Is A Boat Insurance Policy worth the cost $
- Thread starter mick
- Start date
Guess it depends on what you have for a boat. 12' tinny, maybe not so much however, the $$$ tag on some of these Lunds, Princecraft, Legends and then the larger weekenders and express cruisers etc., yes for sure. You may never use it in your life time but if something happened, you would thank the Almighty Sea Gods that you have coverage. I'm sure the owner of the "Maverick" is thinking just that.
Besides, I do believe it's law to have ins. coverage on your water vessel though I have never been asked about ins. when approached by O.P.P. Marine Unit... and, yes, I have full coverage on mine.
Besides, I do believe it's law to have ins. coverage on your water vessel though I have never been asked about ins. when approached by O.P.P. Marine Unit... and, yes, I have full coverage on mine.
cmac it is not mandatory to have insurance on your boat. Most Marinas will mandate insurance coverage if you leave your boat at a dock. It is also wise to have insurance for property loss or property damage. If you trailer your boat it is covered on your auto policy while hooked to your vehicle.
Thanks Mike for your vote
its a 14+ Lund, 2 motors and a trailer & equipment ...my last over $1000 claim.. I hit a chunk of wood on the lake & put a tear in the hull 2 seasons ago..$1100 for an aluminum welded patch & rivets..$200 deductible..
its a 14+ Lund, 2 motors and a trailer & equipment ...my last over $1000 claim.. I hit a chunk of wood on the lake & put a tear in the hull 2 seasons ago..$1100 for an aluminum welded patch & rivets..$200 deductible..
spincast
Well-Known Member
For me it's a no Brainer. More on that Ina moment. let me turn the question: do you buy lottery tickets? Because your chance statically of winning is lower then your chance of needing insurance.
Without getting into the details, I'll ask the same questions I do at many if my first driver meetings:
How many of you have gone through a yellow you know you could have stopped for? Show of hands please.
How many of you have timed the red light turning to green as you approached an intersection? Show of hands please
(In 99% of the meetings almost everyone puts their hands up to both questions)
How many of you have considered what would happen if you were In a car timing the light, and a fully loaded 80,000lb tractor decided to run the yellow?
I managed that nightmare. My driver was behind the 80,000lb rig.
You think about all the situations on the water that but for a different circumstance the outcome could have been tragic.
I have over a million miles accident free.
I don't even question the value of insurance.
There are some things in life most folks love to hate till we need them
Police
Oncologists
Lawyers
Insurance
I have other examples, but we'll leave it at that.
Unless you have millions you can throw away, you need insurance.
Without getting into the details, I'll ask the same questions I do at many if my first driver meetings:
How many of you have gone through a yellow you know you could have stopped for? Show of hands please.
How many of you have timed the red light turning to green as you approached an intersection? Show of hands please
(In 99% of the meetings almost everyone puts their hands up to both questions)
How many of you have considered what would happen if you were In a car timing the light, and a fully loaded 80,000lb tractor decided to run the yellow?
I managed that nightmare. My driver was behind the 80,000lb rig.
You think about all the situations on the water that but for a different circumstance the outcome could have been tragic.
I have over a million miles accident free.
I don't even question the value of insurance.
There are some things in life most folks love to hate till we need them
Police
Oncologists
Lawyers
Insurance
I have other examples, but we'll leave it at that.
Unless you have millions you can throw away, you need insurance.
my NaticLife has replaced 2 lower units and 3 props. Minimal deductible and it doesn't affect my home insurance as with other companies. I asked so if I run it aground on a rock shoal in the middle of the lake would they replace it? They said yes.
spincast
Well-Known Member
And just to add, if you ever take someone out in your boat, you are liable, if they fall out, or if they get a hook in their hand and subsequently becomes infected, as examples. If you are in the fog or low light and another boat hits you, you will be named in the lawsuit. If the other guy has a lwyer paid for by insurance, and you don't, who will end up paying the biggest payout?
Do you need replacement / theft insurance on a boat you can afford to replace probably not. , but liability, ask Diamond and Diamond or any of the other sharks who don't get paid unless their client does.
Rule of thumb when it comes to insurance: insure what you can't afford; pay for anything you can, and let insurance respond to the rest
Do you need replacement / theft insurance on a boat you can afford to replace probably not. , but liability, ask Diamond and Diamond or any of the other sharks who don't get paid unless their client does.
Rule of thumb when it comes to insurance: insure what you can't afford; pay for anything you can, and let insurance respond to the rest
No brainer YES!
Yes for me.
I always believed that to be true too Wayne but the Insurance company says otherwise. They explained that the attached trailer is covered by the vehicle policy but the boat is considered 'cargo' and is not covered with the tow vehicle or trailer. They said the same applies to your sled or ATV in a trailer. May not be the same for all insurers but they said it's pretty much the norm now.
Yes... have never had a claim and don't want one !!!!
one.last.cast
Well-Known Member
Funny I asked myself the same question this year. I pay $430 a year. Only thing I don't like is they will not insure any damage to the boat before April 1 and after October 15. I'm always out before April 1.
That stinks. Mine is (I think) April 1st - December 1. Before April is no big deal to me but I'm still using mine past Oct. 15.
I have to have insurance as required my my boat loan. My annual insurance bill is $700/yr.
spincast
Well-Known Member
Lots of policies have layup periods. Using the boat outside the layup period might be problematic if you ever need to place a claim, depending on the nature of the claim (for instance an engine claim). I asked one company about coverage if I operated outside the layup period a few years ago. Response: policy will be void. Also be aware, some policies require receipts to prove the boat was winterized (some policies allow you to do it yourself, others require it to be done by a marina). That's also why some marinas stamp your winterisation invoice with the date of first frost if they do it after that date. Insurance companies aren't in the business of paying claims - they are in the business of making money. If its a small claim, they won't spend time in figuring out if you have been acting in accordance with the policy - they will pay the claim, and then jack your rates to get it back. But if you have a big claim - the one you need the policy limits for like a theft or personal injury lawsuit, they might well do a lot of digging to find out if you have been abiding by the coverage terms. They might, oh, look at your facebook posts, or other social media interactions for instance.
Don't shop insurance by premium, shop it by coverage. Identify what you need covered in the event of a claim, and then search for policies that meet that coverage and then compare costs and terms. Consider how big a deductible you are willing to pay if you have a claim. Most policies put in front of you initially will have really low deductibles ( a couple hundred bucks) , because it makes it look nice to the consumer - but you pay for that in higher premiums, year after year. Ask for what the rate is for the coverage you want with say, a 500, 1000 or 2000 deductible. The savings will add up over time and more than pay for the additional deductible, should you ever need it. If all you need is liability insurance, then specifically ask for that. Just like dropping collision & theft on your auto policy, the costs will be a lot less.