Hey all, I am new to the forums
and new to boating
. I'm having some difficulty obtaining a reasonable insurance
policy. There seems to be a lot of "catch 22" situations described here when it comes to insurance
. My particular catch is that I am brand new to boating
. It seems to be exceptionally important to every one I deal with that I have insurance, but no one will insure me because of my inexperience, and the age of my boat.
My boat! My favorite topic (I'll try not to rattle on too much). I have a 1960, 32 foot custom built Navy
utility boat / trawler
with a 10 gauge steel hull
. The boat is in exceptional condition, as verified by my recent survey
. I am living aboard
in Alameda (San Francisco Bay) CA. I am very handy and mechanically and elctrically inclined, and am confident that I can keep it in good, safe condition.
The boat is not worth a lot. I paid $25k for it and it was valued by the surveyor
at $37k (score!). Although it would suck royally to lose that entire investment in a catastrophic accident
, it would not ruin me financially. The boat is not financed - I own it outright.
My marina requires third party liability insurance.
policy, which is very expensive, requires that a licensed captain
(who is named on the policy) be under command of the boat at all times. I don't want him at the helm
because he is expensive and he is also kind of a dick. He helped me deliver the boat to it's current destination
and helped me get the insurance, but we have since parted ways.
I've read in other posts that many folks just get the third party liability insurance, and not hull
or belongings insurance. This didn't occur to me, but I think it may be the way for me to go. I'll be in SF Bay learning
how to pilot my boat for at least a season. I'll revisit more extensive insurance when I decide to voyage out of the Bay into the Great Unknown (which is a big reason I bought the boat in the first place). I am also somewhat ideologically opposed to insurance, and feel that you are betting on losing when you pay for it. I am a risk taker, I bet to win!
FINALLY on to my question. Would I be a fool to not get as extensive an insurance policy as I can as a new boater? If I damage some one else's property while I am boating, the third party liability covers that, right?