Join Date: Apr 2006
Thanked 173 Times in 170 Posts
Rep Power: 12
Re: Insurance rant - How would you respond
In with your considerations, also consider that if you hsould drop your insurance and then later decide you want insurance again? You may find it much harder to get. Some companies will continue to reissue insurance on older boats--but not issue it to a "new" customer. Others will issue it to a former customer, but not to a new customer.
And then there's liability. It doesn't matter what your boat is worth, if you lose it, OK, you lose thirty grand. If you lose it and you have to pay for envorionmental cleanup and wreck removal, or the Hinckley it pulled off a mooring and smashed...you could lose way more than the value of the boat. And some of that liability would extend 20 years and survive bankruptcy as well, so even if you are "judgement proof" there's some risk beyond the price of your boat.
How the numbers and odds work out for oyu, depends on your own numbers. Just beware that once you drop it, on an older boat, you may not be able to get it back again.