NJ Saltwater Fisherman Forums
NJ Saltwater Fisherman => News and Information => Topic started by: IrishAyes on February 29, 2008, 02:25:26 PM
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Found this on the AC Press newspaper site. Boat insurance bill pols trying to pass. Good or bad news?
http://www.pressofatlanticcity.com/179/story/94338.html
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Hard to say...Insurance is always a responsible thing to have and boat insurance insn't that expensive but I could see the rates get out of hand.
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I have insurance on my Parker.
BUT, does someone get insurance on a 14' tin boat that is being using on a lake only? Does one get insurance on an 8' dingy? A rubber raft? 5hrug
Something to think hard about.
Where will the government intervention end?
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I think it is a good thing. After getting into a car accident (there fault) in a state like RI that didn't require it in the early '90s and the people that hit me had no money and I had to pay for it, it is a good thing!
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How much for uninsured boaters coverage?
You are right Joe when will it stop?
Will we need the lawsuit threshold?
It's getting out of hand.
PS I have insurance on my boat too, if you're a homeowner too risky not to....
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Good Post Joe t^ t^ t^ t^ t^
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you should have it anyway
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I just updated my policy for around $450. Good to have, Marinas require it, Now I have that warm and fuzzy feeling. Well not really :P
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I have it, but I'm not for this bill. One of the reasons prices are competitive is the fact that insurance companies have to compete for business. If it's mandated and regulated by the state, who's to say the car insurance debacle in this state won't shift to boats. I don't trust those elected by the people of NJ to do ANYTHING right.
And, in addition, it's pretty arrogant of a North Jersey representative to be pushing this. If Shore area reps don't want it, it better get squashed quickly.
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As I said before. I have it on my Parker. I think it is needed for a boat like that.
Is it REALLY needed for the 12 foot boat you put in a lake? Or your rubber boat you blow up and put a 15 hp motor on? That's the thing I am against. Mandatory for that. That's like telling you that you need insurance on your bicycle.
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Thats true Joe , where does it stop ??
But then again,I think if the boat is "under way" as discribed by the Coast Guard then it should have some LIABILITY insurance.Because I don't want to be hit by some fool and damaged and then he says I dont have any insurance.Then I might have to take it in my own hands.
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Not that ,requiring insurance is a bad thing, but why don't our politicians put a moritorium on working on all of these intrusive laws and devote all of their time trying to solve the states financial issues.
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after so many years the Ins companies dont want to in sure a boat
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As I said before. I have it on my Parker. I think it is needed for a boat like that.
Is it REALLY needed for the 12 foot boat you put in a lake? Or your rubber boat you blow up and put a 15 hp motor on? That's the thing I am against. Mandatory for that. That's like telling you that you need insurance on your bicycle.
If you have a boat under 25 feet LOA and less than 50 hp; almost all homeowners policies will extend liability to cover losses from operation of the vessel. Physical damage you're on your own, but for liability you are covered. (to whatever limit you carry for homeowners).
This would cover Paul for that new kayak that he wants to purchase ;D, or those families with small row boats, paddle boats etc. with less than 50hp.
Anyone who owns any assets should have liability insurance if they have an engine greater than 50 hp. It's just a prudent thing to do to protect you from all those situations on the water that we've discussed here. I always recommend 500K as a minimum limit to carry which covers you for your liability and property damage. Anything less than that and make sure you are only hitting a dinghy at todays prices... The difference in costs for 500K VS 300k IS USUALLY less than a buck a week (around $50). This may not be true for the commercial operators on the site but is pretty close for the recreational boaters. Make sure you ask the question as you may be quite surprised.
Usually if its required by law more people will purchase the coverage; this believe it or not then lowers the premiums all around. I am not for mandating coverage; but it just makes sense to do it on your own (get coverage). Have the govt take care of out of control spending and we'll educate ourselves on the need.
Last thing, if you have a PWC then you need a different type of policy and that won't be covered under a homeowners....
As a disclaimer, I do sell insurance for a living. Boat and Marina insurance isn't something I specialize in so this shouldn't be considered as a plug.
Ken
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Thanks for the info Ken. t^
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you should have it,,, to many morons out there,,
just think, youre out on the water enjoying a day with friends here comes some idiot and he rams into your boat injuring you and sinking your boat,,,
oops sorry my bad but i have no insurance it wasnt required