Who has had Insurance Claims?

[Nous Defions]

I get why people have agreed value coverage, to at least pay back a loan. Mine is paid for. Does it make sense to value the boat and contents for a crazy amount. Knowing that over 60% of the folks have never had a claim, me being one of them, and paying for years with no return. Seriously thinking of self insuring.

 

[the MfM]

A boat is the last toy I’d self insure, And that has nothing to do with loans or replacement value.

People don’t think liability be like it is; but it do.

 

[swatski]

I had to chuckle a little bit reading this thread. We have four kids including three (3) teenagers at home... Compared to my current car insurance payments the boat policy is peanuts!


--

 

[Bluewater272]

I get why people have agreed value coverage, to at least pay back a loan. Mine is paid for. Does it make sense to value the boat and contents for a crazy amount. Knowing that over 60% of the folks have never had a claim, me being one of them, and paying for years with no return. Seriously thinking of self insuring.

The majority of my insurance bill is liability. The difference between actual cash value and agreed value is about fifty bucks a year. As my boat ages I may rethink that, but don't think I would ever self-insure. It is entirely too easy to have an event resulting in total loss of the boat that could occur while it is not even being operated.

 

[Nous Defions]

Liability is a different issue I think. I'm a very careful person. I think safety comes as a second nature, stemming from my career in the military in a very dangerous position, in charge of many type A personalities, in life or death scenarios, being in the air, land or sea. I think of safety in every move I make. If something were to happen it won't be because I did something wrong.

 

[Bluewater272]

If something were to happen it won't be because I did something wrong.

That's all well and good, but doesn't include something going wrong due to a mechanical failure, an unexpected medical incapacitation, a fire while your boat is unattended, something a guest does while under your control, etc, etc, etc. At the end of the day its a couple thousand pounds of fiberglass, people, and fuel floating around in a naturally hazardous environment. Things can and do go wrong, and boat insurance is cheap.


You do you, for sure, but just consider that not everything that you are liable for is in your control, even if you're a risk averse person.

 

[the MfM]

Is this a troll thread?

 

[Bluewater272]

Who is trolling?

 

[swatski]

Liability is a different issue I think. I'm a very careful person. I think safety comes as a second nature, stemming from my career in the military in a very dangerous position, in charge of many type A personalities, in life or death scenarios, being in the air, land or sea. I think of safety in every move I make. If something were to happen it won't be because I did something wrong.

Sorry but that does not make a whole lot of sense... Liability has nothing to do with how careful you are. $hit happens. It also covers any major damage/spill/cleanup if your boat decides to take a dive. Or you hit a submerged object. Or a swimmer. Or few thousand other scenarios...

--

 

[Nous Defions]

Got it. Looking at the survey almost 64% of the poll folks have been paying for nothing more than to sleep better at night believing they are protected. Thanks for the conversation guys, I'm done.

 

[Beachbummer]

Liability is quite cheap. I self insured for 14 years with the prior boat, no issues. I financed this one and the Marina also wants insurance, but it had not been terribly expensive. When my buddy jumped into 18 inches of water thinking it was 4ft deep and broke his ankle I was happy I had it, although it ended up not being needed.

You pay your money and run your risks. It would take 50 years to pay for a full boat replacement at the rates I have now. That plus the liability factor, plus the fact i must have it for the Marina, moved me to the insured camp.

If you can get liability only for cheap I would consider it. One second and a small mistake by somebody smart doing something stupid is all it takes to screw somebody's life. Leg or arm in the wrong place...crap.

Spend as you wish. Regardless of your decision, I hope you never need it.