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Old 18-09-2007, 18:04   #1
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Do you have to have insurance?

I am planning to buy a boat that I can afford outright, and one thing occured to me today while renewing my homeowners insurance was "Will I have to have boat insurance?"



Do foreign ports require insurance for entry?
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Old 18-09-2007, 18:10   #2
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All the marinas around here require at least liability insurance - in case your boat damages someone esle's.
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Old 18-09-2007, 18:13   #3
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Same as the guy above; most marinas around here will require some sort of 3rd party insurance (in case your boat damages someone else boat in the marina, or in case you damage the marina).
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Old 18-09-2007, 18:57   #4
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Stay out of marinas...

Crowded, noisy, no privacy, expensive, prone to theft and you MUST have insurance.

Stay on a mooring, enjoy peace, generally lay to the wind, quiet, safer, less expensive, and you don't need insurance.

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Old 18-09-2007, 20:04   #5
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Quote:
"Will I have to have boat insurance?"
Sell the house but you need liability insurance. No one in the world cares if your boat sinks (except your true friends here), but they sure as anything will insist you clean up the mess. Should something bad happen, they throw you in jail as a hostage until they get the money. It's called international law. It works! They don't have to ask but when they do you need the correct answer. The fact that they didn't ask you up front means nothing when they do ask.

Don't cheat on your wife and do carry liability insurance because if you do she still will kill you and you won't be covered. The rest might be.
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Old 18-09-2007, 20:07   #6
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Stay on a mooring, enjoy peace, generally lay to the wind, quiet, safer, less expensive, and you don't need insurance.
Or stay at anchor, even less expensive, less crowded and sleep in more peace with less insurance..(Never stayed overnight on a mooring and plan to keep it that way...Who knows what shape that mooring is in, at least the anchor is a known factor.)
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Old 18-09-2007, 22:20   #7
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Ok, so after reading your responses I am thinking of something like a basic liability policy that covers salvage assistance and fuel spill recovery, etc.

I also noticed on one insurers website that you need special boat insurance to go into Mexico, which is kind of one of the places I would like to go (as I will be in San Diego and very close.)

Thanks for all the responses.
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Old 19-09-2007, 00:08   #8
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Like you, I am also researching and planning on purchasing a boat in the future. I've been told by tons of people that buying full insurance is a waste of good money and they will always find a way out of paying for everything!!

I was told that 3rd party liability is plenty for your needs and you should never need more.. Just use the money that you saved from full insurance to take care of things if and when they do occur. Good luck and good shopping.
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Old 19-09-2007, 00:10   #9
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Some countries in Europe require you to have the boat insured and wish to see proof of the policy (in their own language) when you clear in.
Most insurance companies over this side provide that translation FOC.
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Old 19-09-2007, 03:48   #10
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Dunno about overseas--but in Oz there are difficulties getting insurance for certain boats or boat types.

Ferro yachts are not popular--neither are plywood boats over thirty feet in length. The bigger they are the more costly the premium.

Some companies will not insure a trimaran of any kind. Others will not provide third party property damage for anything over nine metres in length, they insist you insure comprehensively. Some will not provide insurance of any kind for boats over nine or in some cases ten metres.

Insurance companies do not like inboard petrol engines--are not fussed on LPG for stoves and fridges--they will cover you but maybe the premiums will be higher.

Neither do they like boats built prior to 1980--but if the vessel is inspected by their agent and is exceptional they might. I had a heck of a job getting cover for mine--in the end only two companies offered it and one was way better a deal than the other--and with no excess when at its home marina.

Shop around and compare prices. Third party property damage alone is not very expensive--the problem is getting it. Most want you to comprehensively insure--and probably that is a better option anyway. You need at least ten million worth of cover.

Lotsa luck--
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Old 19-09-2007, 07:31   #11
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Staying on a mooring is not a good reason to not carry insurance. If you read my post on Renaissance rammed you will see that anything can happen. If we didn't have insurance we would now be without a boat. Just one incident came to over 120,000 in damage. I was also thinking about not having insurance before this happened, you can bet I'm not even considering it anymore. Just my two cents.
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Old 19-09-2007, 07:56   #12
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we considered not having full insurance. But this is our home, so we are fully covered. And after being hit by lightning,(36k of damage), we were very glad we were insured!!!!!!!
Our insurance company was great to deal with, and gave us no grief at all!!!!!!!!!!
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Old 19-09-2007, 08:38   #13
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I am currently in the Med, specifically Greece right now, and we have been asked for our insurance papers a lot. Plus, it REALLY came in handy when the we were dismasted You never know when you'll need it.
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