86Capri

I found an 85 Cat. I am trying to figure out how to get insurance on it. This is my first catamaran but I have had a few boats for the last 10 years. No claims or anything like that. The problem I am running into is the age. Was wondering what you guys are doing for insurance.

jeff32

No answer yet!!??
but still a good question? Whatcha guys paying?

SecondWind

I’ll open up a can of worms here. I’m not an insurance expert but I tried to purchase a 31 foot 1996 catamaran with 1600HP (800 per side) 18 months ago and got stifled and discouraged by the insurance cost. The asking price of the vessel was 70K. Insurance estimate was around 18K per year. From what I gather on these forums that’s over double what people are paying for a brand new 120mph catamaran with egg beaters at a purchase price of 700K. I don’t think insurance companies like insuring old catamarans with HP these days.

Brad Christy

SecondWind,

Was that full coverage or just liability? If it was full coverage, it might be worth looking into just liability, and stuffing the balance in the bank for "insurance" purposes. You'd have replacement cost covered in a few years. Dang....

Thanks. Brad.

302Sport

You have to go through wozencraft or top dollar, as they have specialty programs for these types of boats. Also, a survey will be required. The progressives and geico's of the world won't insure these boats.

jeff32

that premium really does not make any sense.
as a matter of fact, a friend bought a brand new 43 midnight express quint 500's this year and he pays right 18 000$ for a 1.3 M boat running in the 80's
i know it is not a catamaran, but 18k per year on a 70k boat really does not make sense... maybe they are more ''affordable if powered with mild engines like regular 500's or similar?
curious to read more answers to this question.
Thanks for sharing secondwind...

jeff32

by the way, liability only is not something possible in canada according to my previous searches i did last year, not even on my sonic... is this something readily available in usa? just liability alone?

Brad Christy

Jeff32,

My insurance experience has been for road vehicles only. We have a couple of vehicles that we only have liability on, because they are paid for and aren't worth the cost of replacement coverage. It's typically the banks that require replacement coverage in the US. If you're comfortable with the risk of losing it, and the banks don't hold any debt on it, you're allowed to not insure it. Your loss if something happens. We are required by law to cover the "other guy", though. In this case, my assumption is that this boat would not be financed. Our bank won't finance anything that old without a significant buyer contribution, but, if they did, we'd have to cover it for at least what debt they held on it. I just did the math, based on the numbers provided, and it would be money ahead to deposit the insurance premiums and use them for replacement in the event something went sideways.

Thanks. Brad.

jeff32

yeah i know all my atv's and snowmobiles and cars are all insured liability only. Paid for of course. But the boat is also paid for, and it seems like they simply dont want to offer liability only on boats. I tried a 6 months coverage they dont allow that either. I even asked this year to cover the boat and liabiliry, but to raise my deductible to be 95% of my insured value. They said they could do it that way, but i would only save like 100-150$ on total premium... so...

Brad Christy

Jeff32,

I'd have to talk to the wife, who takes care of all this crap, or our agent, and see if liability only is an option for our boat. I guess I've never considered they wouldn't. I can't see why they wouldn't if the bank didn't require it. We have it covered for total loss, even though it's paid for, but that's only because it wasn't that much, all things considered, riding with all the other insured items we have covered through the same company, given what it would cost to get us back on the water if something should happen.

Thanks. Brad.