I have no involvement with the insurance industry, other than as a customer.
Originally Posted by Limey Linda
Yes, I know all that stuff. You state that it is "needed" and I asked the question WHY. Are you by any chance in the insurance business? Perhaps I should get insurance for crossing the street, eating at a restaurant, or taking my dog for a walk. I am sure you get my point. The rich insurance companys make their money by telling the public they are going to loose their assets, get sued or die. How do other folks feel about this???. A few years ago I asked my local doctor if we should pay for "long term care insurance" His response was" if you get a terminal problem then kill yourself, it is a hell of a lot cheaper and only makes a difference of a year or so, most of which will be very uncompfortable. Good advice, I think.
You don't need insurance if you can afford to loose the boat without thinking afterwards - i should have paid that insurance... in some cases where the boat is bought on finance it will either be a requirement or just plain common sense. My boat was by no means expensive in terms of many people on here, but there is no way I could afford to replace it if it was stolen, sunk, burnt etc. Is it worth paying £250/year. I think so.
There is the third party aspect; and I would say there are two different aspects. You cause an accident and damage someone else's vessel: Even relatively small yachts/hardboats could have a total loss heading towards 100,000. Whilst the possibility that I cause such an accident is low (touch wood) to say it is non existent is just stupid. There is also the possibility that someone else has an accident driving my boat. What would happen if I had no insurance. Potentially the other vessels owner/insurer sues me, bankrupts me and I loose my house etc. Is £250/year a sensible precaution - I think so.
The other aspect is am I concerned about one of my own passengers or anyone I am pulling in a toy etc suing me following an accident. I think the answer here is no - however that is easy to say when the prospect is only hypothetical. My friends and family that make up my crew might be less likely to be understanding if I just minced them in the prop. If I was in the US I would definitely be worried.
Another reason I have insurance is that there are lots of other water users out there who dont! And I suspect they tend to be the clueless ones too - so when one of them rights off my boat it won't be me who pays.
Personally I would encourage a requirement for all water users to have compulsory 3rd party cover the way we have on the roads.
I guess car insurance is a good analogy. When I had a 300 quid old banger and zero no claims bonus I had third party cover (If I remember rightly it was third party only - not even third party fire and theft!) and it cost as much as the car. Now its a no brainer that our cars (similar value to my rib) are covered with fully comprehensive insurance.
SO no I don't think the insurance industry is spinning us a line regarding rib insurance. I do think with people like Porthcawl you get reasonable value for money. is it needed - I think it is, unless you are particularly wealthy or have a particularly cheap boat - and even then I would be inclined to go for 3rd party cover.