Join Date: Oct 2010
Thanked 47 Times in 46 Posts
Rep Power: 6
Re: How many insure their boat with only liability insurance?
I have 4 old cars (newest is 23 years old) and carry only liability coverage. I can manage the risk of damage by driving well (at least trying to), and parking in relatively safe places, as well as not being concerned about minor bangs, scrapes and scrathes others may inflict on these well broken in modes of transport.
My boat harbor requires $300,000 liability (which I would carry in any case to pay for damage I might cause, and pontential pollution and recovery cost I might inflict). I also carry comprehensive to cover the cost of my boat- it is cheap and will offset the cost of fixing or replacing the boat in case of damage. With a boat there is a lot of damage that may at times be out of your control, since everthing entails some risk- like potential sinking at the dock, lightning strikes, collisions by others, the high cost of a tow in case of a demasting or rig failure, or engine problems, hitting an object just below surface, and grounding.
Last edited by casey1999; 05-06-2013 at 04:44 PM.