Should I insure my boat?

[n1111z]

I have seen this topic batted around a little recently and it got me to wondering. The cost of boat insurance seems exorbitant to me. I have the cash to replace my boat if need be. However I would NEVER consider not insuring my cars because of liability issues, not to mention it would be illegal. Any one out there ever consider self-insuring?

 

[Bluewater272]

Shit happens on the water, could be limited to minor damage to your boat, or damage to someone else's or a life. Boat Insurance is comparatively cheap, especially if you don't mind having a very high deductible.

 

[seadude]

I'm in a similar situation, never got insurance on my older (cheap) boats and didn't when I got my 2016. I do have a boat liability rider on my homeowners (only costs a few extra bucks) as well as liability umbrella coverage (also reatively cheap). I posted in that marina fire thread I thought my marina would have some sort of liability if they damaged my boat, but after re-reading their fine print "rules and regulations" they clearly are trying not to be on the hook for anything, so it would be a fight.
Next year I plan on some trailering plus a few marina visits so I'll probably get a policy before I hit the road.

 

[haknslash]

What happens if you hit someone else’s boat, dock or even worse run someone over? You mentioned you would insure a car due to liability and IMO the same mentality should hold true for your boat, motorcycle, whatever. I wouldn’t want to have to worry if an individual at fault has enough money to pay for my boat property damages and/or my medical bills. That’s what insurance companies are for. Shit happens and it’s best to prepare for it than pretend it doesn’t exist.

 

[Matts18]

You absolutely need at least liability insurance. A relatively minor event could cost you boat loads of money (no pun intended). How much are you getting quoted for insurance? I am sure some of the cost varies by region, but in East TN I can't imagine it costing you more than $200-$300 per year for a high limit/high deductible liability policy.

Personally, however, I think it is stupid to not have a comprehensive agreed value policy. As haknslash eloquently stated, shit happens.

 

[2kwik4u]

I started carrying a liability umbrella awhile back. The cost of the umbrella is LESS than the discounts I get on my other insurance for having it. It's essentially free for me to carry because of those extra discounts. It's probably a excessive, however I keep it at $2mil.

My thought process is this. I'm driving a $50k pickup towing a $30k boat. What happens if I crash into the back of a loaded semi full of Corvettes at $70k each. There's what 10 on that truck? so $700k of my coverage is used right there. That's not even getting into medical expenses for anyone I might happen to hurt in the process. $2mil in coverage will go a long way into making everyone whole again if something catastrophic happens. I consider good insurance to be just like the rest of my equipment; checked on a regular basis, and sized for the task at hand.

I sure hope something like that doesn't happen, but like most things. It's a lot easier to have it and not need it, than it is to need it and not have it.

 

[Adrian @ JB Solutions]

At $600 for the year - why wouldn't you? $50 a month to protect 40k+ is worth it IMO.

 

[Renod]

I sure hope something like that doesn't happen, but like most things. It's a lot easier to have it and not need it, than it is to need it and not have it.

Wish I could give multiple thumbs up for this one! Agree 100%...

 

[PJ73]

At minimum, I would carry liability.

 

[Mainah]

Each person needs to determine their own acceptable risk level. Your family counts on your income and assets to support them and plenty of bad things can happen on a boat. Liability - What if part of your income and assets ended up belonging to someone else because they won a lawsuit against you and you did not have the insurance to cover it? Full Coverage - What if the other person is underinsured and you are injured so bad that you can't work?

 

[swatski]

How is boat insurance different than car insurance?
Accidents don't happen on water?

Many states require proof of insurance (for either), anyway.

I would not want to use my umbrella policy coverage in an accident with few thousand dollars of damages.

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[2kwik4u]

......I would not want to use my umbrella policy coverage in an accident with few thousand dollars of damages.
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I agree......I should have been more clear in my post above. I was thinking if you are going to self insure then having an umbrella is a good idea.

I carry full coverage (damage, theft, liability) on all of my vehicles and home. The umbrella is only there as an added layer of protection should something catastrophic happen.

Interestingly enough I only carry catastrophic coverage on my health. High deductible HSA account with Short/Long term disability plans on top. Wonder why I don't carry similarly high deductibles on my vehicles?.....I should rethink one or the other for consistency eh?

 

[Cobra Jet Steering LLC]

Have you shopped around ? I have my boat insurance with Progressive but my vehicle insurance with Geico Each had better prices for the different coverage's buying both from either one would have been considerably more ,Go figure .

 

[Ancient canoe]

Just like on the road there are the things you think you have control over, and an incredibly long list of things you have absolutely no control over.