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5 Tips for Renewing Your Boat Insurance

Anyone who owns a boat knows that insurance is a necessary expense. Not only does it protect your investment, but it also gives you peace of mind when you’re out on the water. Unfortunately, it’s easy to let your boat insurance lapse, especially if you don’t use your boat often. Anthony Lancaster Insurance Inc. is here to guide you on this important insurance coverage.

Here are five tips for renewing your boat insurance:

1. Know Your Risk Factors

Your risk profile is one of the most important things to consider when renewing your boat insurance. Are you an experienced boater with a perfect record? Or are you a new boater who is still learning the ropes? Your risk factors should guide your decision on how much coverage you need and what type of policy is right for you.

2. Consider Your Deductible

Another important factor to consider is your deductible. How much are you willing to pay out of pocket in the event of an accident? The higher your deductible, the lower your premium will be. But remember, you’ll need to be able to afford the deductible if you do have an accident.

3. Review Your Coverage

When you’re renewing your boat insurance, it’s a good idea to review your coverage to make sure it’s still adequate. Has anything changed since you last bought a policy? Perhaps you’ve added some new equipment or made some modifications to your boat. Make sure your policy covers these changes.

4. Compare Quotes

Once you’ve decided how much coverage you need, it’s time to start shopping around for a policy. Be sure to get quotes from several different insurers so you can compare prices.

5. Read the Fine Print

Finally, be sure to read the fine print before you purchase a policy. You don’t want to be caught off guard by a clause in the fine print that excludes coverage for something you thought was included.

Get Boat Insurance in Memphis, TN

These are just a few things to keep in mind when renewing your boat insurance. For more information or for a free quote, contact Anthony Lancaster Insurance Inc. in Memphis, TN today.

Is Boat Insurance Required in Tennessee?

While boat insurance is not required under Tennessee law, the agents at Anthony Lancaster Insurance Inc in Memphis, TN are providing facts on why it is best to have a boat insurance policy in place. Keep in mind that anyone in Tennessee who is at least 12 years old can operate a boat alone but if they are under 18, they must have a Boater Education Certificate issued by the state of Tennessee to legally operate it. If a person under 12 is operating a boat, they must have a supervisor on board with them that is at least 18 years-old to be able to take immediate control of the boat if an emergency situation occurs.

Liability Boat Insurance

liability boat insurance is just as important as auto liability insurance because it will protect you if you become involved in an accident that is deemed to be your fault and cause property damage or injuries to others.

Collision Insurance for Boats

it’s important to have collision insurance especially in the event that your boat collides with another boat or an inanimate object such as a dock. Also keep in mind that if you borrowed the money to purchase your boat from a bank or other lender, your bank or lender may require you to have both collision and comprehensive insurance to protect the investment they have made in your boat.

Comprehensive Boat Insurance

Comprehensive boat insurance will protect the investment you made in your boat if it becomes the victim of a fire, an act of vandalism, or a natural disaster, including a hurricane or tornado. This type of insurance will also assist you in replacing your boat if it is stolen.

Contact a Trusted Boat Insurance Agent

It is important for you to contact an insurance agent who knows and understands all the aspects of a boat insurance policy, such as the agents at Anthony Lancaster Insurance Inc in Memphis, TN. call today for an appointment to get your boat insurance policy started immediately.

Boat Insurance Myths

Though not required in Memphis, TN, it is highly recommended for boat owners to have some form of boat insurance. However, there is so much information about boaters insurance, and some of it is not true (or partially true). If you own a boat, check out these common myths about boaters insurance and then give our office, Anthony Lancaster Insurance Inc, a call to learn more about purchasing boaters insurance. 

Myth: Boaters insurance is not required, so it is not needed. 

Fact: Even if boaters insurance is not a requirement in Memphis TN, boats can be expensive, especially in the event of an accident. A boaters insurance can help protect your finances should you have an accident out on the water. 

Myth: Boaters insurance is expensive.

Fact: Many times, the price of comprehensive boat insurance is overestimated by boat owners. When compared to the amount of money, time, and effort you have put into the boat, the cost of insurance is not as expensive as you may think. 

Myth: Buying a boat insurance policy is too confusing and not worth my time. 

Fact: The lengthy contract of a boaters insurance policy that is full of jargon can be intimidating. Despite this, purchasing boaters insurance is not complicated, and your insurance agent can help explain everything, making it less confusing. 

Myth: The cheapest policy is enough coverage. Anything else would be a waste of money. 

Fact: In most cases, the cheapest policy is only a liability-only policy. Your boaters insurance policy should cover you for all the risks you may face while owning your boat, including repairs, property damage, medical bills, and legal fees. 

Make sure you are fully protected and purchase a boaters insurance policy. Call our agents at Anthony Lancaster Insurance Inc today for additional information about obtaining a boaters insurance policy. 

Who needs boat insurance in Memphis?

The Memphis, TN area can be a great place for someone to own a boat. There is warm weather for much of the year in this area and plenty of great places to use a boat. When you are going to use a boat in this area, you need to ensure that you have it properly insured. Boat insurance is needed in many different situations for boat owners. 

Those that Want to Protect Against Liability Risk

Most people that operate a boat are going to be very diligent and careful. However, there is always a chance that an accident could happen. If you do cause an accident, you will have to cover damages, which can add up quickly. Fortunately, if you get a boat insurance plan, you can get the protection needed to mitigate this risk, as you will get liability insurance protection.

Those that Use Financing

Many people that choose to buy a boat in Memphis are going to take out a boat loan. Those that would like to take out a loan to finance the purchase of a boat should make sure they comply with their boat insurance requirements. In many cases, you will need to have a full policy that will offer coverage for many different risks. 

When you are shopping for boat insurance in the Memphis, TN area, you will want to know that you are making the right insurance plan choice. One company that can help you to build and choose a new policy is Anthony Lancaster Insurance, Inc. There are a lot of factors to take into consideration as you are shopping for this coverage, and Anthony Lancaster Insurance, Inc can help you evaluate your options and pick the best policy possible. 

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