View Poll Results: Which of the choices best describes your insurance situation
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I carry insurance on damage to my boat plus liability
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122 |
89.71% |
I don't have coverage on my boat, but I do have liability insurance.
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9 |
6.62% |
I don't have either.
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5 |
3.68% |
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04-11-2017, 09:59 AM
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#81
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Guru
City: Fort Lauderdale. Florida, USA
Join Date: Jan 2014
Posts: 21,449
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Quote:
Originally Posted by Nomad Willy
Robster,
You need very badly to differentiate between liability insurance and comprehensive insurance to fix your boat. I have liability but have little use for comp.
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Robster, by nature of his example, was clearly referring to liability. However, I do agree that it would have been better had he stated that.
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04-11-2017, 10:00 AM
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#82
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Guru
City: Gig Harbor
Vessel Name: Kinship
Vessel Model: North Pacific 43
Join Date: May 2015
Posts: 9,046
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Quote:
Originally Posted by Robster_in_edmonds
Wow, lots of uneducated posts here. Anyone who owns a boat and operates it without insurance is a danger to the rest of us. If you're docking your boat, have trouble with winds and currents, and scrape my boat, doing $20,000 of damage, it's your insurance that will pay to fix my boat. Or, you could write the check yourself. Trouble is, most of the people who boat without insurance can't write a check for $20,000.
Let's say the same accident happens and the other boater leaves the scene. My insurance will pay for the repairs.
IMHO, if you boat without insurance you should have to post a $1 million bond in order to own a boat and operate it in public waterways. Everyone thinks they're the world's best captain until they're at fault in an accident.
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As Nomad pointed out, there is a difference in liability vs comprehensive. I don't know of anyone who has suggested not carrying liability insurance. If so, I would agree that they are irresponsible and simply placing their financial risk on the rest of us. However, comprehensive insurance in entirely different.
This does raise a question however. My auto policies (as most of you know) has an "uninsured motorist" provision. This is an insurance that will cover me if I am damaged by someone that is uninsured (illegal in my state). I don't know if my boat insurance has the same provision. This represents an unacceptable level of ignorance on my part.
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04-11-2017, 10:14 AM
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#83
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Guru
City: Fort Lauderdale. Florida, USA
Join Date: Jan 2014
Posts: 21,449
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Quote:
Originally Posted by dhays
I don't know of anyone who has suggested not carrying liability insurance. If so, I would agree that they are irresponsible and simply placing their financial risk on the rest of us.
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Actually several have suggested it and 5 have indicated in the poll that they do not carry liability insurance.
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04-11-2017, 10:20 AM
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#84
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Guru
City: Gig Harbor
Vessel Name: Kinship
Vessel Model: North Pacific 43
Join Date: May 2015
Posts: 9,046
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Quote:
Originally Posted by BandB
Actually several have suggested it and 5 have indicated in the poll that they do not carry liability insurance.
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I guessed I missed that because I can't imagine anyone being so callous and reckless.
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04-11-2017, 10:30 AM
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#85
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Guru
City: North Charleston, SC
Join Date: Sep 2010
Posts: 4,870
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Quote:
Originally Posted by Robster_in_edmonds
............... IMHO, if you boat without insurance you should have to post a $1 million bond in order to own a boat and operate it in public waterways. Everyone thinks they're the world's best captain until they're at fault in an accident.
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And the same goes for operating a car, truck, motorcycle, etc.
They are called "accidents", not "intentionals" for a reason.
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04-11-2017, 01:15 PM
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#86
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Senior Member
City: Southern California
Vessel Model: Mainship 390
Join Date: Sep 2012
Posts: 253
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I just retired after 35 years in the fire service with a very large department. Unlike a lot of the anecdotal references, I spent most of my adult life being a part of what many considered the worst day of their lives. Only a small percentage make it to the news. Admittedly, this exposure to some pretty harsh realities has made me quite risk adverse.
People gamble (and yes, it's like gambling) with their actions, and level of preparedness. However, the pervasive takeaway from my career is way too many folks bank on "it won't happen to me". And then it did.
I get those who maybe have a boat worth $40,000 or even more and can make the decision to replace or walk away from its loss. Kudos to you. However, as shown by the percentage of folks that carry comprehensive, my guess is that most are not willing to accept that risk. I must say though, in my opinion, inferring that those who pay for comprehensive are wasting their money is either someone smug in their position in life, or sharing a rather myopic view. I would only hope that each one of you evaluate your position, not from your perception of probability, but rather a sincere assessment of what are your impacts if it DOES occur. Ultimately it is a personal decision.
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04-11-2017, 02:12 PM
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#87
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Guru
City: Newark, DE
Vessel Name: Infinity
Vessel Model: Kadey Krogen 48
Join Date: Jan 2015
Posts: 709
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I've been working lately on my policy renewal. I asked the broker what percentage of the customers they deal with even ask to see a copy of the policy before buying.
Answer: 5-10%.
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04-11-2017, 05:31 PM
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#88
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Guru
City: Fort Lauderdale. Florida, USA
Join Date: Jan 2014
Posts: 21,449
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Quote:
Originally Posted by danderer
I've been working lately on my policy renewal. I asked the broker what percentage of the customers they deal with even ask to see a copy of the policy before buying.
Answer: 5-10%.
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I've never bought a policy without seeing it first. I just can't imagine doing so. You wouldn't buy a boat without seeing it first. Now, you say the boat costs far more, but a bad policy could end up costing you the same amount as the boat. I have on many occasions found out the policy didn't read in at least one area as represented by the broker. The broker did hundreds of policies from the insurer and didn't read them all and yet there were differences, not a single standard.
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04-11-2017, 05:59 PM
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#89
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Guru
City: Gig Harbor
Vessel Name: Kinship
Vessel Model: North Pacific 43
Join Date: May 2015
Posts: 9,046
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BandB, there is a difference between reading, and remembering. At least in my case. :-(
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04-11-2017, 06:04 PM
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#90
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Guru
City: Fort Lauderdale. Florida, USA
Join Date: Jan 2014
Posts: 21,449
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Quote:
Originally Posted by dhays
BandB, there is a difference between reading, and remembering. At least in my case. :-(
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In all cases, but by reading you might avoid a major shock.
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04-11-2017, 07:46 PM
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#91
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Veteran Member
City: PassChristian MS
Join Date: Mar 2015
Posts: 66
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Boat insurance is what it is. If you can afford to self insure and sleep well at night, great. I lost a 40 ft trawler and a 40 ft sailboat in hurricane Katrina. Happy I had insurance on both. There is great disparity in rates for boat insurance so shop around. For low cost check association like AARP or USAA, the tow companies can be a good source Boat US and Sea Tow, Nationwide has a good low cost policy. I have coverage on my trawler and sailboat with Foremost.
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04-11-2017, 08:02 PM
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#92
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Veteran Member
City: Madison Indiana
Join Date: Jul 2014
Posts: 32
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I was very impressed by what Boat US offered as a quote on my boat last week, I needed a fresh survey but had it done and will be switching... Survey cost saved in one season !!!
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04-12-2017, 12:39 AM
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#93
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Senior Member
City: Edmonds
Vessel Name: Miss Maui
Vessel Model: Bayliner 4788
Join Date: Apr 2013
Posts: 237
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I'm in the insurance business, sorry I wasn't more specific. Rather than name the companies whose policies I feel have glaring weaknesses, I will simply state the companies whose policies I feel are good. Ace and Chubb for marine policies. I am a State Farm agent and their policy is equally strong, as long as you buy $1 million in liability and have an Umbrella. State Farm covers environmental damage as part of liability, while the other two have separate environmental damage coverage.
I have reviewed nearly a dozen different policies and all are different. Not only do most boat owners not know their own policies, most general lines insurance agents don,t know them either. [emoji27]
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