XP 590 Posted April 8, 2018 Share Posted April 8, 2018 On 3/29/2018 at 9:04 PM, fishinwrench said: Yes, absolutely. 150.00/yr. is just throwing money away. That policy likely isn't worth the paper it's printed on. Well for starters, if the bank requires insurance, as most do, then insurance is a cost you must incur to get a loan. Insurance is all about offsetting risk. If you can pay cash for a $35k boat, and are willing to risk thousands of dollars in repairs for what would have been a covered loss, more power to you and that's your choice. In addition to that is the liability exposure in case you injur someone. I'm not comfortable accepting that kind of risk, but that's just me. To me, $150 a year is a pretty good value to transfer that risk to someone else. I also know if I insure my boat with that company for $35k and I total it, they will pay me $35k. Having $35k in property coverage, $100k liability and towing coverage for $150 a year makes that sound like a very valuable piece of paper to me. But again, that's just me. A lot of people dislike insurance in general and I get that, I'm not a big fan myself, but I'm not willing to take the risk of not having it. And if you think your auto or homeowners insurance extends to your boat, please read your policies very closely. Those policies generally provide very little, if any coverage for watercraft. Some do, but most have very specific exclusions and/or limits for watercraft of all kind. Maverickpro201 and grizwilson 2 Link to comment Share on other sites More sharing options...
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