Q. What Does PWC Insurance Cover?
Q. How Does PWC Insurance Work?
Q. How Much Does PWC Insurance Cost?
Q. How Much PWC Insurance Do I Need?
Q. Does PWC Insurance Cover Other Riders?
Q. Where Can I Get PWC Insurance?
What Is PWC Insurance?
PWC stands for “personal watercraft,” which is a small stand-up or sit-down craft, also called a water scooter. The three name brands you might recognize as PWCs are Sea-Doo, WaveRunner, and Jet Ski. PWC insurance protects your investment in your personal watercraft if it gets stolen, damaged, or destroyed in an accident. It also protects you against liability claims from third parties over bodily injuries or personal property damage. In short, having PWC insurance can help you get the reimbursement necessary to repair or replace your watercraft or equipment after an incident.
What Does PWC Insurance Cover?
PWC insurance can cover some or all of the following, depending on the details of your policy:
- Physical damage to your PWC
- Property damage you cause to another person’s dock, boat/craft, or other items
- Bodily injury or death you are responsible for
- Injury you incur from an accident caused by an uninsured boater
- Property damage or destruction you incur from an accident caused by an uninsured boater
- Watersports liability for a wakeboarder or water skier you tow
- Medical payments for yourself and your passengers if you're at fault for an accident
- Wreckage removal and fuel spill cleanups if your PWC becomes disabled on the water
- Professional emergency towing services
- Personal property coverage for items kept on your PWC
- Accessory insurance for supplies kept on board
- PWC trailer damage, loss, and destruction coverage
You can typically customize your policy by increasing the amount of coverage or adding additional endorsements. For example, you might want increased liability coverage to protect your assets in case you're faced with a lawsuit after an accident you caused with your PWC.
How Does PWC Insurance Work?
PWC coverage can protect you against costs due to incidents involving damage, loss, or destruction to your Jet Ski, WaveRunner, or Sea-Doo from incidents such as collisions, theft, and fire. It may also protect you, the operator, from lawsuit expenses if you're responsible for property damage or bodily injury to third parties. Your PWC coverage can also pay medical costs if you or your passengers get injured while operating your PWC.
For example, say you have a two-person PWC, and both you and your passenger get injured in an accident caused by another PWC driver, also leaving your watercraft damaged beyond repair. In this example, you can file a PWC insurance claim with your carrier for your medical costs and the replacement of your PWC. The amount of reimbursement you can receive is based on your medical costs and the amount of coverage in your policy after you've paid your deductible.
In another example scenario, if you cause an accident or a severe injury, the other party can file a liability claim with your insurance company. Your PWC insurance can pay for that person’s medical treatments and/or property damage costs and can potentially cover your legal expenses if you get taken to court. Again, the amount of coverage available for the claim depends on the coverage limits in your policy.
How Much Does PWC Insurance Cost?
The average annual cost of PWC coverage can range from $245 to $652 per year. The cost of PWC insurance often depends on a number of factors such as:
- The year, make, and model of the PWC
- The horsepower, engine type, and maximum operating speed
- The size and value of your PWC
- Any modifications made to the PWC
- Any approved boater safety courses you’ve taken
- Your prior claims history
Additionally, your PWC insurance rates can depend on the amount and type of coverage you choose. It's possible to find affordable liability-only policies from most insurers. But if you want more complete protection, you'll likely want a policy that includes more types of coverage, and thus, you can expect a higher price tag. You'll also pay more for PWC insurance if you want full replacement cost coverage for your Jet Ski and increased liability limits.
Is PWC Insurance Required?
PWC insurance requirements vary by state, so be sure to check on the laws where you live. Many states require a valid driver’s license and a minimum age requirement for driving or riding a PWC. Also, if you financed the purchase of your PWC, your lender will most likely require you to have insurance. You may also be required to have personal watercraft insurance if you dock your craft at a marina.
If you own a Sea-Doo, WaveRunner, or Jet Ski, it's a good idea to get PWC insurance for your personal protection, regardless of whether it's required by law. Having coverage can mean the difference between being able to repair or replace your PWC after an incident. To find out what the requirements are in your state and get PWC insurance quotes, contact a local independent insurance agent.
How Much PWC Insurance Do I Need?
The amount of insurance coverage you need for your PWC depends on the type of personal watercraft you own, its horsepower, and other factors. Here are some guidelines to help you choose how much PWC insurance coverage to buy:
- Consider buying the maximum liability coverage available to protect you against potentially hefty lawsuits.
- Consider getting the highest amount of medical payments coverage available, typically $10,000, to help cover the costs of injury treatments to yourself and your passengers after an accident.
- Consider buying replacement cost coverage, which can pay to fully replace your PWC with a comparable model, in case it gets totaled in a crash.
- Consider buying coverage for your personal property kept on board, typically up to $5,000.
Ask an independent insurance agent for assistance in choosing the appropriate amount of comprehensive coverage and other protections, such as coverage for vandalism, your PWC trailer, fuel spill coverage, towing and wreckage removal, roadside assistance, and uninsured/underinsured boaters coverage.
Does PWC Insurance Cover Other Riders?
PWC insurance plans typically cover not only you but your passengers as well. Be sure you check the specifics of your policy. Your insurer may require you to list other possible operators of your PWC on your policy first. You may also need to add medical payments coverage as a separate endorsement on the policy for any passengers. In addition, it’s important to find out if other riders are covered if you lend your PWC to someone else. Ask your independent insurance agent to help you review the specifics of your coverage.
Where Can I Get PWC Insurance?
You can find a range of PWC coverage options and policies from an independent insurance agent in your area. Your agent can help answer any of your questions about PWC insurance requirements in your state and help you find the most affordable rates. Since they're independent, these agents can shop and compare policies from multiple carriers for you, ultimately finding you the best overall blend of coverage and cost. And down the road, your agent will still be there to help file PWC insurance claims for you and update your coverage as necessary.
Sources
https://www.investopedia.com/how-much-does-boat-insurance-cost-7485669
