I raised this question on another thread concerning insurance, however I left out an important detail about liability insurance.
I was interested in finding out how many average people, (by average I mean, individuals who struggle to enjoy sailing on lower incomes) insure their boats with only liability insurance?
I agree, liability insurance would be a required facet of owning a boat, just like marine towing insurance, but when it comes to comprehensive insurance, how many do without and what would be the value that most go uninsured?
I know a lot depends on what reserves a person has but, let's say a person who does not have a lot in reserve except the boat itself. Is it worth the money to insure it if it cost less than, say 30K, 50K, or 100K, and not what one would call a perfect boat but one that is seaworthy and comfortable to sail to any destination.
I am in the process of having to decide if I want to go the route of liability only coverage or not and your responses would be appreciated. I have an older boat and I am tired of jumping through the insurance/surveyor hoops and I wanted to find out if their are others out there or do I need to just suck it up and just get the insurance.
Insurance rant - How would you respond