stupid quesion about insurance
 

Several friends of mine insist that you are not required to have insurance to operate a boat :confused: Is this true ? Are they nuts ? Am I paying for nothing ? Don't get me wrong , my big boat is well worth having covered but my little ones I don't realy care . I don't ever remember being asked to show my insurance when being boarded by coast gaurd or police . I assume you have to have it for liability perposes . WHat do you guys think ?

I don't believe there are any laws requring insurance but from a liability stand point you would be crazy not to have some kind of coverage, even on your "small" boats, think about what happens if there is some failure of the steering (broken cable, stuck cable, etc.,etc,) or throttle and the boat hits some one or some ones boat, with out insurance coverage they would own your big boat when they also got all your vehicles and your house when they got the lawyers involved.
I would keep paying the insurance, it's not worth the risk.
Just my $.02

Caleb

Liability definately. A fuel spill could easily hit $500k. I'm waiting for the banks to require it. They hold the note and want payoff. Soon they will take it out with your loan.

Insurance is not legally required. If one shall decide to be foolhearty and not carry insurance, they better have big pockets, though!

However, most banks will require insurance as part of the financing contract.

I know I was not allowed to take posession of my boat before I faxed the bank an insurance binder. I also had to acknowledge that I will carry insurance on the boat until it is paid off.

Re: stupid quesion about insurance
 

Laws differ from state to state. Check with local authorities.

Thanks for your replys . I think I'll stick with it ! ;)

Like Risk Taker said...different for each state...I don't believe local authorities ..because you boat is register with the state in which the boat resides. Most all of the states require a minimum insurance....and if you don't like talking to layers...you should have insurance