Why buy boat insurnce

[3M TA3]

I insure my bigger boat however I don't insure my little Mirrocraft. Might use it a dozen times during the year but I just don't think the risk warrants insurance. I'm not concerned about losing the boat, liability however causes a little concern but just not willing to pay an insurance company for an ultra low risk in the first place. What do you folks think?

[locomoto]

I say skip the insurance if it's a low use deal like you suggest however I carry an umbrella policy that covers some of my liability. With the over abundance of personal injury attorneys advertising on television I figure it's a good idea in case some low life wants to sue me for their stubbed toe or hangnail.

[mr ducks]

I would suggest you at least make sure you carry liability and as to the post about the umbrella--every umbrella policy I have seen requires underlying watercraft liability before the umbrella will provide excess coverage! hence the word"umbrella"!

[locomoto]

mr ducks you're right I should have been more clear. I carry liability coverage on everything that doesn't have full coverage. I believe a couple of years ago that Wisconsin changed the laws in regards to how much liability insurance one was required to carry on an auto policy. On the advice of my agent I left the liability amounts lower on all the vehicles due to having the umbrella policy.

So 3M I change my vote to get some liability coverage. It's generally dirt cheap. I pretty much hate insurance. It's a double edged sword. If you never use it then it's worthless and if you don't have it when you need it then it's priceless.

[Wooden Walley]

Definitely make sure you have liability insurance at least. The rest of the risk is then up to you.

[Wade B AKA: Ruger2506]

I insure my bigger boat however I don't insure my little Mirrocraft. Might use it a dozen times during the year but I just don't think the risk warrants insurance. I'm not concerned about losing the boat, liability however causes a little concern but just not willing to pay an insurance company for an ultra low risk in the first place. What do you folks think?

Depends what your net worth is and how much you are worried about it. All it takes is one little mistake and you hit somebody out there in your Mirrocraft. They can sue the pants off you and if you don't have liability INS.......well you know.

Me personally, I would at least carry liability INS.

[Jack G]

I carry liabiliy insurnace on my small boat just in case the unexpected happens. Small cost for peace of mind.

Let me bore you with a real life example of the unexpected. Many years ago I launched at a very busy ramp. Parked my truck and trailer about a block from the ramp. After fishing I got my truck and trailer and loaded my boat and drove 80 miles home. When I was unhitching at home I found that someone had pulled the pin from the receiver and all that kept the insert from pulling out of the receiver was the safety chains that did not have enought slack in them to allow the sparation. The clown that pulled the pin coiuld have caused a major accident on the high way. If my boat got loose on the road I can only imagine what liability I might have incurred.

Jack

[clarkend]

Jack

Wouldnt your pickup insurance be the policy that would cover that incident anyways??

I agree though...I would at least have liability on the small boat. I think its law in ND but not sure?

Clarkie

[whofan]

Even the small outboard motors cost a fortune these days.
Insurance is something you hate to buy but wish you had it when needed.

You could have a old 14ft with a little 9.9 on it.
Not worth much until someone seals the motor or you hit something with it then you either pay or do away with it.