Boat Insurance for New Boat Owners

Boat insurance policies have the potential to offer a wide variety of coverage options for boats and boat owners/operators. If you are a new boat owner and live in the greater Ft. Wayne, IN area,  the insurance professionals at Wise Insurance Agency offer this insurance guidance to protect your investment and provide coverage for potential risks and liabilities while on the water.

Key Insurance Concepts & Considerations For New Boat Owners

In addition to liability coverage as a new boat owner (which protects should you be the cause of bodily injury/property damage), you must evaluate the value of your boat and decide which of the following policies would meet your needs-

    • Actual Cash Value– reimburses for the boat’s current market value – less depreciation at the time of the loss.
    • Agreed Value– pays a predetermined amount should a total loss occur.

Other Coverage Options

Depending on your location and boating choices, these coverage options may suit your needs –

Property Coverage

Covers boat damage resulting from accidents, weather, theft, etc.

Medical Payments

Covers medical expenses for you/passengers in an accident.

Uninsured/Underinsured Boater Coverage

Covers the insured if an accident involves an uninsured or underinsured boater.

Emergency Towing and Assistance

Covers the cost of towing/breakdown costs.

Personal Effects

Covers fishing gear, electronics, and clothing on the boat.

Contact Us Today

Keep in mind that boat insurance coverage varies, and that boat insurance may not just be a legal requirement in some areas but also a financial precaution. It is essential to discuss your specific insurance needs with a licensed provider to ensure that you have the right coverage for your vessel and your boating activities. Contact our team at Wise Insurance Agency in Ft. Wayne, IN today.

How to prepare your boat for a storm

Preparing your boat for an oncoming storm is crucial to ensure the safety of you and your boat. Here are a few tips from us at Wise Insurance Agency to ensure that you are adequately prepared while in the Ft. Wayne, IN area or anywhere you set sail.

How to prepare your boat for a storm

1.) Check out the forecast

Before heading out on the water, it is always best to check out weather forecasts so that you can plan accordingly. If a storm is expected, proceed with caution or reschedule your voyage until after the storm passes.

2.) Secure loose items

You want to make sure any loose items such as sails, halyards, or ropes are securely tied down in order to prevent them from becoming hazardous projectiles due to strong winds. Additionally, it’s important to cover and secure any fragile items like electronics or fuel tanks to protect them from potential damage. 

3.) Anchor safely

Choose a location that has plenty of shelter from high winds and waves to anchor more securely. Make sure that your anchor rope is long enough and securely attached so that it won’t break away during the storm. 

4.) Prepare a ‘storm kit’

Keeping essential items such as extra supplies (food & water), flashlights, life jackets, etc. stored together near the entrance of the boat will keep them easily accessible during an emergency situation caused by foul weather conditions. 

Get Boat Insurance Today

By taking these precautions before setting off on your voyage, you can be confident knowing you have done all that’s necessary to prepare for any upcoming storms and stay safe while out on the open waters!  For more tips, and for the best insurance coverage for your watercraft, call us at the Wise Insurance Agency today. We proudly serve the Ft. Wayne, IN area.

What Will My Boat Insurance Policy Cover?

Boat insurance protects your investment and keeps you covered in case of an accident or disaster. Most boat insurance policies have an agreed value clause, which means that the company will only pay the current value of the boat if it’s damaged or stolen. Consult with Wise Insurance Agency in Ft. Wayne, IN for expert insurance advice.

Boat Insurance: What You Need To Know

Most boat insurance policies will offer some degree of protection against accidents and negligence, as well as weather conditions that could cause significant damage to your boat. Most policies come with a variety of standard and optional coverage options, so you can choose the levels of risk and coverage that are most appropriate for your situation. 

Boat insurance policies vary, but most will cover things like damage to the boat, medical bills from accidents on the water, and liability if someone is injured either on the boat or by it. Depending on your policy, you may also have coverage for things like ferrying services if your boat breaks down or emergency towing if you’re in a collision or run aground. 

You may also receive coverage for the cost of hiring a contractor if you sink or capsize your boat. Boat insurance policies can also offer protection against certain liabilities, such as passenger injuries. They may cover the cost of towing and storage if your boat becomes disabled due to mechanical issues, or medical bills if someone on board is injured due to negligence on the part of the boat’s captain. 

Give Us A Call

What one provider considers “standard” coverage might be completely unnecessary for your situation. A different provider may consider essential coverage to be completely excessive for your situation. The best way to determine the right boat insurance policy is to shop around and ask questions. Contact us today at Wise Insurance Agency for inquiries in Ft. Wayne, IN.

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.