Is Boat Insurance required?

Post by **tinbanger** » Mon Jul 05, 2004 10:56 am

May be a dumb question but anyone know the regulations re boat insurance.
For new big $$ boats it makes sense but those of use with more ' experienced ' boats I presumed no specific insurance was needed.

Am I wrong ... could be ... has been known to happen !

Tinbanger

Post by **SkeeterJohn** » Mon Jul 05, 2004 10:59 am

I'm not sure on requirements but certainly liability insurance should be taken at the very least. If you run into another boat or run over someone in the water it pays to be insured. It's pretty cheap too but the actual boat insurance itself can be several hundered to over 1000 depending on how valuable your baot is.

Post by **tinbanger** » Mon Jul 05, 2004 11:05 am

Thanks for the feedback , better call my insurance co NOW .
There goes the new sonar !

Tinbanger

Post by **Seaweed** » Mon Jul 05, 2004 11:26 am

The watersking Bozo who ran over the Mother, Grandmother and two grandkids on a paddle boat yesterday sure wants to have insurance especially seeing as the one child is still missing.

As John pointed out accidents do happen and depending on what you are running I guess the question is "How lucky are you feeling?" I personally run insurance now on my new ride but never figured that anything I owned prior to this was worth the worry. I wasn't taking in to account anyone getting hurt though.

It is a dicey subject that is probably better to error on the side of having insurance rather than not having it. But once again if you can easily replace your boat .... then maybe running without it could put the fishfinder or electric motor on it and you just have to be extremely careful. My 2c

Post by **tinbanger** » Mon Jul 05, 2004 11:30 am

Not too worried about replacement value on my Boat but the liability issue is scary , just bumping a shiny new fishing boat ( my fault or not ) could be expensive not to mention anything more serious .
Thanks for the feedback

Tinbanger

Post by **Karack** » Mon Jul 05, 2004 11:56 am

In this day and age, I wouldn't dream of NOT having at least liability insurance.

K.

Post by **fisher** » Mon Jul 05, 2004 8:58 pm

As I read this about insurance weather you should have it or not.
here is somthing I was told when I bought my boat & asked the same question.
Some boats in a marina at Holland landing(Simcoe)cought on fire,the fire was contained quickly but then The Envioroment Canada came in to asess the damage,took soil samples,bottom mud samples,send them for testing,after took more mud and sent it for disposal,the bill to the Marina was over $300,000.
another incident happened last winter at Simcoe,sombody drove their VAN through the ice,had to pull it out by law.towing bill over a grand but enviromental clean-up cost was over$3000.(no auto insurance covers that)
now God forbid anything like this happens to your boat(any oil containing parts get submurged)and the authorities get notified,I can only imagine the nightmere without the insurance coverage.
just heads up for what I have heard so far.

Post by **big-o** » Mon Jul 05, 2004 9:11 pm

INSURANCE....THE BIGGEST RIP OFF EVER....but you should have it...in this day and age of super big Law suits you would be foolish not to cover your bASS

...just take a look in your boat..and add up what you have invested ..not only the boat Motor...but tackle ,rods, life jackets ,Paddles, fish finders, GPS , the list goes on...you start to accumlate and this stuff over the years, you forget how much it would cost to replace it all....You should take photos of all your equipment in your boat...including tackle , keep reciepts if possible !upgate your insurance if you upgrade your motor...remmber they love to collect...but you have to fight with the DEVIL to get them to pay out

Post by **slushpuppy** » Tue Jul 06, 2004 10:14 am

I just called my insurance company to add my "new" boat. $54/year as a rider on my house insurance.