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Old 09-20-2017, 09:24 PM   #121
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AusCan,
One will RARELY make a profit on a policy....
If one is honest, they will NEVER make money on a policy. If you get a claim of X dollars, you must have lost a property worth X+ your deductable.

I am really stunned at how many people are using words like "investment, return, and profit" for insurance.

It is a service you pay for. When you pay someone to change your oil or paint your bottom, you are paying someone to do something you can't, or don't want to do.

When you pay your insurance company, you are paying them to do something you can't or don't want to do...namely, assume an amount of risk.

There is no profit. There is no investment. You are paying for a service.
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Old 09-20-2017, 09:27 PM   #122
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You're original post said you would not consider buying insurance with .5% premium of hull value. I can understand, but that's pretty cheap, but I have no issue with going bear.
I think what he was trying to say was at that rate he'd buy but his wording sure left a lot to be desired.
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Old 09-20-2017, 09:30 PM   #123
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I think what he was trying to say was at that rate he'd buy but his wording sure left a lot to be desired.
Agreed... that's an awful good rate. That's $500 for a $100K boat. I'm paying more than that for a $40K boat, but fighting to drop it with my partners....
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Old 09-20-2017, 09:32 PM   #124
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Agreed... that's an awful good rate. That's $500 for a $100K boat. I'm paying more than that for a $40K boat, but fighting to drop it with my partners....
It's 0.5% for some boat, but my guess is it's a more expensive than $100k boat, maybe much more expensive.
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Old 09-20-2017, 09:54 PM   #125
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You're original post said you would not consider buying insurance with .5% premium of hull value. I can understand, but that's pretty cheap, but I have no issue with going bear.

Now that is a typo on my part!!!

Should have said - I would not consider NOT buying insurance at those numbers.

Sorry -
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Old 09-20-2017, 10:02 PM   #126
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You're original post said you would not consider buying insurance with .5% premium of hull value. I can understand, but that's pretty cheap, but I have no issue with going bear.
Of course you don't have an issue with 'going' bare'. I hit your boat...my insurance has to pay.

You hit my boat....my insurance has to pay?

Liability insurance should be mandatory IMO.
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Old 09-20-2017, 10:06 PM   #127
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It's 0.5% for some boat, but my guess is it's a more expensive than $100k boat, maybe much more expensive.
Yes, my limited experience has been insurance costs are not linear to the cost of the boat.

And to save another post. I hope I don't get "bad post" points for my typo's. Sometimes my thoughts run ahead of my fat finger typing...
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Old 09-20-2017, 10:26 PM   #128
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In the name of common sense, common courtesy, common decency, common thoughtfulness, common ethics... to protect others from what may happen due you or your boat - - > Carry liability insurance!
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Old 09-20-2017, 10:34 PM   #129
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In the name of common sense, common courtesy, common decency, common thoughtfulness, common ethics... to protect others from what may happen due you or your boat - - > Carry liability insurance!


It has to be gospel when Art and I agree. In spades for his comment above

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Old 09-20-2017, 10:57 PM   #130
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It has to be gospel when Art and I agree. In spades for his comment above

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Old 09-20-2017, 10:58 PM   #131
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It has to be gospel when Art and I agree. In spades for his comment above

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Wifey B: Omg, I'm terrified as I agree with the two of you as well.
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Old 09-21-2017, 07:29 AM   #132
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Wifey B: Omg, I'm terrified as I agree with the two of you as well.
Don't be scared! Welcome to the choir!!
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Old 09-21-2017, 08:25 AM   #133
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Don't be scared! Welcome to the choir!!
Uh-oh .... I am agreeing with all of you folks as well.
Maybe time for a drink....
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Old 09-21-2017, 08:30 AM   #134
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Originally Posted by Benthic2 View Post
If one is honest, they will NEVER make money on a policy. If you get a claim of X dollars, you must have lost a property worth X+ your deductable.

I am really stunned at how many people are using words like "investment, return, and profit" for insurance.

It is a service you pay for. When you pay someone to change your oil or paint your bottom, you are paying someone to do something you can't, or don't want to do.

When you pay your insurance company, you are paying them to do something you can't or don't want to do...namely, assume an amount of risk.

There is no profit. There is no investment. You are paying for a service.
This is correct.
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Old 09-21-2017, 08:34 AM   #135
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Yes, my limited experience has been insurance costs are not linear to the cost of the boat. ...
When you buy a boat, the cost is not linear either.

You don't need a big or fast boat to incur a large liability claim. You take a friend fishing in your jon boat, get drunk and crash the boat into a seawall or take a turn too fast, your friend falls out and drowns. His widow sues you for ten million dollars.
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Old 09-21-2017, 08:36 AM   #136
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EPA and state environmental organizations are way diffetent.

Again, I will say the pollution from most smallet vessels is almost impossible to clean uo.

And there are plenty of sources to verify that.

It appears that the overall summary spill log is now able to be consulted online. If you go to this site and click the year you will get the list of that years reported pill events - typically over 20,000 /year.
USCG National Response Center Home Page

But you would still need to go onsite to research a location or an individual spill to see if their was a cleanup, cleanup fine or post remedial fine (fine with no cleanup) for that specific event.
Only reason I know of this is when I have done research on a building I may have wanted tp lease of a home that I may have wanted to buy. It did steer me away from one potential large issue a number of years back.
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Old 09-21-2017, 08:36 AM   #137
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Just because the average policy holder loses, does not preclude it from being an investment. You get a return on your dollar if your dollar if you make a successful claim. You may make a profit if your claim is more than your total insurance premiums.
When buying hull insurance, it is like selling short. You win something if your boat value goes down.
No you don't because you've lost your boat. Insurance isn't going to pay you $100K on a $50K boat.
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Old 09-21-2017, 08:40 AM   #138
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So bottom line is insurance a scam. From my pocket to the CEO of the insurance company. If thay can convince legislatures (like auto) that the citizens should be required to carry insurance then that fills their pockets with cash. It will be interesting how many insurance companies bail out of Texss and Florida. Its all about money and profit.
You are way off base here and have no understanding of the purpose for insurance or how it works.

Please, get someone to help you with this.
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Old 09-21-2017, 08:40 AM   #139
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Smitty,

You're probably right, but I'd call it a penalty if you don't have it, but you still get your medical bills paid, regardless. But the premium is staggering compared to several years ago.

If it were insurance no matter how good or bad it would not typically have these characteristics....
- costs more if you have earned income , irrelative to the insurance coverage
- your insurance costs will go down if you have more kids (not the rate but the overall payments)
- you cannot determine the nature of what the policy covers.... whether that coverage applies to you or whether you desire it does not matter
- if you make decisions and take actions to limit your health liability your coverage is unaffected.
- you can either elect to pay for it or pay for nothing but there is no choice to select to pay for less
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Old 09-21-2017, 08:44 AM   #140
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No you don't because you've lost your boat. Insurance isn't going to pay you $100K on a $50K boat.

I know a number of folks that were able to maintain higher hull value on their boats then the typical real market value at the time of Sandy. When Sandy hit tow of these boats were completely lost and both were able to collect a fee larger than what the boat was worth on the free market - one was pretty obvious since it was for sale at the time for less than the insurance payment.
I am not saying it is supposed to work like that just supplying a real life sample from the NY area after hurricane Sandy.
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