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

[SeanT]

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

Canadians - where do you insure? My home/auto company won't go near my boat - their rule is that they don't specialize in boats, so if it's older than 15 years, they recommend I contact someone else.

I've requested quotes from my local State Farm Agent and www.boatinsurancecanada.com. Either will probably require a marine survey.

 

[ScarabSprint]

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

insurance is a definite!!! Just this past sunday beautiful day out coming back in bush river hit a rock pile that I wasn't aware of.. Getting it fixed now with a 500 dollar deduct. Need a whole new outdrive. I pay 190 a year so i figured it helped out since a new aplha one is like 2 grand without the labor.

 

[Bowser4x4]

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

Had insurance before I picked up the boat. Went with full coverage and an agreed upon value. But the main reason I have insurance is the liability: If I lost the boat...so I am out some money and the fun of the boat. But if someone gets injured...... I would be out a lot more that just boat time.

As far as being only with non suit happy people..... The only thing I can say is get in the real world.... IF my child was injured and the only way I could get the medical coverage for him is to sue, then yes I would. Definitely far fetched, but things that I would not do for myself, I would do to protect my children....it is called being a parent. And this is another reason I have insurance....don't want to explain to the kids why they are not going to college and that some yahoo is living off their college funds...

Woof
Bowser

 

[Home Cookin']

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

A recent Virginia Supreme Court decision found that parents can be liable for injuries to their child's guest, caused by a third party, if the parent did not exercise proper care. (Parent let her child and friend ride in car w/ teenage driver, who got in a wreck; the friend's parents had told the mother that they didn't want child to ride in car with boys driving). So to put it in a boating context, you take the family out w/ friends, go tubing w/ your child and friend on it, and a speedboat hits the tube, YOU could be liable for endangering the friend if "you did not exercise reasonable care"--even though you put your own child in the same place!
Now, you have to keep this in mind: Just b/c someone sues you doesn't mean they will win. But if there is a death, they will sue you for a lot. Let's say they sue for $1 million and only have a 10% chance of winning--your exposure is $100,000. Can you write that check? (Almost any case has a 10% chance).
You and I might know what's "reasonable care" on a boat. Does the jury of city dwellers think the same way? ("dragging a blow-up raft at 30 mph with 2 little helpless children with just tiny cloth handles to hang on to? Behind 200 horsepower and a 2000 pound boat? Turning so they fly over the massive wake into the air out of control? While there are speed boats with powerful spinning propellers zooming all around you? Are you crazy? Why risk the life of a precious child for thrills?")
No matter how much it's the other guy's fault, there is always something you could have done differently that would have avoided the accident--including not going in the first place. Their lawyer will make this point to win his case. Actually he doesn't have to win; just use those facts to get his 10% case up to 40%--and you start sweating.
Finally, it doesn't matter if the decision above is good, right, makes sense or shouldn't be there. It is. It doesn't matter that people shouldn't think that way. They do, and a parent who has lost a child will not use logic, common sense or acceptance.
If you go through life based on "what it ought to be" you are ignorant. Swallow your pride and get insured!
(BTW I have been involved in a fatal boat accident situation (not the accident itself, but for the grace of God) and in my profession deal with liability issues and litigation)

 

[Thad]

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

I would have quoted the above post, but I think "Amen Brother" says it all!

 

[witenite0560]

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

I have liability only, since I've got an old boat. If I had full coverage my insurance premiums for 4 years would exceed what I paid for my boat. The liability policy is a rider on my home owners policy and only costs me $9 a year. Well worth it.

 

[madurodave]

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

Added my boat to existing State Farm policy for $210.00 per year. I was terrified even driving home with it until it was insured. No brainer here....

 

[KeyWestBoater]

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

I have Progressive, $200 / year. I have replacement value coverage.

KWB

 

[bruceb58]

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

The people that voted NO insurance are probably not intelligent enough to write a complete sentence.

 

[CAVU V]

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

The people that voted NO insurance are probably not intelligent enough to write a complete sentence.

Well said.

 

[skargo]

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

Well said.

19 of them too

 

[jonesg]

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

19 of them too

I voted no.
So I'll speak for those who did likewise seeing as they left it open.

You might want uninsured boater insurance too if you're worried about decisions other people make that you cannot control.

Personally I'd be a lot more worried about trying to control other peoples decisions than any boat.

I notice the question is very biased.
"No. its not worth it"...

That automatically inserts a somewhat smug opinion doesn't it?
The problem with opinions is they aren't reality, in fact they're mostly worthless.(in my experience hehe)

So you've obviously started the poll with an axe to grind against people who choose to not insure their boat.
It might have been less disingenuous if you had started a thread which stated how you are angry at people who disagree with you.

Whether insurance is 'worth it' to you is very subjective and experiential, its your decision based on your life situation. Nothing else.

 

[skargo]

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

I voted no.
So I'll speak for those who did likewise seeing as they left it open.

You might want uninsured boater insurance too if you're worried about decisions other people make that you cannot control.

Personally I'd be a lot more worried about trying to control other peoples decisions than any boat.

I notice the question is very biased.
"No. its not worth it"...

That automatically inserts a somewhat smug opinion doesn't it?
The problem with opinions is they aren't reality, in fact they're mostly worthless.(in my experience hehe)

So you've obviously started the poll with an axe to grind against people who choose to not insure their boat.
It might have been less disingenuous if you had started a thread which stated how you are angry at people who disagree with you.

Whether insurance is 'worth it' to you is very subjective and experiential, its your decision based on your life situation. Nothing else.

Uhhh, I didn't start the poll. And your justifications are weak, being uninsured is irresponsible.

 

[jonesg]

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

Uhhh, I didn't start the poll. And your justifications are weak, being uninsured is irresponsible.

Whether its irrensposible or not is just your personal opinion, it doesn't translate into other peoples lives or situations.
Opinions of other people are worthless.

I posted no justifications .
Everyone WITH insurance is posting their justifications as if buying insurance needs explaining or justifiying. Go figga.

 

[skargo]

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

Whether its irrensposible or not is just your personal opinion, it doesn't translate into other peoples lives or situations.
Opinions of other people are worthless.

I posted no justifications .
Everyone WITH insurance is posting their justifications as if buying insurance needs explaining or justifiying. Go figga.

I never said it wasn't my personal opinion. In my opinion, it's reckless, and not intelligent at all to NOT pay a few bucks to protect one's personal assets.

 

[werthert]

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

Pfft... Progressive is charging me $588 a year w/$500 comp/collision.

I need to shop around more.

 

[jonesg]

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

I never said it wasn't my personal opinion. In my opinion, it's reckless, and not intelligent at all to NOT pay a few bucks to protect one's personal assets.

Then you should buy it and be satisfied with your decision for your own life choices. If anyone feels compelled to go beyond that, thats not my problem but if it was I'd do something to try and controll myself.

An umbrella of $10M personal injury/death on a homeowners policy would be a better deal than a lot of these policies being posted.

A $500K coverage policy is ok .... maybe 40 yrs ago.

 

[skargo]

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

Pfft... Progressive is charging me $588 a year w/$500 comp/collision.

I need to shop around more.

I have great full coverage via BoatUS for about $230 a year. Agreed value too.

 

[bimini crickets]

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

boating with out insurance is unresponsible and about as smart as driving without insurance, which you can actually do in my state.. well, at least until you get into an accident you can't pay for...then they take your license...

I do what I can to protect my kid's future...insurance is one of those grown up things we have to do even though we don't like to.


I would make on side note though;

check your policy !!! I found a lot of places that ONLY cover the people listed to operate the boat...So let your buddy who is not on your policy borrow your boat and he smacks it into one of the 3,000 cigarette boats we have on this lake.....and it is exactly the same as not being insured......

I don't know about you guys, but I am not sure that I'll make enough in my entire life to pay for one of those.....

 

[Home Cookin']

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

Bimini, if someone drives your boat into someone else's, he, not you, has to pay for it. His insurance might. But your own boat's damage might not be covered by your insurance.
Whether to get property damae insurance for your own boat is a choice made under the circumstances--you wouldn't pay $500 a year to insure a $2000 boat.
But not having liability insurance is irresponsible and Jones, if you don't have liability insurance, you are putting me at risk, if we are on the same water. Like you suggested, an umbrella policy is the way to go, but most require an underlying boat liability policy up to $500,000. So it would be a mistake to get $350 liability (or none) and $2 million umbrella if there is a gap.
I've been there. You can't assume your policies stack. The insurers will weasel out if there is a substantial claim.