Cat Insurance - Enough is Enough!
#1
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Guys, Here's the message I just replied to Elton Porter re: my Cat insurance and our conversation last year regarding, 'Joe, I know it's high... just pay it this year and we'll try to really do something about it next year.' Needless to say, my premium didn't go down, as expected.
***** ,
out of all of the people/entities i do business, Markel/*** etc... is/are the only group whom I do not appreciate/enjoy doing business (giving my money) -- regardless of the premium(s). nearly every cat owner who is insured by EP that i've spoken with is of the same opinion.
no 'one' scenerio makes sense. eg. a first time boater, who has hooked a 38' 700 Merc. Fountain, severely damaged the boat and passengers, then purchased a 42' 700 Merc. Fountain and then was quoted a similar rate to mine to insure MY SKATER if he purchased it!
not to mention this person would be using the boat at a minimum, 75-100 hrs. per year vs. my 20-30. you don't have to be a rocket scientist to determine who's the higher risk, do you?
...not to mention, i, on my own, brought my cat to JT and had him/Lupe/TnT completely go thru the boat prior to taking it on it's first poker run... then spent several hours with JT, showing me exactly where the 'edge' and/or 'limits' of the boat was/were.... so i knew when danger was near/approaching (in advance) vs. trying to navigate 'thru' danger after i was already in it. i think it's fair to say i have received TONS more knowledge from JT than one could imagine getting from Tres and/or Brad (not that either of them are bad --- but rather, thank goodness there is someone out there, are of their quality (multi-time world and nat'l champs) that has chosen to make the time for 'the majority').
on top of that, prior to my cat leaving the Factory, JT took both Bruce and me out in a friend's (Chris J's) 410 Skater (whom EP also insures --- for **k annual premium), teaching both Bruce and me to look/see things/danger that most never even recognize until they're in the middle of it --- in one of the roughest boating waters in the country; Lake Michigan.
being the 'only' choice in anything does not necessitate taking advantage of the situation, leaving your clientele feeling as if it's a 'flip of the coin' to determine insurance rates. at the end of the day... i am unhappy over 2k. i think it's safe to say we all make well in excess of 2k just during the time frame it took me to type this message -- it's about my (the client's) experience.... and, as previously stated, i haven't found one happy, or even satisfied, cat client. it's time to raise the bar and learn to separate/make a distinction between your 'higher' risk clientele, which we all are, running 140+ mph, and your 'rookie/dangerous/DWI/Drunk out of their minds at every event' clientele... and adjust the premiums accordingly.
take this to your Marine Director. i would be very interested in his response. at this point, if there were another reputable cat insurance choice, i would take it in a minute. enough is enough.
Regards,
Joe Pandak
***** ,
out of all of the people/entities i do business, Markel/*** etc... is/are the only group whom I do not appreciate/enjoy doing business (giving my money) -- regardless of the premium(s). nearly every cat owner who is insured by EP that i've spoken with is of the same opinion.
no 'one' scenerio makes sense. eg. a first time boater, who has hooked a 38' 700 Merc. Fountain, severely damaged the boat and passengers, then purchased a 42' 700 Merc. Fountain and then was quoted a similar rate to mine to insure MY SKATER if he purchased it!
not to mention this person would be using the boat at a minimum, 75-100 hrs. per year vs. my 20-30. you don't have to be a rocket scientist to determine who's the higher risk, do you?
...not to mention, i, on my own, brought my cat to JT and had him/Lupe/TnT completely go thru the boat prior to taking it on it's first poker run... then spent several hours with JT, showing me exactly where the 'edge' and/or 'limits' of the boat was/were.... so i knew when danger was near/approaching (in advance) vs. trying to navigate 'thru' danger after i was already in it. i think it's fair to say i have received TONS more knowledge from JT than one could imagine getting from Tres and/or Brad (not that either of them are bad --- but rather, thank goodness there is someone out there, are of their quality (multi-time world and nat'l champs) that has chosen to make the time for 'the majority').
on top of that, prior to my cat leaving the Factory, JT took both Bruce and me out in a friend's (Chris J's) 410 Skater (whom EP also insures --- for **k annual premium), teaching both Bruce and me to look/see things/danger that most never even recognize until they're in the middle of it --- in one of the roughest boating waters in the country; Lake Michigan.
being the 'only' choice in anything does not necessitate taking advantage of the situation, leaving your clientele feeling as if it's a 'flip of the coin' to determine insurance rates. at the end of the day... i am unhappy over 2k. i think it's safe to say we all make well in excess of 2k just during the time frame it took me to type this message -- it's about my (the client's) experience.... and, as previously stated, i haven't found one happy, or even satisfied, cat client. it's time to raise the bar and learn to separate/make a distinction between your 'higher' risk clientele, which we all are, running 140+ mph, and your 'rookie/dangerous/DWI/Drunk out of their minds at every event' clientele... and adjust the premiums accordingly.
take this to your Marine Director. i would be very interested in his response. at this point, if there were another reputable cat insurance choice, i would take it in a minute. enough is enough.
Regards,
Joe Pandak
Last edited by Joe; 10-02-2009 at 02:27 PM.
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Just to play devils advocate here, keep in mind big fast cats probably do have a lower accident rate, however when they do it is off the scale expensive. I remember a poker run just a few years ago when two very expensive cats killed many people, boats are cheap compaired to the $$ paid out for lost lives. How many premiums on cats does it take to make up 10million dollar claim. Then remenber the premium pool of cats is much smaller than V hulls, thus very expensive insurance.
Also take this for what its worth, if your so sure you and your boat have such a minimal risk, why do you need insurance? Not required by law?
Again I am playing devils advocate here.
All that being said, I feel certain your insurance is stupid expensive and hope you have a good resolution.
Also take this for what its worth, if your so sure you and your boat have such a minimal risk, why do you need insurance? Not required by law?
Again I am playing devils advocate here.
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Last edited by TampaBeach; 10-01-2009 at 10:22 PM.
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call stacey at wake zone ins,i did and et saved me some cash.
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The price of "cat" insurance just could never be justified in my head and that is why it took us years to get one!
I have wanted a "cat" every since I saw them race around Long Island as a kid, they outboard Powercats!
It was not always the cost which is excessive, it's the little cat and mouse game they play with you...years of cat ownership, speed, speeding tickets, power, yaddity, yaddity, yaddity.
It's like you are on the witness stand in a court room! Some people went and bought cats and killed themselves and passengers and it ruined it for so many other people.
I know a person that is buying a newer Skater like yours Joe.
First quote 25K, sort of takes the fun out of it, no??
Gee the difference(cat vs vee) in the insurance premiums sure does buy a nice larger deep vee, I mean if you are like us poorer folks that need to have loans on things!!
Totally agree with your thoughts, they told me plan on 5% of the value of our next larger cat! I'm sure there is some logic here I am missing. I hear the "high rollers" don't even have insurance on their big cats!
We went with Stacy, too.
I have wanted a "cat" every since I saw them race around Long Island as a kid, they outboard Powercats!
It was not always the cost which is excessive, it's the little cat and mouse game they play with you...years of cat ownership, speed, speeding tickets, power, yaddity, yaddity, yaddity.
It's like you are on the witness stand in a court room! Some people went and bought cats and killed themselves and passengers and it ruined it for so many other people.
I know a person that is buying a newer Skater like yours Joe.
First quote 25K, sort of takes the fun out of it, no??
Gee the difference(cat vs vee) in the insurance premiums sure does buy a nice larger deep vee, I mean if you are like us poorer folks that need to have loans on things!!
Totally agree with your thoughts, they told me plan on 5% of the value of our next larger cat! I'm sure there is some logic here I am missing. I hear the "high rollers" don't even have insurance on their big cats!
We went with Stacy, too.
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Try to get cat insurance in FLORIDA!![Bsflag](/forums/images/smilies/more/bsflag.gif)
That's one of the main reasons we sold our Eliminator Daytona.
Good luck to you guys in finding some cheaper cat ins. but from what I hear Markel is on the only game in town for alot of the faster cats.......
Kinda a captive clinetle if you will......
Dean
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That's one of the main reasons we sold our Eliminator Daytona.
Good luck to you guys in finding some cheaper cat ins. but from what I hear Markel is on the only game in town for alot of the faster cats.......
Kinda a captive clinetle if you will......
Dean
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Don't always agree with you Joe but it does seem extreme to charge the faster cats ridiculous premiums. It is not unheard of here in S. FL to charge newer big HP V's 15-20K a year.
But to me it seems the cats go faster for less money/ horsepower but any savings they benefit from gets spent with the insurance companies.......
But to me it seems the cats go faster for less money/ horsepower but any savings they benefit from gets spent with the insurance companies.......
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Joe,
I would definately call Stacy with Wake Zone. I was with Elton Porter last year when I had the 36' but when I got the new boat this year I called them to get a quote for the new boat and went
.... I then did some investigating and saved several thousand dollars with them...
I look forward to seeing you in Key West.....![Party Smiley 048](/forums/images/smilies/party-smiley-048.gif)
Derrick
I would definately call Stacy with Wake Zone. I was with Elton Porter last year when I had the 36' but when I got the new boat this year I called them to get a quote for the new boat and went
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I look forward to seeing you in Key West.....
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Derrick
Last edited by Cuttin Loose; 10-02-2009 at 07:37 AM.
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Wow I can't beleive some of these rates on these boats but then again I guess it's expensive to cough up 500k when they crash. I feel for you guys. Mine is only $1300 on a 31 vee lol but I guess she is still not 1/20th of a 40 skater... Would hate to see the premium on fight club