Is this what everyone is paying for insurance

[sly_karma]

I haven’t done before but heard you can get an extension on home insurance to cover a boat. Not sure what the parameters are to qualify for the extension.

I've been doing this for a decade. We've used BCAA for home insurance for years, they were happy to add a rider for the hull, motors and contents. I specified a 1500 deductible to keep premiums reasonable, like most people all I really want covered is total loss.

My boat is a simple outboard runabout 19 ft, stored in my carport. Not sure how a home insurer would view a serious boat say over 100K. Or one that was in moorage rather than home. My guess is they'd decline and refer owners of such boats to marine specialists.

 

[Rayvon]

Had a short conversation about liability insurance at my boat club in Victoria with some of the members. It's mandatory to have liability insurance to be moored at our docks. All the guys I talked to only had their liability as a rider on their house insurance,so if they lost their boat they are SOL.Most have older boats and they thought they would just suck it up if they blew a motor up or ran into rocks etc.Their rider cost was crazy low but they complied with club rules.Not in my plans,my coverage for $45K was about $800.

 

[Cookie's Cutter]

Wondering how many non commercial guiding member run with no insurance.
That's me for over 50 years. Figure I have saved $50,000 plus over those years.
Also wondering how many who do insure have ever had a substantial claim ?

First of all, insurance didn’t cost $1000 per year in 1970 so your math is way off on this one. Second, if you have been boating for 50 years you are probably pushing 70 and not as sharp as you once were so you are probably likely in the next few years to hit a dead head, or have the current or wind push you into another boat at the marina. Third, what if your boat gets stolen, a tree falls on it, or a bilge pump malfunctions?
Fourth, for a $1000 a year knowing that you, your boat and your family our protected is pretty cheap.

 

[uclueletcharters]

First of all, insurance didn’t cost $1000 per year in 1970 so your math is way off on this one. Second, if you have been boating for 50 years you are probably pushing 70 and not as sharp as you once were so you are probably likely in the next few years to hit a dead head, or have the current or wind push you into another boat at the marina. Third, what if your boat gets stolen, a tree falls on it, or a bilge pump malfunctions?
Fourth, for a $1000 a year knowing that you, your boat and your family our protected is pretty cheap.

We’re not hear to access peoples age etc. Its an opinion on insurance where a person declined coverage and saved a ton of coin over an extended period of time. There’s lots of ways to skin the cat it’s up to each individual as to how comfortable they are with what ifs and potentials in accessing there own situation and comfort level. Can’t knock a guy for trying to save a few bucks these days with all the rising costs just to live. I think some great opinions were given along with resources so people reading this thread may come up with some better options or even coverage for themselves. I know I extracted some great intel for the future. The beauty of forums.