Cruisers Forum
 


Reply
 
Thread Tools Search this Thread Rate Thread Display Modes
Old 30-11-2021, 00:26   #31
Registered User

Join Date: Apr 2013
Posts: 10,341
Re: Why not increase price of insurance

Quote:
Originally Posted by mcon12000 View Post
But yes the OP is correct thereís no freedom unless youíre in a position to self insure and carry only liability. Itís been the only aggravation Iíve had as a full time cruiser.
That's not exactly free just a different way of paying for it.

Really it's a romantic myth from books and movies that you head off into the sunset completely free of the cares of the world.
valhalla360 is offline   Reply With Quote
Old 30-11-2021, 07:22   #32
Marine Service Provider
 
TabbyCat's Avatar

Cruisers Forum Supporter

Join Date: Jul 2007
Location: still cruising after 15 years
Boat: MaineCat Catamaran 41'
Posts: 507
Images: 5
Send a message via Skype™ to TabbyCat
Re: Why not increase price of insurance

Quote:
Originally Posted by rachelsavitt View Post
my boat is 30 year's old got liability with progressive
I hope you are not a liveaboard, since Progressive's policy excludes coverage for liveaboard use.
__________________
Susan
www.MarineInsurance.cc
TabbyCat is offline   Reply With Quote
Old 02-12-2021, 22:32   #33
Registered User

Join Date: Jan 2017
Posts: 86
Re: Why not increase price of insurance

Quote:
Originally Posted by valhalla360 View Post
That's not exactly free just a different way of paying for it.

Really it's a romantic myth from books and movies that you head off into the sunset completely free of the cares of the world.
Can somebody explain to me how " self insurance works" ?
My insurance has gone up from $787 in 2018 to $1850 this coming new year. Same coverage, no claims. I've had enough,,,, next year could easily be over 2 grand, what's stopping them? My boat is more than 30 years old and in immaculate condition, with a recent survey to prove it which the insurance company wanted to see. My insurance company switched underwriters because the one I was with, no longer insured boats that old.
Ironically I have a 1948 car. I have vintage plates on it and I pay about 1/10th the amount of my other more modern car, per year. Both with the same coverage.
seatotaler is offline   Reply With Quote
Old 02-12-2021, 23:16   #34
Registered User

Join Date: Apr 2013
Posts: 10,341
Re: Why not increase price of insurance

Quote:
Originally Posted by seatotaler View Post
Can somebody explain to me how " self insurance works" ?
My insurance has gone up from $787 in 2018 to $1850 this coming new year. Same coverage, no claims. I've had enough,,,, next year could easily be over 2 grand, what's stopping them? My boat is more than 30 years old and in immaculate condition, with a recent survey to prove it which the insurance company wanted to see. My insurance company switched underwriters because the one I was with, no longer insured boats that old.
Ironically I have a 1948 car. I have vintage plates on it and I pay about 1/10th the amount of my other more modern car, per year. Both with the same coverage.
Formal "self insurance" is completely impractical for an individual. It's something large companies can consider. Basically they have to take out bonds or set aside moneys sufficient for the risk as defined by actuaries. There is a lot of paperwork and complications. In the end, the company simply pays for any claims plus oversight costs of the program. If you have 10,000 cars in your fleet, things average out and they can save on the profit margin the insurance company would collect. Though often they will utilize an insurance company to manage the program all be it at a lower profit margin as the company is taking on the risks if claims are higher than expected. Even then most companies don't do it.

Informally, "self insurance" is simply going without insurance and if there is an issue, you pay directly for any claims.
- If you have a $5k boat, this may be reasonable to insure against the loss of the boat. By the time you get into boats that are worth hundreds of thousands, that's a risk too big for most people to consider.
- For the liability aspect, it's a lot riskier. If you are found at fault in an accident, sink a million dollar boat or worse injure/kill someone, you could be on the hook for hundreds of thousands. Also most marinas require liability insurance and they will want to see something more formal than a note from you saying you will pay for it.
valhalla360 is offline   Reply With Quote
Old 02-12-2021, 23:24   #35
Registered User

Join Date: Feb 2021
Location: Nomadic
Posts: 335
Re: Why not increase price of insurance

Being "judgment proof"

no significant assets in your name, none under your effective control that are discoverable in relevant jurisdictions

helps in those open-ended liability scenarios.

The marinas requirements are not that stringent
PaulCrawhorn is offline   Reply With Quote
Reply

Tags
insurance, price

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Insurance increase daletournier Boat Ownership & Making a Living 34 18-01-2019 14:17
Insurance premium increase - what is acceptable? benzy Dollars & Cents 22 07-03-2018 15:01
Not selling, so increase the price! travellerw Our Community 15 27-10-2014 16:52
Perkins Parts Price Increase marc2012 Engines and Propulsion Systems 7 15-12-2009 13:44

Advertise Here


All times are GMT -7. The time now is 14:45.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2022, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2022, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.