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post #1 of 66 Old 06-10-2016 Thread Starter
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boat insurance - how many self insure

I assume most have liability - but wonder how many self insure beyond that.


my thoughts for my circumstances for a future boat purchase for sailing Caribbean from Florida - pay cash for boat , self insure - then no worries about where I go or when. Of course I won't have mucho dollars at risk ( 10K) possibly - worse case scenario - boat is a total loss , while it would be a bit of a financial ding - would be tolerable - vs getting a full survey and paying $700 a year for coverage -

Although don't have the boat yet - but it would be something like an older Cal 29.( which you might not be able to insure anyway)
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post #2 of 66 Old 06-10-2016
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Re: boat insurance - how many self insure

Personally, I would not insure anything I could pay for with a credit card. Your thinking is sound.

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Re: boat insurance - how many self insure

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Originally Posted by cdy View Post
I assume most have liability - but wonder how many self insure beyond that.
as long as you have liability in case you hit me I don't care if you "self" insure

My boat is 1/6 of current assets, I'm going to get real insurance.

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post #4 of 66 Old 06-10-2016
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Re: boat insurance - how many self insure

In today's litigious age it would be insane not to carry the proper insurance and just liability alone is just not enough. Agree with Don... Real insurance is just slightly a little more for peace of mind... umbrella coverage on top of that is really smart. But what do I know... right?
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post #5 of 66 Old 06-10-2016
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Re: boat insurance - how many self insure

I called BoatUS about insurance because I am looking at buying something. It really isn't that expensive. I was looking at coverage for a boat costing around 7-8k. The most expensive option was just over $200 a year.
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Re: boat insurance - how many self insure

IMO self insurance works until something unexpected happens, as was said it gives you a little more piece of mind, personally, I think that is worth it, having said all of this I just got my first boat, so I have a long way to go to learn everything I need to, so I would rather be safe than sorry.
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post #7 of 66 Old 06-10-2016
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Re: boat insurance - how many self insure

Quote:
Originally Posted by cdy View Post
I assume most have liability - but wonder how many self insure beyond that.


my thoughts for my circumstances for a future boat purchase for sailing Caribbean from Florida - pay cash for boat , self insure - then no worries about where I go or when. Of course I won't have mucho dollars at risk ( 10K) possibly - worse case scenario - boat is a total loss , while it would be a bit of a financial ding - would be tolerable - vs getting a full survey and paying $700 a year for coverage -

Although don't have the boat yet - but it would be something like an older Cal 29.( which you might not be able to insure anyway)
I self insure.

$10k boat crackers to insure (except liability)

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post #8 of 66 Old 06-10-2016
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Re: boat insurance - how many self insure

I carry insurance because we can't pay the fuel spillage fine. Also, self insured people, do you have the means and expertise to rise a sunken vessel?
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post #9 of 66 Old 06-10-2016
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Re: boat insurance - how many self insure

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Originally Posted by guitarguy56 View Post
In today's litigious age it would be insane not to carry the proper insurance and just liability alone is just not enough.
If you're worried about litigation, that would imply some liability to someone else. Liability insurance covers that, so I don't see why it would be "just not enough."

Other than liability, you are insuring for your own loss. If you would rather take the risk than spend the money on insurance, for your own loss, I'd say that's a choice each person can and should make for themselves. If the boat is not a major portion of your total net worth, then it might make more sense to take the risk.

One of the boats that I own is a 15' daysailer. It's total value is well under $2,000. I have an umbrella liability policy, so that's not an issue. I carry no insurance on that boat, because it would make absolutely no financial sense to do so.
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post #10 of 66 Old 06-10-2016
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Re: boat insurance - how many self insure

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Originally Posted by Skipper Jer View Post
I carry insurance because we can't pay the fuel spillage fine. Also, self insured people, do you have the means and expertise to rise a sunken vessel?
Wouldn't those expenses be covered by liability?

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