Boaters Insurance

[wired247]

In 30 years of boating Ive never had boaters insurance. For most of that time I never even knew it existed and Ive never lived anywhere that required it. I did go to a private lake in California that required it once but thats the only mention of mandatory boat insurance Ive ever seen or heard of. As far as liability insurance goes I'm mulling it over but its is a very rare day when I go within 1/4 mile of anyone else on the water except to dock and even then I keep my distance. Seriously. I NEVER go within 50 yards of another boat . Ive asked guys down at the Marina if they have liability insurance and they either think I'm trying to scam them or they flat out say no. Seems like another expense I could live without that I have lived without for a very long time. Your thoughts?

 

[foodfisher]

Re: Boaters Insurance

It's better to have it and not need it than to need it and not have it.

 

[Andy'sDelight]

Re: Boaters Insurance

It's too cheap not to honestly. I pay $320 for 10,000 or personal property covg, something like 870k for fuel spill cleanup, and 500k per person personal injury.

 

[tpenfield]

Re: Boaters Insurance

In 30 years of boating Ive never had boaters insurance. For most of that time I never even knew it existed and Ive never lived anywhere that required it. I did go to a private lake in California that required it once but thats the only mention of mandatory boat insurance Ive ever seen or heard of. As far as liability insurance goes I'm mulling it over but its is a very rare day when I go within 1/4 mile of anyone else on the water except to dock and even then I keep my distance. Seriously. I NEVER go within 50 yards of another boat . Ive asked guys down at the Marina if they have liability insurance and they either think I'm trying to scam them or they flat out say no. Seems like another expense I could live without that I have lived without for a very long time. Your thoughts?

Just because you have been fortunate does not make it right. You should consult your insurance agent that you normally use for your cars and residence. They can advise accordingly.

 

[sutor623]

Re: Boaters Insurance

I do it in case someone slips and bumps their head. Mine cost $200 per year. Has $2000 medical coverage per person, $6000 per incident. My liability policy is just like one on my vehicles. 100k/300k/100k It will cover up to $1000 worth of my fishing gear being stolen or lost. It will even cover a tow back to the dock, up to $500.00. Can't go wrong in my opinion.

 

[JimS123]

Re: Boaters Insurance

We are all imsurance poor.

Once the mortgage is paid off, why bother to have Homeowners insurance any more? I mean, I've never had a claim in over 40 years owning a home!

Car iinsurance - cost prohibitive. I've been driving since 1966 and never had an accident. As long as the cops don't find out, why bother?

And don't even get me started on life insurance. You're not insuring your life - and when you're dead why do you need money?

Soooooo, answer all those questions and use the same answer for boat insurance.

Oh, and btw, please give us the name of that marina so we can all stay far away!

 

[Home Cookin']

Re: Boaters Insurance

If the people on your lake are all uninsured, I'd change lakes.
That's another good reason right there to get it, with uninsured/underinsured coverage.

 

[roscoe]

Re: Boaters Insurance

A small boat at anchor was run over by a larger boat in our river, just last week.


Last fall someone hit a downed skier in a lake near me.

In both cases, they never saw what they hit until it happened.

 

[lakegeorge]

Re: Boaters Insurance

I think anyone without insurance should not be allowed on the water. I could add a lot more but I don't want to pi$$ anyone off.

 

[scrit9mm]

Re: Boaters Insurance

I hate paying it as well but I know if my boat goes missing I have replacment coverage, if someone slips and punctures their lung on my prop my insurance company will protect me, if a non-insured boater slams into my boat I will only have to come out of pocket the deductible to get it repaired/replaced.

I guess if your boat was not worth replacing I could understand your position, but what about the damage you possibly could do to someone else's boat, are you willing to pay for the repairs out of pocket?

It seems irresponsible.

 

[rockyrude]

Re: Boaters Insurance

I guess the important point is that "things" can be repaired/replace relatively inexpensively, like in roscoe's example, would you be willing to pay medical bills out-of-pocket?

 

[shrew]

Re: Boaters Insurance

You don't need insurance as long as you can cover your financial liability yourself. What you're doing is similar to what insurance companies do. Assess potential for loss. As long as you're keeping ALL possibilities in mind. What happens if someone on your boat is injured? What happens if you're boat breaks free from the dock, mooring or anchor and does damage to someone else's property (dock or boat). What happens if you damage someone else's boat or dock? I understand you maintain a 'sfe' distance, but what if somethign else occurs, such as mechanical failure of steering or throttle while underway? what happens if you hit a swimmer, downed skier or simply don't see the other boat or person?

If you say it'll never happen, I'll take your word for it. If you think you can cover potential liability out of pocket then fine. It's up to you. I carry 300K in liability, but that's my choice.

 

[scrit9mm]

Re: Boaters Insurance

I can see Jim's point about homeowners insurance. I will still have it for peace of mind and because I would not want to start all over if a tornado or fire level it. But your risk of you house injuring another person or someones property is very slim.

 

[wired247]

Re: Boaters Insurance

Oh, and btw, please give us the name of that marina so we can all stay far away!

North Central Oregon on the Columbia river. Mostly Indian fisherman. NONE of them have insurance. Ive asked around. Only people Ive talked to that had insurance had loans on their boats and couldnt wait to get the loan paid off so they could drop it.

 

[wcasey5]

Re: Boaters Insurance

even insurance companies have insurance. It is part of the cost of recreation.

 

[wired247]

Re: Boaters Insurance

You don't need insurance as long as you can cover your financial liability yourself. What you're doing is similar to what insurance companies do. Assess potential for loss. As long as you're keeping ALL possibilities in mind. What happens if someone on your boat is injured? What happens if you're boat breaks free from the dock, mooring or anchor and does damage to someone else's property (dock or boat). What happens if you damage someone else's boat or dock? I understand you maintain a 'sfe' distance, but what if somethign else occurs, such as mechanical failure of steering or throttle while underway? what happens if you hit a swimmer, downed skier or simply don't see the other boat or person?

If you say it'll never happen, I'll take your word for it. If you think you can cover potential liability out of pocket then fine. It's up to you. I carry 300K in liability, but that's my choice.

Not much risk to speak of really. Small boat with no one ever around. Only people riding in it are family and they probably arent going to sue me and I know they have health insurance. No swimmers in this neck of the Columbia. The water temp and 7 mph current would kill them before I ever got near. We don't really have mooring or docks other than the boat ramps.

Auto insurance is mandated. I carry it. Homeowners too. Boat isnt and I just can't find good reasons given my circumstances to bother. My circumstances are not the same as everyones and not everyone understands them but this is a very rural area with an occasional fishing boat. Thats about it.

 

[scrit9mm]

Re: Boaters Insurance

Wired, what kind of boat do you have?

 

[wired247]

Re: Boaters Insurance

1981 Checkmate Enticer. 17 foot. It was paid for in cash in 1981 and has never had insurance on it.

This is about how it looks every time I'm on the water.

FWIW I looked into it and my insurance company wouldnt even talk to me about insuring a 30+ year
old boat.

 

[spoilsofwar]

Re: Boaters Insurance

Are you trying to convince us that insurance is unnecessary, or convince yourself? Sounds like your mind is made up already.

This is simple risk assessment, really. Given task (boating), identify and assess hazards (there are many), develop controls (like, for example, your statement about staying away from other boaters), determine residual risk after controls are implemented. If cost of insurance > likelihood of liability/loss (in your opinion), then don't insure. If its the other way around, insure.

 

[wired247]

Re: Boaters Insurance

Are you trying to convince us that insurance is unnecessary, or convince yourself? Sounds like your mind is made up already.

I'm just asking if insurance on older boats is something that is commonly done. It was recently pointed out to me that I was a douche for even considering not insuring my boat but I really couldnt find anyone that had insurance on theirs other than guys I don't know on the internet. No one I know or have talked to has boaters insurance that isnt mandated to do so by their finance company.