The law does not require you to have insurance on your boat, but there are a number of reasons why you may want to have it. It’s possible that if you have a loan on your boat you are required to have insurance based on your bank, but state law does not require it. Certain marinas may require you to have insurance in order to dock your boat.
Your homeowner’s policy in Tennessee might cover some of your boat, but it’s probably not as much as you think. Having boat insurance is a great way to protect your investment. When you think about how much your boat costs, as well as accessories, maintenance, and storage, it’s a lot of money. If something were to happen, without insurance you could lose out because boat repairs aren’t cheap. Boat insurance can cover some unexpected things, like damage or fuel spills, which can cost a lot of money.
Boat insurance is similar to car insurance with some of the terms. An agent at Parks & Associates Insurance LLC can help you find the best policy for your needs. Collision insurance will cover any repairs or replacement if your boat gets damaged in an accident. Comprehensive insurance will cover you if your boat is stolen or gets damaged in some way other than an accident. Property damage liability will cover you if you damage someone’s else boat or property, and bodily injury liability will protect your if you injure someone while you are operating your boat. Uninsured boat coverage can help you pay for property damage and injuries that you suffer if you get into an accident with someone who is not insured and, since boat insurance is not required, this could happen. On water towing can cover you if your boat breaks down in the water and you need towing.
Contact an agent at Parks & Associates Insurance LLC to get a quote on boat and watercraft insurance.