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Old 04-07-2020, 18:02   #1
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Unethical financial question

I am having a hard time affording the insurance quote I was given on my boat...its way more than I had bargained for... and the sale is already done so too late to turn back now....all storage places that I've checked require insurance and my question is since it's going to be stored on the hard and I cant imagine it doing any damage to the dirt or field its kept in so I wonder if I can get away with having insurance for a month or two just to get it into the storage yard and then cancelling my insurance while it's being stored....do most boat yards and insurance companies communicate (the boat is not financed)
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Old 04-07-2020, 18:09   #2
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Re: Unethical financial question

Let me get this straight, you can’t afford just liability Insurence?
Boat yards Marinas etc don't require full coverage, they don’t care if your boat gets fixed, they just want their property protected.
Have you priced liability only Insurence?
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Old 04-07-2020, 18:12   #3
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Re: Unethical financial question

Hull insurance is expensive. Liability is usually much less. You might decide you can let hull insurance take a holiday on the hard. Just make sure you can add it back later.
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Old 04-07-2020, 18:15   #4
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Re: Unethical financial question

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Originally Posted by a64pilot View Post
Let me get this straight, you canít afford just liability Insurence?
Boat yards Marinas etc don't require full coverage, they donít care if your boat gets fixed, they just want their property protected.
Have you priced liability only Insurence?
That was where I made my mistake previous owners have liability insurance but they got grandfathered in everywhere I've checked boat us geico and multiple brokers say due to the age and length despite being a cheap boat they require full coverage and want 2k per year for such a cheap boat and that cuts too deep into other expenses I opted for....so liability only insurance isnt an option in my circumstance or so I've.beem told.
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Old 04-07-2020, 18:16   #5
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Re: Unethical financial question

I have several friends that received serious damage to their boats while in storage. Tropical storm hit boatyard and knocked the boats off of their storage stands and into each other. Boat yard did not cover damage. Mostly owners had to suck it up as few had full insurance coverage. Not sure if you are talking about liability only or full coverage, but yes it is unlikely you will damage the dirt boat is standing on, but other boats and people are more easily damaged even in a storage yard.
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Old 04-07-2020, 18:24   #6
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Re: Unethical financial question

Try progressive and also check with whatever homeowners insurance you may have
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Old 04-07-2020, 18:54   #7
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Re: Unethical financial question

Check around vigorously. We are 1984, 58 ft, in the Caribbean. Insurance here has been canceled each of the last four years as hurricanes cut through. Always found some company. There are many more options in the US. Liability only has always been an option. Any agent who says otherwise is scamming you.
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Old 04-07-2020, 20:01   #8
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Re: Unethical financial question

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Originally Posted by Whgoffrn View Post
I wonder if I can get away with having insurance for a month or two just to get it into the storage yard and then cancelling my insurance while it's being stored....do most boat yards and insurance companies communicate (the boat is not financed)
The marina I'm in contacts me annually on the renewal date of my insurance and requires me to provide them with proof of renewal.
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Old 04-07-2020, 22:17   #9
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Re: Unethical financial question

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Originally Posted by Whgoffrn View Post
That was where I made my mistake previous owners have liability insurance but they got grandfathered in everywhere I've checked boat us geico and multiple brokers say due to the age and length despite being a cheap boat they require full coverage and want 2k per year for such a cheap boat and that cuts too deep into other expenses I opted for....so liability only insurance isnt an option in my circumstance or so I've.beem told.
Never seen this before. Lots of boats have liability only. First thing I would is ask to speak to the supervisor of who ever told you that.

Especially if the boat is on the hard it should be easy to get liability. Something does not add up here.
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Old 05-07-2020, 00:14   #10
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Re: Unethical financial question

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Never seen this before. Lots of boats have liability only. First thing I would is ask to speak to the supervisor of who ever told you that.

Especially if the boat is on the hard it should be easy to get liability. Something does not add up here.

I agree. I believe the OP is confused, or is being scammed by an unscrupulous insurance agency. Never heard of an insurer refusing to issue liability only -- why would they?



And the cost is staggering -- I pay less than that for full coverage of the boat, contents, dinghy, with legal assistance coverage, and £9 million of liability, for a half million+ dollar boat. The OP needs to shop around vigorously.


Lastly, to the OP's original question -- you know yourself what you proposed to do is unethical -- the word is even in the thread title. So really? What did you expect people to say to that? It's up to you whether or not to risk your own boat, but it's obviously not right to scam the boatyard and risk other people's property you are unable to pay for if you damage. That's just really slimy. Plus if you have any other assets whatsoever, you are putting them at risk too. If you can't even afford liability insurance, it's time to sell (or give away) the boat and swallow the anchor.
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Old 05-07-2020, 05:23   #11
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Re: Unethical financial question

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Originally Posted by Whgoffrn View Post
I am having a hard time affording the insurance quote I was given on my boat...its way more than I had bargained for... and the sale is already done so too late to turn back now....all storage places that I've checked require insurance and my question is since it's going to be stored on the hard and I cant imagine it doing any damage to the dirt or field its kept in so I wonder if I can get away with having insurance for a month or two just to get it into the storage yard and then cancelling my insurance while it's being stored....do most boat yards and insurance companies communicate (the boat is not financed)
seriously, you really are asking if members feel this is OK
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Old 05-07-2020, 05:28   #12
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Re: Unethical financial question

My boat originally cost me $2,000.

When I moved it to the marina here, you had to have at least liability insurance.

Liability insurance for $500,000 worth of coverage cost me about $10.00/month. State Farm.

Over the last 9 years I have put maybe $8,000 more into the boat with upgrades and replacements but still just have the liability insurance only and hoping we don't get a bad storm..........

I hear I can get full coverage for maybe $300-$400. Geico.
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Old 06-07-2020, 00:06   #13
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Re: Unethical financial question

Geico boat us maritime and another broker all told me for a 1981 that is 36'9" it requires full coverage ...so yeah trust me I'd much rather have just liability but everyone is telling me my boat doesnt qualify for liability and its paid in full with no loan so I dunno 🤷*♂️
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Old 06-07-2020, 03:15   #14
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Re: Unethical financial question

Go ahead and scam the system, Karma will get you in the end and the rest of us who pay their dues to cover the scammers will smile and give no sympathy.
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Old 06-07-2020, 05:08   #15
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Re: Unethical financial question

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Geico boat us maritime and another broker all told me for a 1981 that is 36'9" it requires full coverage ...so yeah trust me I'd much rather have just liability but everyone is telling me my boat doesn't qualify for liability and its paid in full with no loan so I dunno 🤷*♂️
yea, despite what other people are tellng you this is a thing. The 'problem' for the insurance companies, most especially in potential hurricane areas, is with liability only they still have to pay to get the wreck removed (that is typically viewed as a liability coverage by reputable insurers) which can be reasonably expensive and while they have only collected tiny premium amounts. I have seen the numbers - it just does not make financial sense (for the insurance company).

They can offer it if they don't provide wreck removal coverage (but then you are screwed if the boat gets wrecked) and in areas where 'wrecked on the hard' is really really low probability (which excludes any areas with hurricanes or tornadoes and such).
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