Join Date: Apr 2010
Location: Wherever I am
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Re: boat insurance - how many self insure
I have full coverage right now, but that's b/c it's cheap in my home waters. Once we leave here we'll be liability only. Hull is our problem.
Insurance is simply one way of mitigating risk. There are many other methods, most of which I value much higher. For me, I'd rather anchor near someone who has invested well in skills and equipment over a hefty insurance policy.
BTW, I've said this many times, but if anyone cares to look at the real risks involved in most sailing/cruising activities, you'll see they are exceedingly small. Most people who insist on full insurance see one part of the risk equation; they see the potential impact. They ignore the odds of something happening.
Risk ~ impact of event X likelihood of event.
If either factor is is small, risk is small.
For most cruisers where money is not infinite, the cash spent on insurance would be better spent investing in better boat systems and skills.
Why go fast, when you can go slow.
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