I posed this question on the other inferior site and here it is.
I am at the point where I am wondering if it is worth paying for boat ins. The boat is now 9 years old and I am past worrying about scraps and dings, plus it sits idle almost 6 months out of the year. The price for Ins. per year just doesn't seem worth it to me, but I could be wrong. I need some opinions.

What if you sink it and have to pay for salvage and clean up? Or your buddy puts a vmc thru his eyeball?
Posted from my iPhone/Mobile device

I have Amica boat and an Amica Umbrella personal liability that covers all property, cars, boats, etc.. for 1.5 million. Wife is a civil litigation lawyer.

The reason you have boat ins is not to protect yourself from paying for dents and dings, like a new car...It protects you against catastrophic losses... if your boat sinks or you hit something or someone and do damage to someone else’s property...and the unforeseen biggie..If you leak fuel into the water, the fine can be really huge even for a little bit; you need insurance to protect you for at least 300K-500K.

I have my boat ins thru Almedia and Carlson (on the cape), it is a Travelers policy, and I also have an umbrella thru someone else for a couple mil.

Agree with the above replies. Along with the cost of repairs, not a reflection of boat worth.
If $$ on insurance is an issue, go with a higher deductable.
I went with a lower one myself after I found out what I was getting after a lower unit repair. They not only had the deductable, but the amount of the reimbursment was based on the value of the motor (less depreciation) . Soooo, screw that company, for a few more bucks I'll take the coverage.

all great points guys, that is why i asked.

I was thinking about going without boat insurance but my agent told me that my umbrella policy requires that I have the coverage.

so I guess I have no choice ?

For the cost of the insurance (my policy runs about $330.00 per year) it is well worth it. As said by many others above, it is not so much to protect yourself from the cost of repairing dings and dents, but if you sink and cause enviromental damage or damage to another persons boat / property. My yacht club requires it from all members too.

If you have homeowners insurance some companies will pick up the boat policy for you for next to nothing....might be worth looking into.

I think I answered you over there too.

Not worth not having it.

Its a sign of the times.