I've done the same thing before. Passed to close to the stern of a fisherman and snagged his line. All he lost was his lure though. I apologized but he continued to chase me and shout obsenities. I learned a lesson that fisherman on inland lakes really do troll for fish. I had no idea people trolled on inland lakes prior to that event.

Having learned that lesson I probably would have tacked in your situation as it just isn't worth taking a chance. However, when you did catch the line and saw the pole drop in the water you should have stopped racing and gone over to apoligize in my opinion. I would have worked it out right there on the water if possible. If he was angry and yelling obsenities while I apoligized I would have turned around and sailed off.

Still I doubt if I would have given the guy $250 for the pole if it wasn't a deep sea rig or something. But I'm not up on my fishing prices. My guess would be in the $100 range for an average pole and reel.