Tate Insurance Group can help you relax and enjoy your time on the lake. We will locate comprehensive coverage for you, your friends and family, your watercraft, and your boating equipment. Insuring a boat costs less than a dollar per day on average. When you aren’t concerned about your safety, the safety of your passengers, or the safety of your investment, you will enjoy being on the water even more.
When looking for Tennessee boat insurance, there are a few things to keep in mind.
Know how much of your body is submerged in the water. Some insurance companies provide coverage up to 75 miles off the coast of the United States, into Canadian coastal or inland seas, and into Mexico’s Pacific coastal waters. Additional coverage can be purchased in California, Florida, and Oregon.
Watercraft depreciate in the same way as automobiles do. It can be difficult to replace a boat that has been stolen or destroyed due to actual cash value policies. This implies that if your boat is totaled, you will be reimbursed for the amount you paid for it, minus any deductible.
Personal liability insurance, like vehicle insurance, protects other boaters and boat owners if you are at fault in an accident on the water. This coverage will cover the costs of repairing or replacing someone else’s property, as well as their medical bills, missed earnings, and other expenses incurred as a consequence of a boating accident in which you are at fault.
The expense of essential care as a result of a boating accident will be covered under medical payments coverage. This insurance is offered in amounts ranging from $500 to $10,000 and covers you, your passengers, and even your water skiers/tubers, regardless of who is at fault.
If your watercraft, its motor, any permanently attached equipment, and your trailer are stolen or damaged, physical damage coverage pays for the cost of repairing or replacing them.
Many boaters prefer not to purchase insurance because it is not usually required. This sort of coverage pays for medical treatment, lost earnings, and other costs related with an accident if you are hit by an uninsured or underinsured boater.
There’s a potential that if your boat sinks or is severely damaged, it will leak oil or fuel into the water. As the owner of the boat, you are legally obligated to get this cleaned up, which can be time consuming and costly.
Clothing, jewelry, cell phones, scuba/snorkeling and other athletic equipment, as well as fishing equipment, may all be covered under your insurance. Limits differ by state, so check with us to learn what Tennessee requires. Jewelry, watches, and furs are not covered under personal effects coverage.
This covers the cost of repairing or replacing equipment that isn’t permanently attached to your boat or personal watercraft but is primarily used on one. Lifesaving equipment, water skis, anchors, oars, fire extinguishers, tarps, and other products fall under this category.
If the watercraft is disabled while on the water, the Emergency Assistance Package covers towing, labor, and delivery of gas, oil, or a loaned battery.
Is boat insurance required in TN?
Although boat insurance is not required by Tennessee law, it is a good idea to get it anyhow. For example, collision coverage, property damage liability, bodily injury liability, and protection against vandalism, theft, and non-crash damages can all be included in a boat insurance policy.
What is the average cost to insure a boat?
The average cost of boat insurance is $200 to $500 per year, while insurance for a very large or costly boat (such as a yacht or sailboat) might cost 15% of the boat’s worth. For example, a $100,000 boat might cost around $2,500 per year to insure.
Boat insurance costs vary depending on you and your boat, just like other insurance rates.
How do I calculate boat insurance?
When it comes to determining average boat insurance premiums, the general rule of thumb is that you’ll spend roughly 1.5 percent of the value of your boat in annual rates.
A yacht valued roughly $20,000 would cost around $300 per year to fully insure.
If you own a $100,000 watercraft, you may expect to pay around $1,500 in insurance.
And the $2 million yacht will set you back roughly $30,000 every year. (I’m sorry, but multimillion-dollar yachts are prohibitively expensive to insure.)
However, those figures are only meant to serve as a guide because there are other factors that can affect the cost of your boat insurance, and don’t worry, many of them actually lower the amount you’ll pay for marine insurance.
Shop Around for the Best Boat Insurance
Most major house and auto insurance companies also offer boat insurance (often referred to as personal watercraft insurance).
Check with any insurance companies you currently have and see if they can supply you with additional coverage. If they can, they’ll want to keep your business in-house and may even give incentives!
Check out USAA, Progressive, State Farm, and other large suppliers in addition to your regular insurer.
What Factors Affect Average Boat Insurance Pricing?
There are numerous factors that might raise the cost of your boat insurance, but there are also numerous strategies to minimize your boat insurance costs.
Let’s take a look at some of the most prevalent factors that influence the cost of boat insurance.
Safety Record
The fewer years you go without a boating accident or citation, the lower your boat insurance premiums will be. Being a safe boater is also beneficial just for the sake of avoiding bodily injury and property damage.
Homeowner’s Discount
If you own a house, your boat insurance premiums may be reduced as a result of that asset. This could be included in a “bundle” offered by your insurance.
Even if you have house insurance with one company and boat insurance with another, the latter may regard your home ownership as a good basis to give reduced boat insurance prices.
Payments
It’s fine if you pay your boat insurance by the month or a few times a year; in fact, it’s quite common. You’ll likely get a cheaper rate if you pay for the entire year’s boat insurance in one flat sum.
Boat Age
In the same way that newer automobiles are more expensive to insurance, newer boats are usually more expensive to insure. There is one caveat, though.
Buying an old boat, contrary to popular belief, may not result in lower insurance prices. Many insurance providers may give you a lower premium if you insure a yacht that has only one owner. As a result, rather than replacing an older boat, it is generally more cost effective to preserve it and repair and update it as needed.
What Does Average Boat Insurance Cover?
And now we get to the most essential question of all: what exactly does boat insurance cover?
Take the time to personalize your boat insurance plan to meet your specific requirements. Consider what you and your family require in light of your unique circumstances. To get you started, here are a few of the items that most boaters consider to be very important and are covered by the average boat insurance policy:
Medical Costs
If someone is hurt in a boating accident that is determined to be your fault (or the fault of someone in charge of your boat), your boat insurance policy will most certainly pay a significant portion of the medical costs associated with the boating injuries.
This is also true if you or a passenger on your boat is injured in an accident caused by someone else. This is critical, particularly if the other parties involved made the unfortunate decision to forego boat insurance!
Liability Expenses
Regardless of whether medical bills were incurred as a result of a boating accident, legal fees are frequently incurred. If you don’t have adequate boat insurance coverage, they might be disastrous.
Property Damage
If your boat is involved in an event that results in property damage to another vessel, a pier or section of a marina, or even to itself, you’ll be glad you have boat insurance because the repairs or replacements will be covered by your insurer rather than your personal bank account.
Personal Effects
A decent boat insurance policy will help you replace or repair anything lost or destroyed while you’re boating, such as fishing gear, navigation hardware, and possibly even personal items like jewelry or a phone.
Look for Great Boat Insurance Rates Each Year
Once you’ve purchased a boat insurance coverage, don’t think you’re done with the procedure once you’ve made your payments.
Insurance firms run television and web ads all the time for a purpose. They want you to join them and change your plans.
Many insurance firms may entice you to switch to their brand by offering attractive rates and incentives, so look around from time to time.
By constantly choosing the best possible boat insurance plan, you might save thousands of dollars over time.
Do boat owners need insurance?
In most states, boaters are not required to acquire insurance for their vessels. However, if you want to use a slip or mooring, many marinas require proof of insurance. If you’re financing the purchase of a boat, your bank will also require insurance.
Do you have to register a boat trailer in Tennessee?
The County Clerk will be in charge of collecting Tennessee State Sales Tax. For sales tax fees, call the office at 615-862-6266. The boat owner must mail form APPLICATION FOR BOAT CERTIFICATION NUMBER to the following address with the appropriate registration fees as noted on the form: Boat Registration P. O. Box 41729 Nashville, Tennessee 37204-1729 after paying the sales tax and the $7.00 certification fee to the Davidson County Clerk.
REGISTRATION AND LICENSE PLATE FOR BOAT TRAILER
Although the state of Tennessee does not require boat trailer owners to register or license their trailers, other states may. If the boat trailer will be going outside of Tennessee, it is strongly advised that all boat trailers be titled and registered due to the differences in rules from state to state. Due to theft issues, it is also strongly advised that all boat trailers be titled and registered. If a boat trailer is titled and registered, it is much easier to track it down.
BOAT REGISTRATION BY DEALERS OR MANUFACTURERS
Dealers and manufacturers can apply for a registration that can be transferred from one vessel to the next. The application for a dealer or manufacturer number must be accompanied by a copy of the business license and sales tax number. Such vessels are only to be used for demonstration reasons, and no more than one vessel with the same number of passengers may be operated at the same time. Furthermore, the Certificate of Number must be present on board, and the registration number must be displayed accurately. However, such vessels can display the number by affixing it to removable signage that can be affixed to the vessel temporarily but firmly.
BOAT TRAILER PURCHASED FROM AN INDIVIDUAL THAT HAS BEEN PREVIOUSLY TITLED
Please submit the title signed on the back by the prior owner to the Davidson County Clerk in order to title and register a boat trailer purchased from someone who has already been titled. In addition, the new boat trailer owner must pay Tennessee State Sales Tax and a fee ranging from $25.25 to $93.25. (depending on the length).
Why is boat insurance so expensive?
Aside from where you live, other factors influence the cost of boat insurance, including:
- Fishing boats, pontoon boats, sailboats, and other personal watercraft all have distinct features that can affect the price of your insurance.
- The horsepower of the boat: Boats with more powerful motors, such as powerboats, have higher rates.
- Insurance costs may be lower for more experienced boaters than for novice boaters with less expertise on the water.
Is a boat a bad investment?
A yacht may be a fantastic investment, perhaps not in the concrete sense that real estate or mutual funds can, but certainly in the non-material sense. The pursuit of pleasure or adventure, of bonding with family and friends, and of a yearning for freedom that many people only discover on the water are all reasons to own a boat. The majority of boat owners will tell you that their time on the water is invaluable.
How does boat insurance work?
Boat insurance works similarly to vehicle insurance. If you damage your boat or cause someone else’s injuries or damages, you file a claim with your insurer and ask them to cover the costs. If the occurrence is covered, your insurance company pays for any losses or injuries up to the limits of your policy.
Important note: One of the most common misconceptions about boat insurance is that you don’t need it because your home insurance policy covers you properly. While your homeowner’s policy may cover a smaller boat while it’s on your land, it won’t provide the coverage you need when you’re out on the water, especially if you’re running a powerboat.
Does boat insurance cover hitting a log?
If you strike the rocks or any floating logs in the sea, your boat insurance will cover the damages. Collision coverage is included in most boat insurance policies, and it covers all damages caused by collisions with other boats, docks, piers, rocks, and logs, among other things.
Boat crash coverage includes hitting rocks, logs, or anything else while on the water. Because most regular insurance policies include collision coverage, you can file a claim if you crash with something in the water while boating.
This claim will only cover your boat damage; it will not cover any other boat damage, property damage, dock damage, or anything else.
Does insurance cover boat sinking?
Yes, most boat insurance policies cover sinking, however there are a few prominent policy restrictions to be aware of. Boat insurance should usually cover your vessel if it sinks due to a covered risk, and your policy may also cover certain salvage and removal fees.