Personal Watercraft Insurance: What You Need to Know
As an insurance agent, I often get asked about personal watercraft insurance. Personal watercraft (PWC) is a recreational vehicle that can be fun but comes with risks. That’s why insurance coverage is important to protect yourself and your investment.
PWC insurance is a type of policy that helps protect you and your watercraft against accidents, vandalism, and liability. It typically covers you against many common liability losses, regardless of whether you operate your watercraft yourself or loan it to another person.
Types of Personal Watercraft Covered by Insurance
Personal watercraft insurance covers a wide variety of watercraft types, including:
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Jet Skis are a type of personal watercraft designed to be ridden standing up or sitting down. A small engine typically powers them, and they can reach up to 60 mph or more.
– WaveRunners: WaveRunners are personal watercraft similar to Jet Skis. They are designed to be ridden standing up or sitting down and are powered by a small engine. They can reach speeds of up to 60 mph or more.
Sea-Doos: Sea-Doos are a type of personal watercraft designed to be ridden sitting down. A small engine typically powers them, and they can reach up to 60 mph or more.
Yamaha Wave Runners: Yamaha Wave Runners are a type of personal watercraft similar to Jet Skis and Wave Runners. They are designed to be ridden standing up or sitting down and are powered by a small engine. They can reach speeds of up to 60 mph or more.
Coverage Options for Personal Watercraft Insurance
Regarding coverage options for personal watercraft insurance, there are a few things to consider. Here are some of the most common coverage options:
– **Liability Coverage**: This coverage helps protect you if you’re found responsible for injuring someone or damaging their property while operating your PWC. It can also help cover legal fees if you’re sued due to an accident.
– **Collision Coverage**: This coverage helps pay for repairs or replacement of your PWC if it’s damaged in a collision with another watercraft or object.
– **Comprehensive Coverage**: This coverage helps pay for repairs or replacement of your PWC if it’s damaged by something other than a collision, such as theft, vandalism, or weather-related events.
– **Uninsured/Underinsured Boater Coverage**: This coverage helps protect you if you’re in an accident with another boater who doesn’t have insurance or doesn’t have enough insurance to cover the damages.
– **Medical Payments Coverage**: This coverage helps pay for medical expenses if you or your passengers are injured in an accident while operating your PWC.
– **Personal Effects Coverage**: This coverage helps pay for the loss or damage of personal items on your PWC, such as cell phones, cameras, or fishing equipment.
– **Roadside Assistance**: This coverage helps pay for towing and roadside assistance if your PWC breaks down while on the water.
How much is Personal Watercraft Insurance
The cost of personal watercraft (PWC) insurance can vary significantly depending on several factors, including the type of watercraft, coverage options, and the insurance provider. Here are some key points regarding the cost of PWC insurance:
– **Basic Liability Coverage**: At Progressive, liability insurance for a PWC can start as low as $100 per year. This is typically the most affordable option, covering basic liability in case of accidents or damage to others.
– **Comprehensive Coverage**: The cost of more extensive coverage, including collision, comprehensive, and additional protections like roadside assistance, can be higher. For example, one user reported paying $345 a year for two jet skis and a trailer, which included $500,000 combined single-limit coverage, towing, roadside assistance, and $3,000 for personal items.
– **Average Costs**: The average cost of boat insurance, comparable to PWC insurance, ranges from $200 to $500 per year. However, premiums vary widely based on factors like the watercraft’s value, location, and the owner’s driving record.
– **Discounts and Factors**: Many insurers offer discounts for bundling policies, completing safety courses, or insuring multiple watercraft. The specific type and model of the PWC, as well as the owner’s insurance history, can also influence the premium.
Factors That Affect Personal Watercraft Insurance Rates
Regarding personal watercraft insurance, several factors can affect your insurance rates. Here are some of the most important factors to consider:
– **Make and Model**: The make and model of your watercraft can greatly impact your insurance rates. More expensive or high-performance models may be more expensive to insure.
– **Horsepower and Speed**: Your watercraft’s horsepower and maximum speed can also affect your insurance rates. Higher horsepower and speed can increase the risk of accidents, leading to higher insurance rates.
– **Market Value**: The market value of your watercraft can also affect your insurance rates. More expensive watercraft may be more expensive to insure.
– **Modifications**: If you’ve made any modifications to your watercraft, such as adding a turbocharger or custom exhaust, this can also affect your insurance rates.
– **Policy and Vehicle Coverage Amounts**: The coverage you choose for your watercraft can also affect your insurance rates. Higher coverage amounts will generally result in higher insurance rates.
– **Where It Is Stored**: Where you store your watercraft can also affect your insurance rates. Storing it in a secure location, such as a garage or storage unit, may result in lower insurance rates.
How to Choose the Right Policy
When choosing the right personal watercraft insurance policy, it’s important to consider your specific needs and budget. Here are some tips to help you choose the right policy:
– **Consider Your Coverage Needs**: Think about the coverage options that are most important to you, such as liability coverage, collision coverage, or comprehensive coverage. Choose a policy that offers the coverage you need at an affordable price.
– **Shop Around**: Don’t just go with the first insurance company you find. Shop around and compare rates from multiple companies to find the best deal.
– **Choose a Reputable Company**: Choose a reputable insurance company with solid marine insurance expertise.
– **Read Your Policy Carefully**: Ensure you understand your policy’s coverage options and exclusions before you sign up. If you have any questions, don’t hesitate to ask your insurance agent.
– **Consider Discounts**: Some insurance companies offer discounts for completing a PWC safety course or having multiple policies with the same company.
Tips for Reducing Personal Watercraft Insurance Costs
Personal watercraft insurance can be expensive, but there are ways to reduce your costs. Here are some tips for reducing personal watercraft insurance costs:
– **Bundle Your Policies**: Bundling your personal watercraft insurance with other policies like auto and home can decrease costs.
– **Choose a Higher Deductible**: A higher deductible can lower your insurance premiums.
– **Take a Boater Safety Course**: Completing a boater safety course can lower your insurance premiums.
– **Install Safety Features**: Installing safety features on your watercraft, such as a GPS tracking system or an alarm, can lower your insurance premiums.
– **Choose a Less Expensive Model**: Choosing a less expensive model of personal watercraft can lower your insurance premiums.
Common Personal Watercraft Insurance Claims and How to Avoid Them
When it comes to common personal watercraft insurance claims, there are several things you can do to avoid them. Here are some of the most common personal watercraft insurance claims and how to avoid them:
– **Hitting Underwater Objects**: To avoid hitting underwater objects, make sure you’re familiar with the waterway you’re navigating and always keep a lookout for buoys, rocks, and other hazards.
– **Collisions**: To avoid collisions, know and enforce rules from your boating safety course every time you’re on the water. Monitor your speed to avoid creating wakes, and pay special attention to neighboring boats while docking or leaving the docking area.
– **Theft**: To avoid theft, take the extra precaution of removing the motor, placing a lock on the trailer, and removing any personal belongings that could easily be taken. When it’s docked, remove navigation gear from obvious sight and secure any valuables that remain on board.
– **Sinking**: To avoid sinking, make sure your personal watercraft is properly maintained and inspected regularly. Check for any signs of damage or wear and tear, and make any necessary repairs before taking it out on the water.
– **Injuries to Passengers**: To avoid injuries to passengers, make sure there are always enough life jackets available for all the people on your personal watercraft. Have fun and maintain a safe atmosphere to reduce the potential risk of injury.
Here are some watercraft insurance companies:
Ahoy! Boat Insurance
Ahoy! is a digital insurance MGA (Managing General Agent) specializing in recreational boating insurance. Here are some things to know about Ahoy!:
– **Coverage**: Ahoy! currently focuses only on offering boat insurance products. Coverage is available in 12 states at this time.
– **Technology-Driven**: Ahoy! is a tech-driven insurance provider that uses advanced technology to provide boaters with a seamless and efficient insurance experience.
– **Expertise**: Ahoy! comprises a group of boating experts, insurance executives, and experienced high-tech professionals. This combination of expertise allows Ahoy! to provide specialized insurance products and services to boaters.
– **Pros and Cons**: According to a review by Trusted Choice, some pros of Ahoy! Include their specialized focus on boat insurance and their use of technology to provide a seamless insurance experience. Some cons include their limited coverage area and lack of options for other types of insurance.
Geico Boat Insurance
Geico is a well-known insurance company that offers boat insurance in partnership with BoatUS. Here are some things to know about Geico boat insurance:
– **Coverage**: Geico boat insurance policies may cover you and your boat or personal watercraft against liability and damage in the event of a boating accident, including if you injure someone or damage their property. Geico offers coverage for various boats, including powerboats, personal watercraft, fishing boats, pontoon boats, and sailboats.
– **Benefits of Partnership with BoatUS**: Geico has teamed up with BoatUS, the nation’s largest recreational boat owners, to offer insurance to recreational boaters in all 50 states and Washington, DC. BoatUS has been helping to make boating safer, more affordable, and fun since 1966. Geico and BoatUS offer licensed agents passionate about boating, expert service, 24/7 claims handling and towing, and experience you can rely on.
– **Discounts**: Geico offers several discounts for boat insurance, including multi-policy discounts for current Geico auto policyholders, discounts for passing a boat safety course, and no loss credits.
– **24/7 Boat Towing**: Geico Marine Insurance Company has teamed up with TowBoatUS, the nation’s largest towing fleet, to provide 24/7 boat towing assistance, fuel delivery services, and digital dispatch through the BoatUS app, among other services.
Progressive Boat Insurance
Progressive Boat Insurance – Insuring Over 1 Million Watercraft
Progressive is a well-known insurance company that has been providing boat insurance for over 35 years. Here are some things to know about Progressive boat insurance:
– **Coverage**: Progressive offers a variety of boat insurance coverage options, including liability coverage, collision coverage, comprehensive coverage, and more. They also offer coverage for personal watercraft, such as Jet Skis, WaveRunners, and Sea-Doos.
– **Discounts**: Progressive offers several discounts for boat insurance, including multi-policy discounts, safe boater discounts, and original owner discounts.
– **Claims Process**: If you need to file a boat insurance claim with Progressive, call 1-800-776-4737. They will ask for basic information about the incident and guide you through the claims process.
– **PWC Insurance**: Progressive also offers insurance for personal watercraft, such as Jet Skis, WaveRunners, and Sea-Doos. They offer liability coverage for as low as $100/year and can help you find the right policy for your needs.
Foremost Boat Insurance
Foremost: Coverage for a Wide Variety of Watercraft
Foremost is an insurance company that offers boat insurance coverage for various watercraft. Here are some things to know about Foremost boat insurance:
– **Coverage**: Foremost offers boat insurance coverage for nearly any type of watercraft, including bass boats, pontoons, cruisers, and more. They offer three marine package options – Saver, Plus, and Elite – that offer the coverage you want at affordable price points.
– **Discounts**: Foremost offers several discounts for boat insurance, including paid-in-full discounts, prior insurance discounts, loss-free renewal discounts, and more.
– **Boat Safety**: Foremost provides resources on their website to help boaters stay safe on the water, including information on creating a float plan in an emergency.
– **Quotes**: You can get a boat insurance quote from Foremost by calling 888-244-8092 to speak with a licensed agent or by finding a Foremost insurance agent near you.
– **Flexible Packages**: Foremost offers flexible marine packages that contain industry-leading coverages and features for nearly all types of watercraft. They can help you find the right package and price point for your needs.
Markel Boat Insurance
Markel -: Coverage for Business Purposes
Markel is an insurance company that offers boat insurance coverage for various purposes, including commercial fishing, boating classes, renting, and chartering. Here are some things to know about Markel boat insurance:
– **Coverage**: Markel offers boat insurance coverage customized to your needs, with countless coverage features to tailor a policy around your needs. They offer a wide variety of marine insurance coverage for almost any type of boat or watercraft.
– **Expertise**: With over 35 years of marine insurance experience, Markel Specialty provides unsurpassed expertise in the marine industry. They have experienced underwriters and claims specialists to help you find the right coverage for your needs.
– **Discounts**: Markel offers discounts and cost-effective coverage options to save money on your boat insurance.
– **Business Purposes**: Markel offers insurance policies that cover business purposes, including commercial fishing, boating classes, renting, and chartering. They provide customized insurance coverages to help keep you afloat.
| Insurance Company | Coverage Options | Average Annual Cost | Customer Service Rating | Special Features |
|---|---|---|---|---|
| Ahoy! Boat Insurance | Comprehensive, collision, liability, medical payments, towing, and uninsured boater coverage. Includes GPS-based usage tracking. | $350 - $600 | 4.8/5 | Unique GPS tracking, discount for safe driving, app-based services, high limits for gear coverage. |
| Geico Boat Insurance | Liability, comprehensive, collision, medical payments, uninsured boater, towing, fuel spill, and roadside assistance. | $300 - $500 | 4.5/5 | Easy online claims process, multi-policy discounts, fuel spill coverage. |
| Progressive Boat Insurance | Liability, comprehensive, collision, medical payments, uninsured boater, roadside assistance, agreed value, total loss replacement. | $300 - $550 | 4.7/5 | Total loss replacement option, disappearing deductibles, pet injury coverage. |
| Foremost Boat Insurance | Comprehensive, collision, liability, medical payments, uninsured boater, towing, agreed value, fishing equipment coverage. | $350 - $600 | 4.6/5 | Specialized coverage for fishing gear, 24-hour claims service, agreed value coverage for newer PWC. |
| Markel Boat Insurance | Liability, comprehensive, collision, medical payments, uninsured boater, towing, and agreed value coverage. | $350 - $650 | 4.5/5 | Discounts for boating courses, multi-policy discounts, high customization for specialized needs. |
Frequently Asked Questions about Personal Watercraft Insurance
- What is Personal Watercraft Insurance?
- Personal Watercraft Insurance is a type of coverage that protects recreational vehicles such as Jet Skis, Sea-Doos, and Yamaha Wave Runners. It typically covers risks like bodily injury, property damage, theft, and towing.
- Do I need separate insurance for each PWC?
- Yes, each PWC needs to be insured. However, some policies allow you to bundle multiple PWCs under a single policy, which might offer discounts.
- What does PWC Insurance cover?
- PWC Insurance generally covers bodily injury to another person, liability for legal costs if you're sued due to an accident, property damage to another watercraft or dock, theft, and towing after an accident.
- Is PWC Insurance mandatory?
- PWC Insurance is not required in many states, but it is often recommended due to the potential risks and liabilities involved in operating a PWC.
- Can I add a PWC to my existing boat insurance policy?
- No, a PWC typically requires its own insurance policy separate from a standard boat insurance policy.
- How much does personal watercraft insurance cost?
- The cost varies based on factors like the type of watercraft, coverage limits, your location, and driving history. On average, premiums range from $300 to $600 annually.
- What factors affect the cost of PWC Insurance?
- The cost of PWC Insurance is influenced by factors such as the type and size of the PWC, its age, the owner's driving record, and the intended use of the watercraft.
- Are there any exclusions in PWC Insurance policies?
- Common exclusions include coverage for modified PWCs that enhance speed and performance, and operation of a PWC after dark.
- How can I reduce my PWC Insurance premiums?
- Discounts may be available for completing a boater safety course, bundling multiple policies, or maintaining a clean driving record.
- Does my homeowners' insurance cover personal watercraft?
- Homeowners' insurance may provide limited coverage for a small watercraft but often excludes jet skis and high-powered vessels. A specialized personal watercraft insurance policy is recommended for comprehensive protection.
Blake Nwosu
Owner & Principal Agent
Blake Insurance Group
Phone: (888) 387-3687
Email: [email protected]
Hours: Mon-Fri 9:00 am to 5:00 pm
Sat-Sun: Closed