Have you thought about purchasing jet ski insurance for your new ride? You should. As much fun as it is to speed across the water, there are risks associated with it. Here are the answers to some commonly asked questions regarding jet ski insurance.
Jet Ski Insurance Explained
Jet Ski Insurance (also called Personal Watercraft or PWC Insurance) covers you and your jet ski should there be an accident, theft, or act of vandalism.
Typically, a policy insures your personal watercraft, the driver, and its passengers. If another party is involved in an accident with you, your policy will also cover the other personal watercraft along with its driver and passengers.
When you have the proper coverage, you are covered for the cost of medical costs, the repairs to or replacement of your jet ski, or the costs of a lawsuit, depending on the terms of your policy. Insurance protects your financial investment and gives you peace of mind.
Included & Optional Coverage
A typical policy includes the following coverage:
Covers medical expenses for the driver and passengers.
Covers property damage or injuries to others.
Protects your jet ski against theft, vandalism, fire, or natural disaster.
Additional coverage options may be purchased, including:
Water Ski Coverage
Includes towing to the nearest repair facility when your tow vehicle or trailer is damaged or disabled.
Fuel Spill Protection:
Covers costs for oil and fuel spills that you are legally responsible for cleaning up.
Covers the cost for raising or removing the wreckage if your jet ski sinks.
Replacement Cost Personal Effects:
Coverage for items such as clothing, sunglasses, cameras, etc.
No restrictions on location or time-of-day/time-of-year use.
Talk with your insurance agent about what is and is not included in your specific insurance policy and together you can determine if additional coverage is right for you.
Purchasing a Policy
Most insurance companies will offer Personal Watercraft Insurance but it’s smart to shop around to compare policies and rates. Your costs are calculated after the probability of an accident is determined. Some of the factors being considered are:
- Your driving record
- The number of years you’ve driven a jet ski
- Your safety training certifications
- Who else will be driving your jet ski
- Where you plan to ride
- Your credit score
After your insurance company has your information, you will receive an insurance premium quote.
Get Lower Rates
If you’re worried about the cost of your jet ski insurance premium, there are a number of ways to lower it.
- Raise your deductible.
- Lower your payout limits.
- Choose Actual Cash Value (ACV) coverage instead of replacement coverage.
- Reduce the optional coverage you have on your policy.
- Don’t modify your PWC to enhance speed and performance.
- Only allow drivers who have a valid driver’s license.
- Pay your year’s premium up front rather than monthly.
- Bundle your jet ski insurance with your home and auto insurance.
- Take a U.S. Coast Guard watercraft safety training course.
- Maintain a good credit score.
Trust your insurance agent in Vermont to get you the proper coverage at the lowest rates. Contact Taylor-Moore Agency today to request a free quote!