Last updated 18 hours ago
Many new boat owners are anxious to get their boat out on the water, but just like any other vehicle, the boat has to be insured and registered first. Below you?ll find basic information on how to register and insure your new watercraft so you?re operating it safely and legally.
Types of Boat Insurance
There are two basic types of boat insurance:
- Agreed value policies insure a boat based on its value at the time the policy is written. It usually costs more initially, but there is no depreciation in the event of a total loss of the boat.
- Actual cash value policies cost less initially, but do factor in the depreciation of your boat over time.
When deciding the terms of an insurance policy, your provider will factor in your boat?s age, length, speed, condition, and whether or not your boat is used as a residence.
What Boat Insurance Covers
There are a number of different insurance policies you can choose from. ?All risk? policies are the most comprehensive coverage you can get for your boat and cover most risks. Keep in mind that wear and tear, denting, animal damage, and defects are typically excluded from insurance policies.
How to Register Your Boat
The state of Tennessee requires any mechanically-powered vessel or sailboat be registered before it is brought to water. Registering your boat will ensure that it can be identified and returned to you if it is stolen. It?s also necessary to have registration in the event of a boating accident. You?ll have to fill out a simple form to register your boat with the appropriate department for your state. Usually, your dealer or insurance agent can assist you in the boat registration process.
The Boat Locker is your source for new and pre-owned boats in the Nashville area. Call us at (888) 760-3207 to learn more information about boat sales and services.
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