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View Poll Results: Insurance Coverage
Liability Only 32 39.02%
Full Coverage 50 60.98%
Voters: 82. You may not vote on this poll

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Old 10-09-2019, 13:15   #1
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Liability only or full coverage

Getting ready to renew our boat policy and thinking about going with liability only. Lived aboard a sailboat for six years and cruised down to the Virgin Islands and up to Maine. Owned a aft cabin trawler for five years. Never had a claim on either one. So, do we need collision and comprehensive?


Do you have liability only or full coverage?



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Old 10-09-2019, 13:38   #2
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Re: Liability only or full coverage

"Liability only" may work for someone who can afford to lose a boat, I can't and voted "full coverage".

A little unrelated fact - my 14 yr old car is "liability only", I have put 200k miles on it and haven't had a single claim (hope I am not jinxing myself), I stopped "full coverage" on it a few years ago and the cost of insurance premium savings exceeded the value of the car this year. If it ever gets into a total loss situation I guess I will just buy a new car

Also, I believe there is a greater risk of losing a boat than a car, it's not that my boat is parked safely in my driveway.
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Old 10-09-2019, 13:56   #3
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Re: Liability only or full coverage

don't buy a boat that is worth more than you can afford to lose, unless she is your only home.

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Old 10-09-2019, 13:59   #4
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Re: Liability only or full coverage

I'm on liability only; I tried getting comprehensive (full) coverage on our new boat (1980 Westerly 33), and I pretty much got told that our boat is "too old" to insure. The one party that would insure it wanted such a hefty premium that I was pretty much put off on it considering that their contract had so many exemptions and "no payout in case of ...." cases that we might as well run without insurance.


Not my first choice, but then again I like to think I'm able (and paranoid) enough to not wreck our boat. Sure, **** can happen, but in the end I guess every risk can either be mitigated or dealt with in the proper manner.



Liability only insurance we basically have because why not, for 20 euros a month I have all the coverage I need to park in any marina on the med and further afield.
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Old 10-09-2019, 14:08   #5
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Re: Liability only or full coverage

Full coverage. Besides, liability, which the marina(s) will require to berth the boat and lender if you have a boat loan, the following are recommended to be included in the policy:

Accidental fuel spill liability coverage to $939,800
Hull coverage to an agreed upon value
Tender coverage
Personal property coverage
Windstorm damage coverage
Defense costs
Medical payments
Uninsured boater
Towing/emergency services (I have this through BoatUS)
Trailer, if applicable
Electronic equipment
Incidental paid crew coverage
Shared hurricane haulout
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Old 10-09-2019, 14:14   #6
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Re: Liability only or full coverage

I currently have comprehensive (full) coverage, but I would move to liability-only if the price for full coverage stopped making sense. As it is, I can still get comprehensive coverage at a very modest price here in Canada. In fact, I just renewed last season and went with a new broker/underwriter. My price dropped significantly.
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Old 10-09-2019, 14:51   #7
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Re: Liability only or full coverage

Liability only with wreck recovery and a million for EPA cleanup .

Any damage I do to my defender I can easily fix myself cheaper than the deductible .
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Old 10-09-2019, 15:53   #8
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Re: Liability only or full coverage

Not sure how a survey of other peoples insurance coverage is going to help you make a decision. The risk of loosing your boat is there. Only you can decide if you want to own the entire risk or if you want to pay an insurance company to take on most of the risk.

The amount of risk is far less if you only sail around your home waters vs cruising to distant, unknown waters.
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Old 10-09-2019, 16:13   #9
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Re: Liability only or full coverage

Liability only on the boat I paid $2,000 for, but I have maybe $12,000 total in it now.

Still get nervous when hurricanes approach
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Old 10-09-2019, 16:22   #10
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Re: Liability only or full coverage

I conducted a more comprehensive insurance survey a couple of years ago. The results are now getting a little old, but it may be of use to the OP.

My survey found that just over 72% of respondents had comprehensive insurance. Fifteen percent (15%) had liability-only, and another 13% either had none, or some odder combination.

Iíll attach the report and findings here.
Attached Files
File Type: pdf Insurance report.pdf (271.4 KB, 41 views)
File Type: pdf Liability-only.pdf (47.3 KB, 21 views)
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Old 10-09-2019, 18:10   #11
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Re: Liability only or full coverage

As long as the value of the boat is a significant portion of my net worth, it's going to be full coverage.

But with the rate that boats devalue, could be next year we go liability only!
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Old 10-09-2019, 18:23   #12
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Re: Liability only or full coverage

Quote:
Originally Posted by navdi View Post
"Liability only" may work for someone who can afford to lose a boat, I can't and voted "full coverage".

A little unrelated fact - my 14 yr old car is "liability only", I have put 200k miles on it and haven't had a single claim (hope I am not jinxing myself), I stopped "full coverage" on it a few years ago and the cost of insurance premium savings exceeded the value of the car this year. If it ever gets into a total loss situation I guess I will just buy a new car

Also, I believe there is a greater risk of losing a boat than a car, it's not that my boat is parked safely in my driveway.
Not dissimilar logic for aging boats, most policies depreciate valuation based on age for damage...for example, a 20 year old mast wont be compensated for at new price (unless policy written that way w much higher rates).

Many policies on older boats are only worthwhile in the case of a total loss in which case they pay either agreed or replacement value depending on policy type.

With yacht insurance rates getting crazy expensive, and my aging boat no longer being used commercially, I dropped to liability only a few seasons ago. Ive never had a claim over decades, but If I take total loss I'll walk (and hopefully the insurance will cover the clean up), if big damage...then I will sell at salvage rates...and walk. For me personally, Im not comfortable putting more into a boat than I can afford to lose.



By contrast, I carry liability only on my 1989 Jeep XJ . It is so old now, and such a popular vehicle, that its maket value is actually starting to creep up a little...I may have to revisit liability only.
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Old 10-09-2019, 19:15   #13
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Re: Liability only or full coverage

Quote:
Originally Posted by Mike OReilly View Post
I currently have comprehensive (full) coverage, but I would move to liability-only if the price for full coverage stopped making sense. As it is, I can still get comprehensive coverage at a very modest price here in Canada. In fact, I just renewed last season and went with a new broker/underwriter. My price dropped significantly.


Who did you switch to using?
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Old 10-09-2019, 19:31   #14
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Re: Liability only or full coverage

Quote:
Originally Posted by LoudMusic View Post
As long as the value of the boat is a significant portion of my net worth, it's going to be full coverage.

But with the rate that boats devalue, could be next year we go liability only!
Thats a good question . What percentage of your net worth IS a (significant)
portion.
And what portion of your net worth should you spend on a livaboard cruiser? I know it will very a lot.
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Old 11-09-2019, 03:50   #15
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Re: Liability only or full coverage

Quote:
Originally Posted by kristjan View Post
Who did you switch to using?
The broker is Fairway Insurance. They are based out of Nova Scotia, but also have offices in BC. Not sure if they service other areas. The underwriter is Intact Insurance.
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