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FAQs About Boat Insurance

If you own a boat or watercraft, it’s important to understand boat insurance. At Anthony Lancaster Insurance Inc., in Memphis, TN, we offer boat insurance. 

What Does Liability Boat Insurance Cover? 

Boat insurance typically covers bodily injury liability and property damage liability. Bodily injury liability will cover others injured in an accident that is your fault. Property damage liability covers damage to other boats and property due to an accident that is your fault. 

What Does Property Protection Cover?

Property protection will cover your boat. If it’s damaged, this policy will cover the costs of repair or replacement. 

What is Towing and Assistance Coverage? 

Towing and assistance coverage will reimburse you if your boat needs to be towed or you need assistance. If your boat stops on the water, this policy covers towing the boat to a repair facility. It also covers battery jumpstarts and being brought gas. 

Do I Need Coverage if I Have an Inexpensive Boat? 

If you have an inexpensive boat, you may not need property protection. However, liability boat coverage is still important because it covers damage to others’ property and injuries.

Is My Boat Covered Under My Homeowner’s Policy?  

Your homeowner’s policy may provide limited coverage for your boat when it’s on your property. When you are on the water or traveling to a body of water, most homeowner’s policies don’t protect your boat. 

Who is Covered Under My Boat Insurance Policy? 

Your policy will cover anyone who is listed on the policy. It may also cover extended family, marina personnel, and other operators who use your bot occasionally. 

Reach Out To Us

If you need boat insurance in Memphis, TN, contact us at Anthony Lancaster Insurance Inc. Our friendly and experienced agents will speak with you about the best policy for your needs. 

5 Questions to Ask When Looking for Boat Insurance

Knowing which questions to ask when you explore boat coverage options can help ensure you get the best boat coverage for your needs. Anthony Lancaster Insurance Inc, serving the Memphis, TN community, is here to help!

Do I need boat insurance?

Most states require you to carry liability insurance on your boat, but many boat owners choose to carry additional coverage to protect their investment. At Anthony Lancaster Insurance Inc, we can help you secure coverage that meets both state laws and your own personal requirements. 

Does this policy cover my personal property?

It’s common to accumulate costly personal property on your boat that faces the same risks as your boat: theft, accident, or water damage, for example. Understanding whether your personal property – like depth finders, fish finders, life vests, and inflatables – is covered or not will help ensure you’re comparing apples to apples as you consider different plan options. 

How is my boat trailer covered?

It’s important to discuss the liability associated with towing a boat trailer. This typically falls under your auto insurance, and an experienced agent can help ensure your policy covers any liability you might incur while towing your boat. 

Does this policy cover roadside assistance?

Knowing whether a policy covers roadside assistance helps you compare plans side by side. Roadside assistance can help if you break down and need to be towed off the water.

Do I need umbrella insurance?

If you often host others on your boat, pull intertubes or skiers behind your boat, or own a luxury boat, you may need umbrella insurance. We can help you determine whether umbrella insurance is necessary for your unique situation. 

Reach Out To Us

Get your boat insurance quote at Anthony Lancaster Insurance Inc in Memphis, TN today!

How to Choose the Right Boat Insurance Policy

For many people, owning a boat is a dream come true. But, with that ownership comes responsibility—ensuring you have adequate coverage. If you live in Memphis. TN and are looking for boat insurance, it’s important to know the policies available and how to choose the right one for your needs.

Types of Boat Insurance Policies 

Before deciding on a boat insurance policy, it’s important to understand the different coverage available. There are four major categories of boat insurance policies: liability, uninsured boater, medical payments, and physical damage coverage. Each type offers its own set of benefits and protection. 

Let’s look at each type more closely:  

 Liability Coverage

This type of policy protects you from financial loss if you cause an accident that causes injury or property damage to another person or their property. It also covers legal fees if you are sued because of the incident.  

Uninsured Boater Coverage

This provides coverage if you are involved in an accident caused by an uninsured boater. It can also cover your repairs if they exceed the other party’s coverage limits. 

Medical Payments Coverage

This policy helps cover medical expenses incurred from injuries sustained while operating your vessel. It can also help pay for lost wages due to lost time at work associated with treating those injuries.  

Physical Damage Coverage

This helps cover repair or replacement costs associated with damaged or destroyed vessels resulting from an accident or natural disaster, such as a hurricane or flood.      

Your Anthony Lancaster Insurance Inc agent can help you understand the different options available and choose the policy that best fits your needs.

Choosing the Right Policy for You 

When selecting a boat insurance policy in Memphis, TN, several factors – such as age, size, and purpose – should be considered. These factors will help determine the type and amount of coverage you need.

Contact Anthony Lancaster Insurance Inc today for more information about our services!

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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