Is Your Boat Insured?

I don’t know about you, but I think I’m getting spring fever. And everyone I talk to is excited about summer and everything that goes along with it – golfing, picnics with family and friends, cooking out by the pool, and going to the lake. And in middle Tennessee, there are plenty of lakes.

And since there are a lot of lakes in middle Tennessee, there a lot of boat owners. Probably the last thing on their mind is boat insurance. There mind is on the fun they’ll have skiing, fishing, or just cruising the lake. But it’s important to make sure you are fully covered before going out on the lake on that solo fishing trip, skiing trip with your family and friends, or whatever you may have planned.

Your homeowners policy may provide a very small amount of coverage while the boat is stored at your home. But once it leaves your property, then you are on your own unless you have your boat insured. You will need to check with your local insurance agent to check on the amount your home owners policy will cover when your boat is being stored at your home. And also ask about liability coverage to make sure you are covered against any personal liability claims as a result of negligent use of your boat.

Something else to consider is some states require you to have insurance on your boat. And they sometimes will require you to purchase a minimum amount of coverage. Again, check with you local insurance agent. Also, some boat docks and marinas will not let you use their facilities if your boat is not insured.

Make sure your boat insurance covers both physical damage to your boat and liability claims. Of course, the physical part pays to repair any damages to your boat. The liability part of your boat insurance policy takes care of bodily injury and personal damage claims.

Also, check with you agent to make sure your equipment – skis, fishing gear, trailer, motor, etc are covered. This is a part of the coverage that is sometimes missed by boat owners. As you know, some of this equipment can be very expensive. So make sure you are protected in case of loss.

The cost of your boat insurance will vary depending on the age of your boat, the size motor on the boat, where you use your boat. If you have a good storage facility for your boat, then you may get a better rate. If you only use your boat during certain times of the year versus year-round, you can probably get a better rate.

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