Additional Boaters Insurance Coverage Features

As a boat owner, you want to spend as much time on the water and as little time worrying about your boaters insurance coverage. To help ease your worry, before going out on the water in Ft. Wayne, IN, check your insurance policy to ensure you are fully protected. You have several options available to you when purchasing your boaters insurance policy. For additional information about these options, call the agents at Wise Insurance Agency. 

Covered Value

There are two options available when determining the covered value of your vessel. The agreed value is the amount of money you and your insurance company agree is the value of your boat. Actual cash value is how much the boat is worth at the time of the loss, which factors in the vessel’s condition, depreciation, and age. 

Collision Damage

Should your watercraft be in an accident, collision damage covers the cost of replacing or repairing it – minus the deductible. 

Hull Coverage

Should the boat’s hull be damaged by covered perils, hull coverage will pay to repair it. 

Property Damage Liability

If you accidentally damage someone else’s property while in the boat, property damage covers the costs associated with the accident. 

Bodily Injury Liability

If there is a boating accident, and you are found legally responsible for it, bodily injury liability covers the costs associated with the injuries of others involved in the accident. 

Newly Acquired Watercraft

This feature provides temporary coverage for the boat, motor, and trailer that replaces your damaged boat, motor, or trailer. 

Emergency Service 

Should your boat become disabled, this provides you coverage to cover expenses such as towing the watercraft, delivery of fuel, and mechanical labor. 

These are just some additional boaters insurance features available to boat owners in Ft. Wayne, IN. To learn more about all the different features and to purchase a boaters insurance policy, give our agents at Wise Insurance Agency a call today. 

What Is Boat Insurance and Why Do I Need It?

Boat insurance is the type of insurance that provides coverage both for you and your boat/watercraft if something unexpected happens. Usually, most policies include coverage for damages to a boat and the equipment and damage to someone else’s property or boats. In most cases, boat insurance covers all types of boats equipped with engines, but not all boat insurance policies cover personal watercraft, such as jet skis, WaveRunners, or wave jammers. 

The purpose of boat insurance is to protect your boat everywhere – out in the water,  overland, and even into storage. 

In general, most boat insurance policies are created to cover: 

  • Bodily injuries resulting from the boat
  • Property damage to your boat
  • Property damage caused by your boat (for example, if you cause a boat accident and someone is injured). 

Why Do I Need Boat Insurance?

The main reason is financial security. For example, if an accident happens and you carry proper boat insurance, you will have to pay the deductible, while your insurance will cover the remaining expenses. However, if you do not have insurance, you will have to pay for all damages and repairs out of pocket, which could be quite expensive. Moreover, you may be responsible for paying someone else’s medical bills if someone gets injured on your boat. 

Some home insurance policies include boat coverage as well. However, it is always better to purchase boat insurance separately. A separate policy provides you with more options for specialized protection. That includes coverage under more situations, medical payments coverage, and increased physical damage limits. 

If you are a boat owner in Ft. Wayne, IN, boat insurance is what you need. By having this type of insurance, you know that both you and your boat are protected. If you live in Ft. Wayne, IN, or any other surrounding areas, Wise Insurance Agency is ready to help you. Give Wise Insurance Agency a call and talk to one of the insurance agents, who will be glad to answer all of your questions.