville, NC
Your location does have a large effect on it. Movedfrom SC to RI, price jumped 40% - same company.
__________________
. .
. .
"The human race divides politically into those who want people to be controlled and those who have no such desire." -Robert A. Heinlein

"There are men in all ages who mean to govern well, but they mean to govern. They promise to be good masters, but they mean to be masters. -Daniel Webster
Reply With Quote
  #6  
Old 06-08-2013, 11:33 AM
Zone 5's Avatar
Zone 5 Zone 5 is offline
Head Trouble Maker
 
Join Date: Sep 2003
Location: Lake Luzerne/Lake George,
frpom what I've seen, a couple of the problems you have are the age of the boat and the value of it. As silly as it sounds, any performance boat under a %0K value is a bitch to insure. And the age of the boat is hurting too. More than 10 years old and they hate it. Lets add the HP total (1300) and the probable WOT of I'd guess 80+ and you get screwed.

I guarentee you that a lot of people are lying about their engines/speeds/HP to insure there boats which will bite them if they ever have a claim. Telling the truth costs.

There a a couple of people on here with older boats insured. Multiple carriers.

Who did you get that quote from?
__________________


Nobody gives you power. Real power is something you take.

I fix things till they can't be fixed
Ski Doo Snowmobiles
Financial Planning
Reply With Quote
  #7  
Old 06-08-2013, 01:13 PM
MMarsha's Avatar
MMarsha MMarsha is offline
Mr 2 chits
 
Join Date: Nov 2006
Location: Couch
From another recent thread:

Quote:
Originally Posted by Panther View Post

Mine is $100K value, up to 100 mph and is currently $1100/yr.
I forget what year his Apache is but I'd think you would be in the same price range.
Reply With Quote
  #8  
Old 06-08-2013, 06:45 PM
Darkhorse468 Darkhorse468 is offline
Registered User
 
Join Date: Sep 2003
Location: Braintree
Thanks for the input guys... I got the quote from Markel and Stacy said they were the only ones she could find. I figure the boat, cleaned up and pretty is worth close to 50K. My quote was for an agreed value of 50K. I think that may have hurt me along with the factors Zone brings up. There HAS to be somewhere I can go that can make this work.... its killing me that something as stupid as this is the only thing keeping me from owning it. And I would pay $1100 for the chance, even though that seems high... If anyone can give me the contact info for others that they are using and are happy with, please do so. My blood pressure is back down to normal but Im not giving up that easily so any help I can get from my fellow Freaks will be taken.
__________________
Red line? Whats a Red line?
Reply With Quote
  #9  
Old 06-08-2013, 07:21 PM
Sutphen30's Avatar
Sutphen30 Sutphen30 is offline
Charter Member
 
Join Date: Sep 2003
Location: canton,ma
that sucks,but wait till you start blowing trs's and that insurance won't seem that bad.
__________________
I like my food with ketchup.
Reply With Quote
  #10  
Old 06-09-2013, 12:44 AM
Darkhorse468 Darkhorse468 is offline
Registered User
 
Join Date: Sep 2003
Location: Braintree
Im not familiar with this type of policy - if I break something, the insurance covers it? Smoke a motor? Tranny?
__________________
Red line? Whats a Red line?
Reply With Quote
  #11  
Old 06-09-2013, 12:52 AM
Zone 5's Avatar
Zone 5 Zone 5 is offline
Head Trouble Maker
 
Join Date: Sep 2003
Location: Lake Luzerne/Lake George,
Quote:
Originally Posted by Darkhorse468 View Post
Im not familiar with this type of policy - if I break something, the insurance covers it? Smoke a motor? Tranny?
No, he meant that the cost of replacing TRS parts will make the boat insurance seem cheap.
__________________


Nobody gives you power. Real power is something you take.

I fix things till they can't be fixed
Ski Doo Snowmobiles
Financial Planning
Reply With Quote
  #12  
Old 06-09-2013, 12:08 PM
Darkhorse468 Darkhorse468 is offline
Registered User
 
Join Date: Sep 2003
Location: Braintree
That's what I figured... until I sell my boat, I look at it this way - I have a set of spares for everything in this new boat except 650hp motors And when I do sell, I am going to those 4/5's Speedmasters and gimbles that Richie has...
__________________
Red line? Whats a Red line?
Reply With Quote
  #13  
Old 06-09-2013, 02:19 PM
MMarsha's Avatar
MMarsha MMarsha is offline
Mr 2 chits
 
Join Date: Nov 2006
Location: Couch
Have them run the numbers at a lower agreed value to see how it changes. I'd start at like $25K and see what that is, go up $5K until you see a what I am guessing is going to be a big jump, then drop back a few $K and done deal. You may find that $40K is 1/2 the price. I did that with my house- kept adding coverage until the price changed. I added almost 25% more coverage for the same price, 26% more coverage took it sky high. Point is there is a magic number in there some where, find it.

Last edited by MMarsha; 06-09-2013 at 02:20 PM.
Reply With Quote
  #14  
Old 06-09-2013, 02:48 PM
Zone 5's Avatar
Zone 5 Zone 5 is offline
Head Trouble Maker
 
Join Date: Sep 2003
Location: Lake Luzerne/Lake George,
Quote:
Originally Posted by MarylandMark View Post
Have them run the numbers at a lower agreed value to see how it changes. I'd start at like $25K and see what that is, go up $5K until you see a what I am guessing is going to be a big jump, then drop back a few $K and done deal. You may find that $40K is 1/2 the price. I did that with my house- kept adding coverage until the price changed. I added almost 25% more coverage for the same price, 26% more coverage took it sky high. Point is there is a magic number in there some where, find it.
doesn't work the same with boats. Some companies won't even write it if its not worth at least $50K. Thats where you get into problems with what they call "performance". I had it witha 252 Formula that did 60 mph. Went ito the performance class, but wasn't worth 50K, and insurance on it was a PITA. Darkhorse has the age problem against him too
__________________


Nobody gives you power. Real power is something you take.

I fix things till they can't be fixed
Ski Doo Snowmobiles
Financial Planning
Reply With Quote
  #15  
Old 06-09-2013, 04:25 PM
Paycheck's Avatar
Paycheck Paycheck is offline
Registered User
 
Join Date: Dec 2007
Location: in the garage
Chubb Insurance
1974 17' Checkmate $10K agreed value 40 mph $450/YR
1989 28' Checkmate $25k agreed value 0 mph(in the barn) $932/YR
__________________
Now, what is it?
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is On

Forum Jump

            

   

 


All times are GMT -4. The time now is 11:57 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2017, vBulletin Solutions Inc.