I have had insurance with uninsured/underinsured on it for the last six years, I am looking to change companys and the agent says I dont need it "Im covered under my own policy if some plows into me with no insurance". Its also not a law like car insurance to have it. Does this smell fishy its from a reputable company?. I didnt just get off the banana boat it just seems like having it was always a good idea,but why pay for it if I dont need it???
insurance question
- Thread starter jarrodsb
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You have us baffled. How about more info. Who do you have insurance with now? Who are you thinking about going with?
Which agent is telling you that you don't need it? What policy is he talking about that has you covered? What kind of boat do you have?
If your boat is a plastic khayk, I agree you probably don't need insurance. If you have a larger power boat, what happens if you plow into someone? What happens if your boat sinks and it spills all its gas and oil into the water. Guess who pays for clean-up and environmental damage? And I can promise, it ain't cheap.
Which agent is telling you that you don't need it? What policy is he talking about that has you covered? What kind of boat do you have?
If your boat is a plastic khayk, I agree you probably don't need insurance. If you have a larger power boat, what happens if you plow into someone? What happens if your boat sinks and it spills all its gas and oil into the water. Guess who pays for clean-up and environmental damage? And I can promise, it ain't cheap.
skipperjon
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He's talking about uninsured/underinsured boaters, not himself. I think.
I believe the gentleman is referring to his carrying uninsured motorist insurance, like for when the other guy doesn't have any insurance coverage, and your own insurance company will then provide full coverage for your vessel and its occupants.......
As an insurance agent I can probably help answer this question. As in an auto policy, uninsured boater coverage is for bodily injury to you, the policy holder, and usually passengers on the vessel. Your physical damage coverage on the vessel will replace/repair it, but does not pay for medical expenses, dismemberment, disablement, lost income, etc.
So, if someone causes you bodily injury and let's say you are disabled as a result. And let's say that person doesn't have any liability insurance, your policy will allow you to recover for the damages that you otherwise would try to recover from the other party.
So, if someone causes you bodily injury and let's say you are disabled as a result. And let's say that person doesn't have any liability insurance, your policy will allow you to recover for the damages that you otherwise would try to recover from the other party.
Thanks Gary. I currently have $50,000 uninsured for $29 a year so really its worth it at any rate. Currently with Foremost paying $523 a year . State Farm wants $390 , they were just asking why I wanted uninsured coverage? So I will be asking them more questions , (the agent just confused me by asking that).
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I use State Farm and lowered my liability to 300K on cars and boats which reduced the premiums then bought an Umbrella policy for all my policies with them for 2 million liability including a 300K rider for underinsured motorists and boaters. The umbrella is $59 per year. You can not get into a marina or yacht club on Lake Ontario, Canadian side, without 2 million liability.
The umbrella policy will vary depending on how many items it is covering and the amount of liability. It allows you to get the minimum liability insurance required on multiple items but have the overall coverage of the umbrella policy. In MA I have (3) cars, (2) homes and the boat covered and the cost is about $240. per yr. ....Your mileage may vary....
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I have to go check. My State Farm umbrella isn't nearly that low and The Other Gary is not prone to errors.
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don't you have to max your coverages out before you can add an umbrella?...that's what i was told a few years ago when i bought a new car.
I don't think you can find a $1 million umbrella for $60 a year. Typically the umbrella premium is determined by the number and type of exposures you have. If you are a homeowner with 2 autos figure somewhere in the $200/year range for a $1 million umbrella. Add another car, a boat, a rental property, etc. and the premium goes up. It's possible that adding the coverage for the boat on the umbrella ADDED to the base premium of $200, (so the incremental premium was $60 to add the boat).
Your mileage will vary based on driving record, past claims, etc.
Also, you typically have to carry a certain minimum underlying liability limit on your other policies in order to qualify for the umbrella. Typically is it $300k for homeowner or landlord policies, $250/500 for auto, $300k for boat and so forth. If you later lower your limit, lets say to $100k for homeowner, and the insurance company doesn't catch it, here's what would happen. If someone gets a judgement against you for, say, $500,000, your insurance would pay for the first $100,000, then you pay the next $200,000, and then they pay the final $200,000. In essence you have a liability gap from $100k ( your underlying limit) and the minimum underlying limit you are supposed to carry ($300k).
Your mileage will vary based on driving record, past claims, etc.
Also, you typically have to carry a certain minimum underlying liability limit on your other policies in order to qualify for the umbrella. Typically is it $300k for homeowner or landlord policies, $250/500 for auto, $300k for boat and so forth. If you later lower your limit, lets say to $100k for homeowner, and the insurance company doesn't catch it, here's what would happen. If someone gets a judgement against you for, say, $500,000, your insurance would pay for the first $100,000, then you pay the next $200,000, and then they pay the final $200,000. In essence you have a liability gap from $100k ( your underlying limit) and the minimum underlying limit you are supposed to carry ($300k).