While owning a boat can be great, even when you are land locked like in Memphis, TN, there are a lot of responsibilities that come with boat ownership. One of those responsibilities is buying insurance. Here are a few things you should know before buying boat insurance.

How Boat Insurance Works

Boat insurance is pretty similar to car insurance. You pay a regular premium, the cost of which is dependent on the amount of your deductible and what is covered. Like car insurance, boat insurance typically covers the following:

• Property Damage Liability

• Collision Damage

• Bodily Injury

• Comprehensive

You may also have additional coverage options. In addition, where you live, the type of boat you have, the type of engine in the boat and where you plan to use the boat– on a lake or on the open seas– will also factor into the cost of your insurance.

Is It Necessary to Carry Boat Insurance?

Some states require you to have boat insurance in the same way they would require you to carry car insurance. You can check with the local DMV to find out what the laws are in Memphis, TN. Some marinas may not allow you to dock your boat with them if it is not insured. If you used a loan to purchase your boat, your lender may require you to keep insurance on it at least until the loan is paid.

Where to Get Boat Insurance

When you are looking for a place to purchase boat insurance, you can go online and submit a form to request a quote. You can also contact an independent agency, like Keltner Insurance, and let them find you the best deal.

When you are looking for insurance for your boat, it is important to know what your coverage options are and what the requirements are where you live. An independent insurance agent will not only help you to find the best deal, but is likely to know the local requirements and is therefore well-suited to answer your questions. If you are looking for boat insurance in the Memphis, TN area, contact Keltner Insurance today.