Going Uninsured !?

[SvenG]

We just got a quote from one of the more reputable insurers (often recommended here). To say that it was disappointing is an understatement.

The insurer would only cover less than one quarter or what an equally reputable surveyor said was the replacement value. That coverage would also be less than one half of what we will have sunk into the boat after the refit.

With that coverage the annual premium would still be ~4% of what was covered.

At this point we're thinking that the insurance is not worth bothering with. The full value of the coverage offered would be better placed by us in a savings account. Liability insurance is still a necessity in many places but that's about it.

I'm sure the actuarial tables explain the quote but that doesn't help us think the insurance is worth bothering with. So now we're wondering how many others go with no insurance or only liability ?

Thanks,



-Sven