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Old 03-23-2017, 09:05 AM   #17
Seevee
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City: st pete
Vessel Model: 430 Mainship
Join Date: Sep 2016
Posts: 3,502
With a premium of 1/6th the boat value, self insuring would be a must. Heck, if hull premium is over 2% of the hull value, I'd argue to self insure..... in the long run you'll come out ahead, unless you're a high risk boater. (same for other toys, cars, etc).

Overall, most people way over insure themselves, and make the insurance companies rich. No harm, if that's what you want to do. The "average" person pays out more premiums than they get back in benefits, so if you can operate above average, you'll do well self insuring. Also, there's an argument to spend the premium money on things that reduce your risk.... training, safety items, protection for your vessel, etc.

The argument for insuring is if you had a total loss, the financial burden would be too overwhelming to stand. So, an argument for that, is just don't spend that much of your dollars on a toy that makes that much difference.

Now, FWIW, here's another agency that has some very good rates:
Marks Insurance Group & Marks Marine Insurance
P: 856-202-8069
F: 856-202-8070
Marks Insurance Group – Insuring the Easy Coast Since 1990
At InsureTheBoat.com Experience is the Difference
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