Who does not have boat insurance

[troy]

bummer, i've just purchased a boat and dont' have insurance. i don't do silly things and aways travel slow. i mite just get insurance for my boat only. Whats the chances of you hitting a charter boat???????.

What is the chances of hitting a spear fisherman.
I would have said remote until a few weeks ago when i was around the front of the cape and i decided to pull up as my lad wanted to throw a lure.
While he was doing this i decided to dive in for a swim and when i surfaced i saw this black thing come out of the water and did i Sh. t as i though i was shark meat but it turned to be some idiot spearfishing out in the middle of no where no flags or bouys.
Now i could have hit this bloke so who would be in the wrong as far as insurance and public liability goes.
Troy

[mcgilld]

Pinhead.
Only having a joke with you about your boat and i too have everything i own insured apart from my tinny at the moment.
As far as this thread goes it was my own personal opinion about where do you draw the line with insurance.
When it comes to make a claim insurance companies will try to rip you off if they can.
I will give people an example i noticed swelling in our tiolet wall which is adjacent to the bathroom.
Rang the insurance company and was told if it was coming from a leaking tap i would be covered but if it was coming from the tiles not covered.
Told me to rip up the bathroom floor but i would have to pay the costs of this and depending on what the problem was they would then decide whether to pay.
I know this is not the issue in this thread but i do not trust them at all.
Also i was in my own business for 8 years and my shop got wiped out by a cyclone and i was out for 3 months and when i originally took out insurance i was told i would be covered for $1000.00 per week for loss of income.
When the time came in small fine print they worked it out on what were ny busiest months and quiet months and i ended up with $100.00 per week and i nearly went broke.
So Insurance can also work the opposite.
Troy

It's a true but sad state of affairs when you're the customer until you need to make a claim, and then you become the enemy! - but unfortunately insurance is a necessary evil.

As an aside - I read somewhere that Aust is not following the US with litigation - we're actually setting the pace with a higher rate!
Cheers
Dave

[Bowser]

I have to comment on the regular statements in this thread that insurance is a neccessary evil. It certainly is evil but is it neccessary?

Insurance is issued by Companies and as we all know companies are only interested in providing a profit for it's shareholders. An insurance company will accept any proposal with only the barest assessment of the details, except to ensure that they extract the highest possible premium from you. Once they have done this they accept your premiums ad infinitum and whistle all the way to the bank. But lo, you lodge a claim for some silly accident after years of payment. The first thing that this company will do is pull the proposal and thouroughly scrutinize it, they will check for truth and correct completion of all sections. If they happen to find an error then they will renege on their coverage. If this avenue fails and you have answered all questions honestly and have paid all premiums on time they will then make every effort within the terms and conditions of the policy to minimise their outlay so as to minimise their loss. They have no thought or consideration for you the policy holders loss or feelings of loss.

Do not think that you must insure everything. Weigh up the possible costs to yourself and assess whether the risk of loss is worth taking. Several people have raised the possibility of third party loss or injury and you must allow for the possibility of these in your assessment. Remember if you should accidently kill or severly incapacitate your partner it will be up to their estate or trustee to decide if they should sue you and you will probably have no input into this decision. It could cost you a bundle should this happen. As much as I hate insurance companies whom I believe are bloodsuckers it is worthwhile considering third party only insurance for a cheap boat to cover the possibility of injury to an innocent party and save yourself a large amount of the premium each year that most probably would be wasted. The difference can be saved or considered saved in a sinking fund to go towards replacement should the boat be stolen. Remember insurance companies do make huge profits and this comes from all those people who blindly insure just in case and never make a claim. Is the risk of loss large or small? Should you take the punt? How many small boats get lost stolen or damaged in your area?

[troy]

Bowser,
You summed this thread up to perfection.
Troy

[PinHead]

Bowser..insurance companies would go broke just from the premiums paid to them...they then invest this money to get the best return they can. That is why they own large tracts of commercial properties etc..as for 3rd party insurance, what if you lose control of your boat and slam into another boat..you are liable..but you have no insurance..then what ???? Or are you impying that you should have 3rd Party Property insurance as well as 3rd Party. As for myself..I have everything insured..house, contents, cars, boats, tools, public liability..my way of thinking is./.if the proverbial hits the fan then I do not have to stress too much over it...it is all covered...suits me fine. As for the idea of a "sinking fucn"..a good idea but the average Joe has a poor reputation for saving..sees something he wants then takes the money out of that fund..then if it is needed it is not there.

[Bowser]

PinHead,

How many real people, not headlines do you know who have lost their boat or house? If you really compare the numbers you would find the basis of General insurance companies as opposed to your life companies who run endowment or super type funds which must return the prmiums to the client. In nearly 50 years I personally know one person whose house was burnt down and that occurred in my home town in the west when I was about 10. I have never met a person who's boat has been sunk or ran into another vessel. And if you go to car insurance, sure there are claims, but compare that to the number of trips made and the odds are substantially in the favour of the "only in it to help the poor, downtrodden and heavy laden" insurance companies. If you are going to criticise, get your facts right. I appologise for any typos in this and previous posts. As to implications, I am not implying anything. What I am saying is that sometimes you should make a real assessment of the risk and maybe you will find that it is better to take the leeser option. As to the comment about third party property and third party, I really don't get your intention, but if you have a look at the available third party insurance policies for boats in Australia you will note that these cover both third party property damage and personal injury. Maybe you should read your policies and the options before you make these companies richer.

Some times it is worth taking the risk to make the saving of the premium. General insurance companies are not benevolant societies. Sure Maybe you shul wake up and smell the roses some day.

[mcgilld]

Bowser.
Are your house and boat etc insured, or are you taking your own advice?

By the way - there were hundreds of uninsured properties wrecked in the recent cyclone in Nth QLD.

[eimeo]

i have just recently brought a boat and the first thing i did was insure it BEFORE i towed it home fom Bundy to Mackay.It was under $10000 but i always figured if you cant afford to replace it insure it.

i sleep better knowing i can get another one if it all goes wrong


dave