insurance why& what does it do

[allen6634]

i have just bought my first boat,do i need to insure it and why?

 

[witenite0560]

Re: insurance why& what does it do

You'll get a lot of opinions on this. It depends on what your boat is worth and such. But, as a minimum, I would at least get liability insurance on it. In my case, it costs and additional $8 a year on my homeowners policy.

 

[rp23g7]

Re: insurance why& what does it do

I use it in case i need to be towed in, Progressive offers up to $2000 in towing insurance. all i gotta pay is $140 deductable. Vessel assist charges $160 an hr now, yikes

 

[Thad]

Re: insurance why& what does it do

http://forums.iboats.com/showthread.php?t=331030

Check this thread out. A lot of info been discussed here on your question.
You may not need or want it on your physical boat, but surely you will want the people IN your boat covered.

 

[_chris_]

Re: insurance why& what does it do

It's just a good idea to protect any assets you have incase of an accident.

 

[LIQUID PROZAC]

Re: insurance why& what does it do

better to have it and not need it than to need it and not have it

 

[H20Rat]

Re: insurance why& what does it do

at least in most states, you do not NEED it legally. It isn't like auto insurance where it is a requirement.

it depends on where you boat and who you boat with. if you are on a private/semi private lake with only family members in your boat (which never leaves the property), insurance really isn't worth it.

 

[Silvertip]

Re: insurance why& what does it do

As the owner and operator of the vessel you are "liable" for any action on your part that results in damage to property or persons on your boat or another boat. If you don't own anything of value then they can't get blood out of a turnip, but considering the cost of insurance, it is a good investment in keeping your assets safe from attorneys.

 

[RickJ6956]

Re: insurance why& what does it do

Insurance also covers damage to the boat systems. I wouldn't claim it if a $400 GPS got stolen, but if I hit a log and tore off the drive, or the camper top collapsed in a wind storm, it's nice to know that $2,000 repair will only cost a deductible.

 

[Pontuned]

Re: insurance why& what does it do

Insurance also covers damage to the boat systems. I wouldn't claim it if a $400 GPS got stolen, but if I hit a log and tore off the drive, or the camper top collapsed in a wind storm, it's nice to know that $2,000 repair will only cost a deductible.

That is why I chose to insure mine as well.

 

[Bluepike]

Re: insurance why& what does it do

You may want to keep in mind that most Insurance companies will give you a discount once you complete a Power Squadron or Coast Guard safety course.

You get an education and save some money too.