Insurance Question

[a64pilot]

No, liability wise I carry insurance, plus of course a private citizen can't self insure their automobiles either, but so far liability only hasn't been very expensive.
The self insure thing started with my airplane, it's a Bush plane and has an exceptionally high loss rate, so full insurance was like 10% hull value per year, even though I'm over 10,000 hours, Commercial, instrument etc. That's a new airplane every ten years, so I dropped all but liability insurance. Got me looking at insurances cost as opposed as to how much good it has done me, so now I only insure the things that would break me if I lost them, cars I could lose and still be OK, house? No that would hurt.

[BandB]

Originally Posted by a64pilot

No, liability wise I carry insurance, plus of course a private citizen can't self insure their automobiles either, but so far liability only hasn't been very expensive.
The self insure thing started with my airplane, it's a Bush plane and has an exceptionally high loss rate, so full insurance was like 10% hull value per year, even though I'm over 10,000 hours, Commercial, instrument etc. That's a new airplane every ten years, so I dropped all but liability insurance. Got me looking at insurances cost as opposed as to how much good it has done me, so now I only insure the things that would break me if I lost them, cars I could lose and still be OK, house? No that would hurt.

I understand. That's like insuring jewelry or collectibles. Now if they're in a secure place can be very little.

Oh and actually there are states in which a private citizen can self insure their autos. In some cases they do it through a surety bond. There are other options also. Seems quite foolhardy to me.

[Moody46CC]

The price seems high. I'd go look at some marine insurance specialists. Location is critical, and you are apparently in FL. Liability is critical as is salvage, uninsured and underinsured boaters. If you crash your plane you probably won't need to worry about the details afterwards; not so if you hit another boat or a dock or one hits you. Many policies toss in towing and named storm coverage haul-out, i.e., the insurance company splits the cost of a haul out in case of a named storm. The panhandle has a few of those lately. Finally, if you agree to limit your cruising area you can save a lot, as will agreeing to lay up the boat for a certain time period. Waivers to go outside your cruising area for a month or two don't cost much. Get quotes from a marine specialist.