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TOPIC: Insurance Set or Fixed Limits?

Insurance Set or Fixed Limits? 08 Feb 2010 23:45 #1

  • dramaminedragon
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Never gave it any thougt before because I never had a choice.:hammer Now that I am shopping I came across a company that will go either way. A $500,000.00 set limit policy for $400.00 a year. A 250,000/500,000/100,00 for $350.00 a year. The combined limit policy is medical per preson, liabality & property damage. What do you think is the best way to go? :confused:

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Insurance Set or Fixed Limits? 09 Feb 2010 00:15 #2

  • BrianM
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Depends upon each individual's financial status IMO and how much one wants to protect his assets (should the worst occur God forbid) and how much he wants to pay for peace of mind. To me, the higher the limit the better! Another way to go is to get reasonable, typical limits and then buy an umbrella policy that covers all vehicles, boats insured with same company. Just my two cents!

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Insurance Set or Fixed Limits? 09 Feb 2010 00:44 #3

  • Saintjon
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dramaminedragon;416593 wrote: Never gave it any thougt before because I never had a choice.:hammer Now that I am shopping I came across a company that will go either way. A $500,000.00 set limit policy for $400.00 a year. A 250,000/500,000/100,00 for $350.00 a year. The combined limit policy is medical per preson, liabality & property damage. What do you think is the best way to go? :confused:


That boat. 1,000,000.00 umbrella

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Insurance Set or Fixed Limits? 10 Feb 2010 00:26 #4

  • JohnL
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You won't get good advice unless you indicate the terms and coverage of each policy.

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Insurance Set or Fixed Limits? 10 Feb 2010 17:20 #5

  • Mocoondo
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The question of liability limits is largely a personal one.

How much do you stand to lose if you are faced with a wrongful death lawsuit after somebody dies on your boat?

My opinion is that the best way to shield yourself from exposure is to own your boat in a corporation or LLC, insure to at least $500K liability and then have a massive personal umbrella for yourself.

If somebody is killed or seriously injured on your boat (kids leg cut off by the prop, for example), it will probably be a $3 million dollar problem after all is said and done.

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Insurance Set or Fixed Limits? 10 Feb 2010 21:01 #6

  • robster_in_edmonds
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I agree with the others who suggested you look at a Personal Liability Umbrella (PLUP) policy. For the coverage you get, it is cheap insurance. Depending on lots of variables (past claims history, driving record, kids in the household, etc.) a $1 million umbrella can be anywhere from $125 to $400 per year. The cost of one or two hours of a good lawyer's time. In addition to providing coverage above your car, home and boat insurance it includes the responsibility to defend you, so you don't have to worry about shopping for a lawyer you can afford. Note that I am referring to the offering of the company I work for and this may or may not be true for other companies' policies (did I cover myself well enough there?).

If your current agent didn't talk with you about it, you should consider talking with another agent... PLUPs are often called "the insurance industry's best kept secret" because they are inexpensive, which means there isn't much commission there, so less of an incentive for some agents to dig into your situation and needs. Good luck! :arr

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Rob Meldrum
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