Unlike auto insurance, boat insurance isn’t legally required in Tennessee. However, that doesn’t mean this protection isn’t essential. Similar to any other vehicle, owning a boat can come with a variety of risks—many of which can leave you facing financial losses. Having the proper coverage can shield you from a lot of these losses. Here are a few specific ways that investing in boat insurance could protect your wallet and provide you with peace of mind.

5 Risks Covered by Boat Insurance

1. Boating Accidents  

If your boat veers into a dock or crashes with another vessel on the water, you may be held liable for the resulting property damages. However, most standard boat insurance policies are designed to cover these damages up to a certain amount, so you don’t have to pay for all the costs out-of-pocket.

2. Injuries

Boat insurance policies can also help protect against financial losses from injuries related to accidents you cause. If you’re found responsible for an accident that hurts another person, your policy may cover injury-related expenses—such as medical care or associated legal fees if you are sued by the affected party.

3. Disaster-Related Damage

While some boat insurance policies may only be designed to provide liability coverage, others may be augmented to shield your own watercraft from damage-related losses. If you have this type of coverage, your insurance carrier may help pay for damages related to disasters outside of your control, including fire or severe storm damage. Depending on the extent of the harm, the policy may help pay for repairs or could even cover the cost to replace the vehicle.

4. Towing Assistance

When the unexpected happens on the water, it helps to have the proper insurance. Many providers offer emergency towing assistance to those who become stranded due to engine failure, loss of fuel, or other boat-related problems.

5. Criminal Activities

Whether your boat is kept at a dock or held in storage, there’s always a chance that the craft may be vandalized or stolen. Without the appropriate coverage, you’ll likely be on the hook to repair or replace the craft. However, if you have some form of comprehensive coverage, you can usually recoup losses related to theft or vandalism.

Whether you’re tubing at the Dale Hollow Reservoir or fishing for bass on Kentucky Lake, Tennessee is one of the best states to enjoy water recreation. But before you take the water, get boat insurance coverage with Wilmoth Insurance Agency Inc. Serving the Cookeville, TN, community for more than eight decades, this experienced team will develop a policy that fits your specific needs and concerns. They also offer affordable auto, RV, and motorcycle insurance coverage. Visit them online to learn more about their solutions or call (931) 526-6181 to request a custom quote.