Originally Posted by jyasaki
(Sorry for the rant...)
No need for an apology... I think insurance companies are about as popular as Swine Flu is these days.
I think of insurance as a bit like a lottery... makes no sense, will probably never pay off, but someone has to "win".
My last boat paid off when I was rear-ended and it was "totalled" as far as the insurance was concerned. I ended up re-acquiring it, repairing it, and selling it... for more than I paid for it originally. In fact, I doubled my money. All legally!
I think your suggestion is a good one.... that's exactly how this discussion began.... with a conversation about the most likely scenarios where I ended up boatless!
As an aside, you can greatly reduce your premiums by putting a large deductible in place... in other words, just insure for the BIG losses!