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  1. #1

    Join Date
    Jun 2007
    new port richey fl

    Smile insurance-do i need it?

    Another newbee question- I would like some input on insurance-what type of coverage...etc Have heard I don't need it but feel like maybe I should get some-
    Thanks for the input on the intake, I feel a little better running this stuff by you guys.

  2. #2
    H2HO's Avatar
    Join Date
    Apr 2007
    Tampa Bay
    I strongly recommend it. Try SKISAFE.

  3. #3

    Join Date
    Jan 2007
    Lakeland, FL
    They said you don't need it, or not required to have it? Big difference there. From what I remember, you took out a loan for the boat; I would have thought the bank would require some insurance, similar to a car loan. If you did it through a HELOC (home equity), they wouldn't necessarily know what you spent the money on though.

    I paid cash for mine, and choose to not have insurance. I bought it to primarily run on my home lake, a lake without a lot of other traffic. Also, although I paid about $19K for mine and have put $3-4K into it since, I know its "worth" to an insurance company (what they would hand me after deductables) is only $13K, so I'm not willing to pay $500/yr or more (since mine is what they consider a high-performance category) for that kind of return, especially since that $13K figure will depreciate by 10% a year. Then, would I really even be covered at all, if it was discovered that I modified it to go faster?

    It comes down to what makes you sleep better at night, and no one else can tell you which choice is better for you. Hopefully others can chime in that have insurance and give options there, but I sleep better at night without insurance, though that's not necessarily the right choice for others.

  4. #4
    Being a "old fart" I would say YES you need insurance! Not only for you and your boat, but mainly for the other guy in case god forbid "you" pile into someone and hurt them. If you get a loan for the boat the bank will usually make you show proof of insurance to cover the boat.
    Liability, is the minimum you should have in case "you" hurt someone or break their boat. Collision covers you and your boat should "you" break it. Uninsured motorist, covers you if you are hit by someone without insurance. I would also recommend "underinsured motorist", this covers you incase someone piles into you with the minimum of insurance and it doesn't cover all the bills, then that insurance kicks in for "you".
    I first went to State Farm for my 2007 Speedster SCIC and they quoted well over $300.00. I then went to Progressive on line and they quoted $150.00 for the year, went with them.
    Since I am a "old fart" your mileage may vary.

  5. #5
    spd5535's Avatar
    Join Date
    Jun 2007
    I have State Farm for my twin engine Utopia and pay $360 a year. Like others have mentioned in the thread, it's just piece of mind. I just thought to myself, how would I feel if my boat started on fire or sank and it was a total loss.

  6. #6
    I would strongly recommend getting a policy......

    I am a Financial Planner and deal a lot with insurance and risk minimization. Remember, not only are you covering your boat, but also covering you for anything your can be liable for while operating your boat (hitting another boat, damaging a dock, injuries to your passengers and passengers in other boat).

    My premiums are $225 per year and well worth it to protect you and your assets.

  7. #7
    Moderator Franko's Avatar
    Join Date
    Apr 2005
    Dallas, Texas
    Unless you are wealthy enough to be able to afford a lawyer and to fund a jury verdict (the size of which you won't know until it happens), get insurance. On the other hand, if you are poor as dirt and have no assets (other than your ski I guess) then you could get away with having no insurance.

  8. #8
    My new toys at work bruinsrme's Avatar
    Join Date
    Jul 2007
    Worcester MA
    Some states do not require insurance on boats/pwc, some states do not require to title boats/pwc, some banks do not require insurance on boats/pwcs.

    With that said, my family's well financial well being requires me to carry insurance on the pwc. $250 a year is a heck of a lot cheaper than other avenues

  9. #9
    daverxp4's Avatar
    Join Date
    Aug 2005
    here in canada you need a minimun of civil responsibility up to 1 million dollars,
    i would think especially in the states where everyone sues everyone get at least civil liability as a minimum.

  10. #10
    I think Franko, Mike E and others are right on. Most everyone needs at least liability and uninsured/underinsured insurance in this day & age. If you get hurt or disabled by someone with no assets or insurance, you may be in a world of hurt. If you get sued, it gets expensive real quick.

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