If you live in Tennessee and you’re lucky enough to own a boat, the short answer is no, you do not need boat insurance. Although Tennessee law does not require you to carry insurance on your boat, you absolutely should. And if you think your homeowners policy covers your home on the waves, think again!
Specialized Boat insurance covers you in the event that your boat suffers a loss or is damaged. Boat insurance typically covers any boat with a motor, so if you own a kayak, canoe, paddle boat or personal watercraft (PWC), your homeowners policy probably does have you covered. Speak to your insurance agent to make sure you’re covered and be sure to keep your kayak locked and stored in a secure location!
Top Six Reasons to Insure Your Motor Boat
It’s a Great Way to Protect Your Investment
According to The Carefree Boater, the average MSRP for a 21’-24’ power boat in 2017 is projected to be nearly $80,000! By the time you invest in start-up accessories, safety training, a high-quality slip and add recurring fees such as gas, marina rentals, maintenance, and storage, you’re probably looking at upwards of $10,000-15,000 in related costs. With that much cash on the line, it only makes sense to cover your investment with a comprehensive boat insurance policy.
The Tennessee Wildlife Resources Agency notes that “Boat and marine theft is big business and has become a problem nationwide. Millions of dollars in insurance claims are made each year due to the theft of boats, motors, trailers, and an array of associated equipment.”
Obviously, the more your boat is worth, the more important it is to have insurance coverage. However, even if your boat is the modest side, it’s likely it represents a big investment for you and one that would not be easily replaced in the event of an accident or theft! Make sure that you and your family have fun in the sun for years to come and investigate your boat insurance options today.
It’s a Great Way to Protect Yourself
Boaters insurance not only covers your boat the event of theft or damage, but it typically covers
- Collision damage: Covers repairs or replacement in the event that your boat is damaged in an accident.
- Property damage liability: Should you damage someone else’s boat or property, then this will keep you covered.
- Bodily injury liability: In the event that you should injure someone while operating your boat, this helps protect your assets.
- Comprehensive: If your boat is stolen, vandalized, or damaged in a non-collision manner, your comprehensive provides compensation.
It’s a Great Way to Protect Your Toys
It’s no secret that a boat is expensive, but if you’re into water sports like fishing, skiing, or wakeboarding, then it’s likely that you’ve invested some hard-earned cash in water-related toys and accessories. If you’re interested in roadside assistance and coverage for your boat-related equipment, speak to an insurance agent to learn more about additional insurance coverage items.
Hedge Your Bets and Prepare for the Unexpected
Boat insurance covers surprising things like fire, fuel spill damages, and cleanup costs both in the water and on land. Have you ever thought of a non-contact boating accident? No? Well, your insurance has. In the event that your boat’s wake causes damage to another watercraft or capsizes another boat, then you would be responsible and could be held liable for damages. Don’t be caught off-guard, take out a boat insurance policy.
Sticks and Stones May Break Your Motor
Boating in Tennessee is glorious and beautiful. However, murky waters are pretty common in Middle Tennessee and can hide underwater motor threats like rocks and submerged logs. Insurance may cover damage sustained by running over marine objects hidden by Tennessee’s cloudy waters.
Your Bank Likely Requires Boat Insurance
Unless you paid for your boat, trailer, and slip in cash, it’s pretty likely that your bank will require proof of insurance before issuing a loan. Furthermore, many marinas require boaters to have insurance (and may even require you to list them as an additional insured) before agreeing to rent a slip to a boat owner.
It’s Probably Not as Expensive as You Think
For all the coverage that boat insurance provides, you’d expect it to cost as much as a comparable car insurance policy. Not true! Boat insurance is more affordable than you think. Allstate offers dependable coverage for approximately $20 per month.