Here are two questions for ‘very careful’ boaties who think they do not need to insure their vessels: Nautilus Insurance
- On which day of which week are you going to become directly involved in a marine incident?
- Similarly, can you nominate exactly when someone is going to drive into the back of your boat when you’re nowhere near it?
If you can answer those questions accurately then yes, not insuring your boat is perhaps something worth considering because you can simply leave your boat at home on those days and do something else.
You will of course need to hope that your boat doesn’t get stolen while you are away doing that ‘something else’.
But, if you can’t nominate the day, then things become somewhat more complex.
Have a look at the photo. Nautilus Insurance
Do you think the owner knew that their outboard was going to get clouted from behind on this particular day?
Obviously not, because if he knew that the stars in the universe were aligning to make it happen, then the owner probably would have decided to head to the golf course or up in the mountains with family and friends on that day instead.
Some argue that if something goes wrong to their uninsured boat due to incompetence or misfortune befalling someone else, then they’ll simply sue the offender for the damage caused.
The old “Why should I insure my boat… I’ll simply sue them” response.
Great in theory, except the other person might also think they’ll save the insurance premium and not bother insuring either.
Two damaged boats, neither insured and time for a court case.
So, what happens if – after $50,000 in court fees – the other person is ultimately held liable for the damage but has no money to pay for the damage to your boat?
Or – and it’s not unknown – what happens if the other person perhaps declares themselves to be bankrupt or simply disappears interstate, never to be found or able to be extradited?
How are you going to recover the money for the court costs?
How are you going to repair the damage to your boat?
Chances are, it’s simply not going to happen. Nautilus Insurance
But when you are insured with a reputable marine insurer, such as Nautilus Marine, all those problems go away.
You simply tell them what happened, fill out the appropriate forms and supply whatever supporting evidence you have regarding how the damage was caused.
Sorting out the subsequent issues then becomes the role of Nautilus Marine.
All you have to do is work with them to get your boat fixed, and you can pick your own authorised repairer or, depending on circumstances, receive payment if the boat is deemed to be uneconomical or unviable to repair.
In that case, the search for your new boat can begin with a healthy cheque to get the ball rolling.
Interestingly, insurance records show that these ‘one-off’ calamities are not the most likely events to befall you.
It is more likely that there will be accidental damage to your boat around the home, at the launching ramp or at your holiday destination.
Furthermore, there’s a fair chance that you or an immediate family member is going to figure somewhere in the events leading up to the mishap.
But ‘more likely to happen in those circumstances’, clearly doesn’t mean ‘totally restricted to those circumstances’.
And it’s for that reason – unless you are a good Nostradamus in marine matters and have a calendar handy to put a couple of big red circles around ‘future accident dates’ – that it makes better sense to be insured by a specialist marine insurer.
What is and what may not be covered will always be decided in accordance with the terms of insurance as defined in your insurance policy’s product disclosure statement.
Similarly, any special conditions and excesses should always be explained clearly in your insurance policy’s PDS.
If you need further information, you can contact Nautilus Marine Insurance on 1300 780 533 for any boat insurance requirements.
Advice in this article is general and might not apply or be right for you. Before acting on it, consider its appropriateness having regard to your objectives, financial situation and needs. Nautilus Marine Insurance is a business name of NM Insurance Pty Ltd ABN 34 100 633 038 AFSL 227 186 (NM Insurance), the issuer of Nautilus Marine Boat Insurance. Consider the Product Disclosure Statement at nautilusinsurance.com.au before deciding whether to purchase a policy.