There are many factors to consider. One is the definition of full coverage vs. liability only. What is in your "full coverage" policy. Is it agreed value? Does it allow depreciation on partial losses or not? Then there is salvage and environmental.
Finally, it's your risk tolerance. Talking about never having a claim really means absolutely nothing. You could have one tomorrow through no fault of yours. So, can you accept and afford the total loss of your boat or a major loss and needing to pay out of your own pocket. In our case, we could replace, but we like to spread the risk with others, with insurers. I don't have the risk tolerance to deal with knowing I could incur such a loss.
|