I’m close to pulling the trigger on a “starter”
boat - 30 foot coastal cruiser, 30+ years old.
The
price is low enough that, if it’s a total loss, I’ll cope.
As part of the planning, I’m looking at
insurance and basically have three options:
Comprehensive - includes payment for a total or partial loss of the yacht and systems (pretty much for any reason)
Third Party, Fire and Theft - covers losses due to fire and theft only
Third Party only
Obviously the cost goes up as you progress through the levels, with Comprehensive being about 3 times the cost of Third Party only.
The likelihood of a total loss due to my incompetence or natural causes is very low. There is always the risk of someone else causing damage of course. Also, with an older
boat, things like standing
rigging are more likely to fail.
Any thoughts on the best way to go?
If that’s too broad a question, then what are the factors I should be taking into account?