10K$ boat --- Are Insurance and Survey REALLY mandatory? - SailNet Community
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post #1 of 75 Old 01-30-2014 Thread Starter
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Arrow 10K$ boat --- Are Insurance and Survey REALLY mandatory?

I'm still shopping and waiting for the chance to move aboard and head south on a budget that is basically NO budget. Standard Noob totally unrealistic stuff. BUT - that's why I'm here - to learn from the experience and wisdom of others. And many have been around for years with the same problems and already done that. I'm not interested in the IF I should, but rather the HOW. I'd love to spend more on a boat than 10K and do everything 'proper', but it isn't an option. I won't be "waiting until I can afford to do it right" - that day isn't likely to ever come and I'm already to damn old to wait any longer, anyway. The only option would be to sit through my retirement in a metal box somewhere near Mesa and just vegetate until death. No Thanks. An old, leaky, unsafe boat out on the open water seems MUCH preferable to that!

Now that my little rant for the Negative Nellie's and Naysayer's is done, the QUESTIONS: For a boat with a purchase price of about 10K, do I REALLY need a Survey? I've read the blogs and advice on what to look for and am not totally incompetent. No doubt someone with years of experience will find things I won't notice - but if I cover 95% myself with my own checklist/inspection, might that not be plenty good enough? Is there any cheap help available?

And, is a survey REALLY necessary for liability insurance? I walked past an insurance salesman at a boat show who seemed to have been a used car salesmen in a previous life. It appeared that, like any typical border town, and for today only, such a deal he had for me! Is shady deals and fraud the rule or the exception?
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Re: 10K$ boat --- Are Insurance and Survey REALLY mandatory?

First of all, you don't have to have insurance and no, you don't have to get a survey.
That being said, if you do get insurance, and I think most sailnetters will tell you it is a good idea to have, most lenders and insurance companies will want to see a survey report before loaning money or issuing a policy.
Also, there are a number of marinas who won't rent you a slip unless you can show you have at least a basic policy.
Don't forget, if you lose a boat that doesn't have insurance, you may be out way more than the cost of the boat. Liability is the big issue. If the boat sinks, there's going to be a fuel spill and the cost of clean up is going to drain your pockets. What if someone gets hurt or you damage someone else's property? Again, liability rears its ugly head.
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Re: 10K$ boat --- Are Insurance and Survey REALLY mandatory?

If you anchor near me, I hope you have insurance.
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Re: 10K$ boat --- Are Insurance and Survey REALLY mandatory?

You have little to no experience, no money and you want to know if having no liability insurance is a good idea? Do you realize you are asking the same folks who will have to pay for their own repairs if you manage to run into them?

Some insurance companies will not require a survey to insure a boat of such limited value. Shop around. Get the insurance. Who cares if you skip the survey.
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Re: 10K$ boat --- Are Insurance and Survey REALLY mandatory?

A lot of states require insurance to register the boat, also to get a mooring/slip . . don't know about your area . . .look up sailingdogs boat shopping check list? Someone else jump in here . . .
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Re: 10K$ boat --- Are Insurance and Survey REALLY mandatory?

Many many cruisers don't have comprehensive insurance. They tend to have oversized anchors, sail with a defensive mentality, are less likely to abandon ship and have a reserve fund for the days something goes wrong. This is pretty essential.

There is a recent saga where a couple grounded their boat, had no such fund and could not pay the locals the towing fee demanded. They finished up selling the beached boat for $3.

I am not sure about the US but in the UK basic 3rd party liability insurance is available without a survey, this gives the evidence of insurance that's required for boat licence renewals or where evidence of third party insurance is required by a yard, marina or boat sales company.

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Navigators & General is now able to offer third party only insurance from just 58.30 a year. This is an online only insurance policy for UK boat owners.

No survey requirements or costs
3,000,000 liability protection against passenger or third party claims
Up to 15,000 cover for wreck removal and destruction
Pollution related costs and fines
Others being able to use your boat with your permission
Legal liabilities whilst you are in charge of another vessel
Direct access to our claims team and underwriters
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Re: 10K$ boat --- Are Insurance and Survey REALLY mandatory?

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Originally Posted by CLOSECALL View Post
If you anchor near me, I hope you have insurance.
Well, actually I hope I do too. And I will try to keep my distance. Just wanting to find out what the demands/possibilities are. The minimum to get by on a practical basis is what I'm after. I have NO health insurance, and don't intend to sign anywhere. Mankind survived millions of years without insurance - But I can probably count my years left with just my fingers and toes...

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Re: 10K$ boat --- Are Insurance and Survey REALLY mandatory?

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Many many cruisers don't have comprehensive insurance. They tend to have oversized anchors, sail with a defensive mentality, are less likely to abandon ship and have a reserve fund for the days something goes wrong. This is pretty essential.
This kinda sounds like my attitude/plan. Insurance has it's place, but is often for people who don't want to be responsible for themselves.
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Re: 10K$ boat --- Are Insurance and Survey REALLY mandatory?

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A lot of states require insurance to register the boat, also to get a mooring/slip . . don't know about your area . . .look up sailingdogs boat shopping check list? Someone else jump in here . . .
I don't have "an area", and don't intend to get one. I often get bored after a week in one spot, anyway. My "area" will be somewhere it doesn't get below 70 degrees. From now on - leaks, maybe. Frozen Pipes NOT...
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post #10 of 75 Old 01-30-2014
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Re: 10K$ boat --- Are Insurance and Survey REALLY mandatory?

Hey,

You don't need a survey. You do need liability insurance. The insurance may not require a survey.

I have Allstate and they have not asked for a survey. Allstate insured my Newport 28 (liability only from 2004-2007), O'day 35 (liability and comprehensive from 2006 - now) and C&C 110 (full coverage from 2013 - now).

The cheaper the boat and the simpler the boat the less need for a survey. I didn't get a survey on my first boat, a Catalina 22. The boat came with an outboard engine that started and ran fine. The interior was real simple - no AC electrical system, no plumbing, no galley, etc. I checked the boat thoroughly, it seemed fine, the owners were a nice older couple and the boat was cheap. So I bought it and happily sailed it for a year and a half.

Good luck,
Barry
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