Insurance

[bhammer]

All,

With an 18' I/O of 83 vintage, what would be the normal liability insurance to have? My general activities include lakes that can get busy but the majority of boats are well below the 100K amount if I were to hit one. Not that I want the minimums because the ultimate dollar amount is not that much.

I am looking for what you might carry for liability and medical.

Thanks,
Brian

 

[orion25]

Re: Insurance

The price of the boats in your area are not that important. The medical costs of your injured passengers will easily exceed the cost of replacing a $100k boat that you hit. I have $100K property and $300K medical on my boat (I think). You might want to look into a rider on your homeowners or an umbrella liability policy since your boat is not exactly high $$. Consult an insurance agent. He can advise then you can shop around for the best price..............

 

[TilliamWe]

Re: Insurance

+1, liability is not about the property you damage, it's about the people you hurt, especially those in the other boat!
Get yourself to an insurance agent that you know and trust and have him/her help you figure out how much coverage you need to protect all your assets in the case of a horrific accident.

 

[bhammer]

Re: Insurance

Thanks guys. I am talking with my long time agent but wanted to get your feel for things. I am looking to do 100K property and 250K medical. We have an 1MM unbrella policy that would cover things like this if I were sued as well.

Thanks,
Brian

 

[wvit1001]

Re: Insurance

I have a $300,000 liability policy on the boat with a $1000 deductible.

 

[TilliamWe]

Re: Insurance

bhammer, that split, "property" and "medical", is that both for the "other party's" stuff and injury? Meaning you are covered up to their boat being worth $100k and their medical bills being $250k?
What about medical payments coverage for yourself and your passengers?

In my state, your libility coverage is not broken out into property and medical. I have $500,000 liability coverage. And $5000 for medical expense for myself and passengers (each). The liability premium is less than 33% of the premium for the physical damage coverage on my boat, which is limited to $16000. So really, huge liability limits are not as high priced for me as the actual boat coverage is.
The umbrella is a very good idea.

 

[bjcsc]

Re: Insurance

+1, liability is not about the property you damage, it's about the people you hurt, especially those in the other boat!

The real liability is in fuel/oil spillage. It's always the highest coverage component...

 

[bhammer]

Re: Insurance

In Texas, they split the damage versus the medical. Yes, this would only be for the other party per occurance. Anything on top of that could be settled by my umbrella policy. I have a pretty good health insurance plan that would cover me and my family in the event that I were at fault.

I have heard, don't know if it's true, that in Texas and on Texohma, that if there is an accident resulting in fuel / oil spilliage that the state would cleanup without responsibility to either party. This of course is if there wasn't any type of stupidity involved such as racing, drinking and the likes and is on a public lake, not private. Gues this is a question for our family attorney..

 

[mike176]

Re: Insurance

I have 500,000 BI, 100,000 property, 300,000 uninsured boater protection, comprehensive and collision coverage with $250 deductable and $218 premium from progresive. I'm happy with them.