Boat ins.?

[quote=Tyme2fish;318940]Double check to make sure contents are covered. I had insurance with Allstate and my boat "sank" at the dock in Canada after a storm.
I bailed the boat out and the big motor never went under water. We continued to fish thru out the week. Lots of equipment was washed out and lost during the storm.
Allstate would not cover this, saying the items were contents and not part of the boat and motor.
So add up your rods,reels,tackle, rain gear,GPS, trolling motor, etc and make SURE they are covered.[/quote]
My brother had all his rods, reels, and tackle boxes stolen from his boat while we were away from the boat for a few minutes. His boat insurance (not sure which insurance co.)would not cover any of his losses, he was able to recoup some of his losses by filing a claim with his homeowners insurance. He later found out that they would only cover original equipment and not any fishing equipment or any other items which were not original equipment. I still don't understand how fishing tackle is not covered equipment in a fishing boat. Insurance companies just want our money; I trust them about as far as I can throw them.

Limits of $10,000 on medical and $10,000 property damage is hardly any coverage at all. If you have any assets, or a good income, and you cause an accident, when your limits are reached, the injured, along with the injured's lawyer, could become the new owner of your assets, and you will be working for him when your check is garnished to pay his medical costs, or his property damage.

Recently I've heard several accounts of that happening in automobile accidents where the person at fault only had $100,000 per person, $300,000 per accident medical coverage. Many recommend carrying a minimum of $250,000 per person, $500,000 per accident, unless you don't own anything, and don't work. It's also highly recommended that you carry $250,000 and $500,000 on underinsured, and uninsured motorist to cover your own medical costs, if someone injures you in an accident that doesn't have insureance, or has a low limit for liability. $100,000 runs out quickly paying for medical costs when surgeries are involved, and you could end up paying out of your pocket.

[QUOTE=Fishin_4_Fun;318991]Limits of $10,000 on medical and $10,000 property damage is hardly any coverage at all. If you have any assets, or a good income, and you cause an accident, when your limits are reached, the injured, along with the injured's lawyer, could become the new owner of your assets, and you will be working for him when your check is garnished to pay his medical costs, or his property damage.

Recently I've heard several accounts of that happening in automobile accidents where the person at fault only had $100,000 per person, $300,000 per accident medical coverage. Many recommend carrying a minimum of $250,000 per person, $500,000 per accident, unless you don't own anything, and don't work. It's also highly recommended that you carry $250,000 and $500,000 on underinsured, and uninsured motorist to cover your own medical costs, if someone injures you in an accident that doesn't have insureance, or has a low limit for liability. $100,000 runs out quickly paying for medical costs when surgeries are involved, and you could end up paying out of your pocket.[/QUOTE]


Another way to go is to keep reasonable limits on your policies and then buy an umbrella liability policy. I did that and I think I pay about $250/year for $1M in liability coverage.

Yes, if you have considerable assets, an umbrella policy is good to have.

My boat is in the old mans name (bought it during a divorce and didn't want any issues) he's on disability so no problems there. I carry 500k across the board on my personal vehicle through Grange @ 46 per month.

If you fish any tourneys most require at least 100,000 libility ins. I have Progressive with a 300.000 libilty limit per occreance and it is only 130 something a year.

I use Progressive, $106 a year for h51 xpress with a 90 Yamaha