Like Tree0Likes

stupid quesion about insurance

Reply
Old 05-29-2002, 02:19 AM
  #1
Registered
Thread Starter
 
Join Date: Dec 2000
Location: Flemington, N.J. U.S.A
Posts: 2,164
Default stupid quesion about insurance

Several friends of mine insist that you are not required to have insurance to operate a boat 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 ?
boot is offline  
Reply With Quote
Old 05-29-2002, 02:47 AM
  #2
Platinum Member
Platinum Member
 
timewarp's Avatar
 
Join Date: Jun 2001
Location: Silverdale,Washington,USA
My Boats: 2002 Spectre 30,300X's
Posts: 602
Default

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
timewarp is offline  
Reply With Quote
Old 05-29-2002, 03:35 AM
  #3
Registered
Platinum Member
 
Join Date: Jan 2001
Location: PA and MD
My Boats: fuel injection, superchargers
Posts: 1,449
Default

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.
cobra marty is offline  
Reply With Quote
Old 05-29-2002, 09:28 AM
  #4
Platinum Member
Platinum Member
 
CigDaze's Avatar
 
Join Date: Jun 2001
Location: St. Petersburg, FL
My Boats: Cigarette 35 Cafe Racer
Posts: 21,346
Default

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.
CigDaze is offline  
Reply With Quote
Old 05-29-2002, 10:58 AM
  #5
Registered
 
Risk Taker's Avatar
 
Join Date: Jan 2001
Location: New Hampshuu !!
Posts: 2,808
Default Re: stupid quesion about insurance

Quote:
Originally posted by boot
Several friends of mine insist that you are not required to have insurance to operate a boat
Laws differ from state to state. Check with local authorities.
Risk Taker is offline  
Reply With Quote
Old 05-29-2002, 01:44 PM
  #6
Registered
Thread Starter
 
Join Date: Dec 2000
Location: Flemington, N.J. U.S.A
Posts: 2,164
Default

Thanks for your replys . I think I'll stick with it !
boot is offline  
Reply With Quote
Old 05-29-2002, 03:03 PM
  #7
Registered
 
Join Date: Oct 2000
Posts: 1,238
Default

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
enticer is offline  
Reply With Quote
Reply

Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
Bryan Rose
General Q & A
8
03-01-2008 12:00 PM
Dblvanos
General Boating Discussion
5
11-27-2007 06:04 PM
emac
Formula
0
02-23-2007 01:40 PM
boot
General Boating Discussion
1
02-12-2003 02:05 PM
boot
General Boating Discussion
18
01-12-2002 08:53 PM



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 On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 04:33 AM.


Copyright 2011 OffShoreOnly. All rights reserved.