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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-
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- 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.
