Boat Insurance

[kenmare]

Hi Fishraiders,

How important is boat insurance?

I haven't insured my little tinny on trailer outfit that I bought second hand. Even with the 15 year old sounder and transom mounted electric motor, the whole lot would cost less than $2000 to replace -- although it's value to me is far greater.

With a larger, more expensive outfit, there's more to lose. But how frequently do boat owners claim on their insurance?

What risks are covered by most insurance policies? What's not? The risk of collision must be less than for vehicles on the road, and it you watch the weather and avoid disaster there, why do you need insurance cover?

Are most boaties insured or uninsured?

Regards,

Bob

Edited April 17, 2006 by kenmare

[Dorado 2]

Mate if I had a rig that cost 2 to 3 grand I would not bother insuring it as I think it is not worth paying a premium for it but anything worth 6 grand upwards I would insure.

There is no telling when something is going to happen but if you lost your rig and the other person is not insured you'll be sorry then. You can also go to the ramp and find your trailer missing what then?? Happened to a couple of mates of mine and the last one it happened to he decided that year he did not need insurance anymore!! Cost to him $3000.

You only need for something to happen once and I never gave being on the water a thought as a risk, it's going to the ramp and back water that worries me most and when out fishing is the trailer going to be still there!!

Cheers

[mottyman]

I'm insured with NRMA boat insurance. I have my small tinnie fully insured for loss or damage in case of fire, theft, accident. That also covers me if my trailer gets stolen and I return to the ramp and I'm stuck. NRMA will get me home and it's also covered while towing if its in an accident or I hit someone with it.

I also have cover in case I damage another vessel and it's my fault. There's a lot of big fibreglass boats out there and I'd hate to ding one and have to pay fix it. I don't know a circumstance where that might happen (maybe fishing near them I suppose) but I want to be covered anyway.

It costs me $19 a month. Personally I wouldn't be without it.

Cheers

David.

[pogo]

Abolutely mad if you dont its the third party insurance that might really save you

Scenario

You take a mate and his son out fishing, the kid falls over and seriously hurts himself, the "mate" goes lawyer shopping.

Off to court, youre the "master of the Vessel" and solely and totally responsible. The judge awards the kid $2.5 Mill due to pain, suffering and to assist his reduced earning capacity for the rest of his life.

Goodbye house, assets and your pay garnisheed for the rest of your life.

Think about all the things that could potentially happen to a passenger on you boat

Hooks, sharp knives, slips and trips, falling OB.

Consider that its illegal to drive a car that doesnt have third party personal insurance (CTP)

Edited April 17, 2006 by pogo

[robthefisherman]

to what Pogo said, I haven't bought a rig yet but would not even cosider hitting the water without it, In this litigious (spelling) world we live in can you afford to risk it, as Dave said onlt $19 bucks a month to insure his tinnie, most of us would spend more on bait or lures for one session than that.

[mr_grumble2003]

Pogo covered it all, no more to say.

[kenmare]

Hi Guys,

Message received and understood.

I took out comprehensive boat insurance on Wednesday; includes $10,000,000 third party liability cover.

Thanks for the advice.

Regards,

Bob

[caine]

i personaly wouldnt bother for an old boat. but insurance is for when

in my experiance , and i work in the marine game, club marine is usually the cheapest they give discounts for going through one of there dealers or the net

marine insurance is usually pritty cheap so shop around

this information is is of a general nature only, and your personal curcumstances and financial goals have not been taken into account please read the product diclosure statement before making any decisions

[Guest Big-Banana]

Hi Guys,

Message received and understood.

I took out comprehensive boat insurance on Wednesday; includes $10,000,000 third party liability cover.

Thanks for the advice.

Regards,

Bob

Good on you mate, the waterways can be a funny place.

[discountskitubes]

How do you all insure with? What makes one company better than the other?

Cheers

[harold]

I have had 1 claim and i have seen several incidents that would have surely been a claim. I have shopped the whole thing around for many years and my conclusion is you just cant go past Club Marine. I have no affiliation with them it is just they are always right on the money and when i did claim---no problems, it was all taken care of.

I actually have had the weirdest insurance claim you have ever heard of and i will post it under its own heading, it is 100% true.

catchem, keepem & eatem. (not sure what that would be in Latin)