Insurance policy review

[nautiques4life]

If not in the proper section, please move.

Just got my policy/bill for this year, thought maybe I should review it.
While I think I understand the terms, after dealing with an auto insurance incident last year wondering if I should carry more.
What is everyone getting for liability and medical coverage? (Not what are you paying- but how much coverage do you have?)
And finally 2012 230... $60,000 seem about right?
Thanks

[Neptune442]

Mine is 300k liability, 25k medical payments

[SatherG230]

Thank you for your post..prompted me to look at mine, too.

I have $500,000 Liability limits to meet the requirement of my umbrella liability policy. I only have $1,000 Medical payments coverage, which I will be calling my agent to increase. My advice to you is to purchase as much Medical payments coverage as you find affordable. While the Liability coverage is what you buy to compensate someone else in the unfortunate event you injure them or their property, Medical payments coverage is what you can purchase to compensate yourself or your family in the event they are injured as you use your boat (or anyone else you have on board without them having to sue you.)

Most boat and umbrella policies (and Homeowners policies, for that matter) have a "Family Exclusion" that precludes family members insured under the same liability policy from sueing each other. Medical payments coverage provides a method of compensation that can be paid without a lawsuit and without having to prove you are negligent. BTW, I am a former insurance claims adjuster and involved in the insurance industry...

When it comes to values, you may be a little light at $60k. These boats hold their value quite well and in the case of a total loss, you could ultimately end up with a higher "deductible" than you anticipated. I have $77k on our 2012 SANTE 230, which has not changed since we purchased it, and is probably on the high side, but the boat also has a lot of options and upgrades. Depending on which engine you have and what options, I would suspect you would be closer to $70k. Check KBB.com or online sale listings to be sure. It doesn't cost that much more for the extra value.