Boat Insurance Reference Point

[harringtondav]

I just bought insurance for our new boat & trailer. The insurance is 'bundled' under our Nationwide homeowners/auto policy.
- $38.7K replacement cost. $500 deductible both comprehensive and collision.
- $500K bodily injury and property damage-combined.
- $5K medical payments.
- $5K personal effects.
- $500K un/underinsured boaters.
- $1K on water towing.

EPA fines for a sunk boat covered under the liability.

Annual premium: $269 Our previous boat was also insured 'bundled' with a surprisingly low premium.
Have I missed something? Generally if it's too good to be true...it is.
Is this in the ballpark of what you pay? Thanks, Dave

 

[hugh g]

As a homwowner I would raise the personal liability to at least $1 million. $500,000 liablility coverage if someone loses their life, is paralyzed or loses a limb in an accident is nothing. They will take you for everything you have & lien your paycheck for the rest of your life.

 

[harringtondav]

As a homwowner I would raise the personal liability to at least $1 million. $500,000 liablility coverage if someone loses their life, is paralyzed or loses a limb in an accident is nothing. They will take you for everything you have & lien your paycheck for the rest of your life.

...thanks. We have a $1M blanket in addition to the other insurance.
At their 40% commission, the PI parasite lawyers will make you doubt your coverage....at any amount.
Good news is Nationwide and the others have lawyers too. And they'll fight like hell to protect their $1.5M.

 

[dingbat]

Pretty low. My $25k agreed value policy is more than that
I would read the “replacement cost” clause in depth.

Boat insurance is typically “Hull or “agreed” value.

 

[hugh g]

...thanks. We have a $1M blanket in addition to the other insurance.
At their 40% commission, the PI parasite lawyers will make you doubt your coverage....at any amount.
Good news is Nationwide and the others have lawyers too. And they'll fight like hell to protect their $1.5M.

If you're found to be at fault Nationwide's lawyers will fold like a wet napkin. And the other side will have layers just as good as the insurance co. with that kind of money at stake.

And Maritime Law is a whole different ballgame when it comes to PI or anything else for that matter.