5 Tips for Renewing Your Boat Insurance

Anyone who owns a boat knows that insurance is a necessary expense. Not only does it protect your investment, but it also gives you peace of mind when you’re out on the water. Unfortunately, it’s easy to let your boat insurance lapse, especially if you don’t use your boat often. Anthony Lancaster Insurance Inc. is here to guide you on this important insurance coverage.

Here are five tips for renewing your boat insurance:

1. Know Your Risk Factors

Your risk profile is one of the most important things to consider when renewing your boat insurance. Are you an experienced boater with a perfect record? Or are you a new boater who is still learning the ropes? Your risk factors should guide your decision on how much coverage you need and what type of policy is right for you.

2. Consider Your Deductible

Another important factor to consider is your deductible. How much are you willing to pay out of pocket in the event of an accident? The higher your deductible, the lower your premium will be. But remember, you’ll need to be able to afford the deductible if you do have an accident.

3. Review Your Coverage

When you’re renewing your boat insurance, it’s a good idea to review your coverage to make sure it’s still adequate. Has anything changed since you last bought a policy? Perhaps you’ve added some new equipment or made some modifications to your boat. Make sure your policy covers these changes.

4. Compare Quotes

Once you’ve decided how much coverage you need, it’s time to start shopping around for a policy. Be sure to get quotes from several different insurers so you can compare prices.

5. Read the Fine Print

Finally, be sure to read the fine print before you purchase a policy. You don’t want to be caught off guard by a clause in the fine print that excludes coverage for something you thought was included.

Get Boat Insurance in Memphis, TN

These are just a few things to keep in mind when renewing your boat insurance. For more information or for a free quote, contact Anthony Lancaster Insurance Inc. in Memphis, TN today.