Insurance: do you have it, should you get it?

[Thad]

After reading a recent thread, it reminded me of a horrible accident I saw some years back. And one just last summer.

First, a buddy of mine and an experienced boater, had his daughters freind on the tube. She fell off and before he could see what happened, she grabbed the rope. As he turned to get back to her, the rope tightened around her arm and filleted it to the bone. We were welling but by the time he figured it out, it was too late. We rushed over, cut the rope and called 911 to meet us at the ramp. NO insurance on his boat. SUED! Still paying. Has no boat, camper, or truck to pull it even if he did.

Story two, last year, got waved over to a boat. Pulled up to find a guy sitting in the boat, blood all over. He had fallen over the side, prop got his ankle. I bandaged him up as best I could and told them him to get to the E.R.
The victim said he did not have insurance and neither did the boat owner.
I saw him a few weeks ago. He never did get medical attention and his ankle healed improperly.

These are just two stroies that I have been a personal part of. There are many more reasons to carry insurance than just replacing your boat.

So I ask you, do you have insurance, or do you think maybe you should get some?

 

[lowkee]

Re: Insurance: do you have it, should you get it?

I'm of the opinion if you can reasonably injure someone else , you should be insured. Snowmobiling in the middle of nowhere? I'm cool with no insurance. Boating on a lake you are not alone on? Get insurance if you cannot self insure. If you have the money to cover what insurance would normally cover, your choice. This is all from a liability standpoint. Comprehensive has a much lower self-insurance bar. A brand new boat ona small lake with 20 foot boats will likely top out at 30K. If you want to chance never getting in a major accident (and being at fault), go with liability only and cover boat damages yourself if the time comes.

Consider if you own a 14' tinny with a 6HP. The damages you cause someone else's property will be quite limited, even at WOT. Your typical $500-$1000 comprehensive deductible will likely never get exceeded, so why bother? If you cruise around in a 34' that you barely could afford, get fully insured before it hits the water.

Complicated answer to a simply question? Yes. There are many factors to consider here, though.

 

[superpop]

Re: Insurance: do you have it, should you get it?

As my Mama used to say, if your gonna play, you gotta pay. Don't risk it, anything can happen and people who you think are your friends will destroy you financially if they are forced to by an accidental injury or mishap.

 

[skargo]

Re: Insurance: do you have it, should you get it?

It is irresponsible NOT to carry insurance if there is the slightest chance of injuring someone or damaging someone's property, unless you enjoy being sued, and losing everything you've worked so hard for.

 

[Bifflefan]

Re: Insurance: do you have it, should you get it?

i have a 74 16' with an 85 hp Jonny. Not the best, or the biggest you might say, but it has FULL COVERAGE. Im to old and work to hard for the little i have to for some sue crazy, lazy SOB to take it from me.

 

[Bigprairie1]

Re: Insurance: do you have it, should you get it?

Yes, without question. Not having insurance is just begging for trouble. If the cost of it was prohibitive (which I don't think it is) then there might be some reason to pass on it.
As Lowkee said, if you boat on a private lake by yourself...fine but when dealing with the 'modern' public...no way.
It seems these days that a lot of people are just hunting for an opportunity to unload responsibility for their misadventures on someone else and there usually is a lowball lawyer not far behind.
My two bits.
BP

 

[lowell7963]

Re: Insurance: do you have it, should you get it?

I'm new to boating, but old to math. $10K for used boat, motor & trailer and $100/year premium, it was an easy decision to get the insurance.

 

[dingbat]

Re: Insurance: do you have it, should you get it?

In these days of heighten awareness of environmental issues, have an accident involving a fuel spill and the EPA gets involved that insurance premium will seem like a bargain.

FWIW: DNR was sitting at the fuel docks the other day watching everyone fuel up. If you put a sheen on the water you got a $50 ticket.

 

[Silvertip]

Re: Insurance: do you have it, should you get it?

Snowmobiling in the middle of nowhere may suggest you don't need insurance but that also means you better "never" join a group for a group ride. In the event of an accident involving personal injury you can bet your bottom dollar someone else will own your stuff. If you think boat owners are negligent when it comes to insurance, think about this every time you get in yoour car. Roughly half the cars on the road are not insured. So much for mandatory insurance. My state doesn't even ask for proof of insurance when you buy the tabs each year. They used to have you fill in your insurance company and policy number but even then it would take forever for them to catch up with you because nobody ever checked -- until you were involved in an incident.

 

[rrhodes]

Re: Insurance: do you have it, should you get it?

Too much can go wrong on the water not to be insured. I have friends who say their boat is not worth enough to insure. It only takes one injury to bankrupt you.

 

[mtbdudex]

Re: Insurance: do you have it, should you get it?

Those 2 stories alone should convince people the risk of w/o insurance and taking people onto your boat is too great.

+1 on insurance, everyone should shop around to get best deal for their situation. I get mine thru MEEMIC here in Michigan, combined with home/car policy the group discount thing from them was best for me. From 1997-2003 I used a boat insurance company called "Seahorse" (sp?), but they were more $$'s than my combined rate when I moved into my new home.

Things do happen, that's why we call them accidents.

When my wife and I arranged our family trust a few years back one of the risk assessment items was....boaters insurance.

 

[rjlipscomb]

Re: Insurance: do you have it, should you get it?

Sad story.
Add another to Insurance: Yes category.

Accidents are unfortunate and will happen. The question is: Do you have or will you ever earn assets that others will take from you? What is the value of those assets? Generally, that's where you need to start looking for insurance. Because if you are ever found liable for an accident (wholly or partially) you can lose all of your assets. Insurance is a small price to pay to protect a lifetime of earning, saving and acquiring assets.

 

[triumphrick]

Re: Insurance: do you have it, should you get it?

You bet we have it. I could not think of assuming the liability involved with me operating a boat and harming someone. We just upped to a newer, bigger boat and when we contacted Pr******ive, we were given a quote of $918. This is on a stated value of $18k.
we contacted BoatUS to notify them of the change in boats and they reminded us they offered insurance. Their coverage exceeded our other policy..for only $404 a year.
We switched....

 

[Sikiguya]

Re: Insurance: do you have it, should you get it?

Seriously, we actually need to be convincing people they need boater insurance?!

If I kill or injure a member or members of your family, what would you sue me for?

For just about everyone I have asked that question to...it is either as much as I can get or as much as you have.

So, for those without insurance, are you willing to risk not only what you own but your future earnings????

For those with insurance, how confident are you sitting there with your 'inexpensive' policy from XYZ company that it will stand up to that scrutiny?

FOOD FOR THOUGHT......

 

[Thad]

Re: Insurance: do you have it, should you get it?

Seriously, we actually need to be convincing people they need boater insurance?!

FOOD FOR THOUGHT......

That is exactly what I had in mind that this thread would do. When I rembered back watching that girl get tore up, and the aftermath that followed, I had to put this up.
I was going to put a 4th option in.

"I am after reading this"

But it is my experience that most people vote before reading through. So I did'nt.

All we can do is hope that everyone learns from this. I pay around $400.00 a year for my boat insurance. Not a bad price to pay when compared to a lawyer, my boat, my vehicles, my home, and bank accounts being given to someone else for ten seconds of distraction on my part.

 

[LAWDOG2001]

Re: Insurance: do you have it, should you get it?

Insurance? that's a no brainer! Look at it this way, you punch a hole in the side of a $300K boat and think the owner isn't going to hold you responsible for it? Think again. I pay less than $400 a year full coverage to protect myself from myself AND others.

Fair Winds!

 

[cadunkle]

Re: Insurance: do you have it, should you get it?

I insure my boat. Mainly in case of injury, but then again I don't invite libtards onto my boat so that shouldn't be an issue. You got hurt on my boat? Sorry but you didn't have to come along, much less get in the water or ask to be pulled behind the boat. In these liberal/national days personal responsibility seems to be a thing of the past.

In any event, I carry insurance just in case, and also have coverage for the boat in case it sinks, tree falls on it, etc...

 

[jack1130]

Re: Insurance: do you have it, should you get it?

I don't usually get something unless it's necessary, but better safe than sorry in this case and.....it's fairly reasonably priced compared to auto insurance.

 

[Doggonitt]

Re: Insurance: do you have it, should you get it?

After going through Hurricane Bob in '91 on Cape Cod, I was thrilled that we put another cement mooring on. Our boat didn't go to far, but everyone else's did, right by and into our boat on their way up the river to the highway. If we did not have insurance ourselves, their was no one else to collect from. That was no fault damage because too many other boat ran into ours, and disappeared.

 

[skargo]

Re: Insurance: do you have it, should you get it?

In these days of heighten awareness of environmental issues, have an accident involving a fuel spill and the EPA gets involved that insurance premium will seem like a bargain.

FWIW: DNR was sitting at the fuel docks the other day watching everyone fuel up. If you put a sheen on the water you got a $50 ticket.

Yep, my BoatUS insurance covers $800K for a fuel/oil spill, even someone that has that cash laying around wouldn't want to just pay that out.