Quote:
Originally Posted by AC2717
two ways of looking at this:
yes you want to give yourself the same amount of coverage if someone hits you and they don't have coverage vs you hitting them and having coverage.
Here is the opposite side of that argument: If you have health insurance you are already covered and there is really no need to purchase a large amount of this coverage. keeping in mind that Uninsured Boaters coverage (as well on your auto coverage) is for bodily injury only most times and if you have health insurance they will cover your injruies and bills. Insurance companies like it when you pay extra for this coverage.
The holes to this are, if you have someone on your boat that does not have health insurance you would need that coverage for them. My question to you as an agent would be: who rides in your boat 99% of the time and what is the cost of the difference. Then my other question to you is: I am assuming that the $500k is a aggregate limit, and not a per person limit. What is the per person limit with the $500k being the max?
I personally would want to be more concerned with coverages like the Property Damage limit, pollution, your liability limit (making sure you have a high per occurrence limit) and boat recovery in the event of it sinking or the like. Hospital bills can be worked out and more than likely your passengers will have health insurance, but there are major costs associated with all the above.
Can you tell me what your per occurrence rate is on your liability limit (guessing $250k with a $500k aggregate for bodily injury). What is the Property Damage limit they are offering. the PHYSICAL damage limit is for your boat, the Property Damage limit is coverage for other peoples property?
I am always concerned when people sell the liability limit and don't include what the property damage limit is, think about it, hitting a Cruiser and totaling it $50k, $100k not gonna cut it, a brand new 23 cobalt is $75-$80k or even some of these new pontoon boats are pushing the values
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The Personal Liability and Uninsured coverage are both SLC up to $500k. Things like Pollution Liability and Wreck removal are covered under the Personal Liability section.
The cost difference to raise them both to $500k (from $50k of Uninsured) was only $46. So a no-brainer. I have to minimally carry these amounts ($500k) for the Umbrella policy anyway.
You also have to examine these coverages in the context of your entire insurance portfolio coverage; Homeowners, Healthcare, Umbrella, etc. to make sure you are properly covered.