Because residents of Florida can benefit from warm weather year-round and there are many miles of beautiful coastline, the number of personal watercraft like jet skis is extremely high in this state. Once you’ve bought your vehicle, you might wonder whether you should take out an insurance policy to protect yourself and your watercraft. Googling “PWC insurance near me” is a good first step, since you can find out what types of insurance policies there are.
However, there’s no substitute for working with a professional insurance agent, who can help you find out which policy is best for your needs. Your agent will speak to you about what scenarios are covered by watercraft insurance and which add-ons are available. Today, we’ll have a closer look at what you can expect from PWC insurance, then discuss whether you should take out a policy for your watercraft.
What Does Personal Watercraft Insurance Cover?
Watercraft refers to surface-skimming devices such as jet skis, Yamaha Wave Runners, and sea-doos, which usually have engines with a horsepower of 60 to 310 mph. In Florida, these types of vehicles are extremely popular. While the average pair of jet skis might cost around $5,000, high-end versions can set you back $20,000.
Currently, watercraft insurance isn’t a legal requirement in Florida and most other states, but countless vehicle owners take out a policy to protect their investment and prevent liability issues. There are various options out there, which cover different issues. Most PWC insurance policies protect you from lawsuits related to personal injury and property damage, but there are usually add-on policies that also cover uninsured watercraft users, theft, and damage.
Because we live in a litigious society, anyone can file a lawsuit. If you injure someone while using your watercraft, they can sue you for damages, which might include their medical bills, loss of income, emotional upheaval, and property damage. In the worst-case scenario, such a lawsuit can cost you a six or seven-figure amount and therefore ruin your financial future.
Almost every PWC insurance policy covers liability issues. Your insurance provider will pay the injured party’s compensation, but they will also cover any legal fees associated with the case. If you’ve damaged another watercraft, a boat, a dock, or another structure, your policy will cover the repairs. Because a lawsuit can have massive financial consequences, almost every watercraft user should get liability insurance.
Injuries Caused by an Uninsured Watercraft User
As mentioned, there is no legal requirement to have watercraft insurance in most areas of the US. Therefore, many of the people currently using jet skis and similar devices haven’t taken out a policy. If you collide with one of them, you might not be able to claim compensation for your injuries and the damage to your property, unless the other party has a significant amount of assets.
To protect you from this scenario, some PWC insurance providers offer uninsured watercraft user insurance. This pays out if you get injured due to an uninsured person’s negligence. It’s important to note that this coverage is not always provided, and you should check with your insurance agent if you’d like to add uninsured watercraft user insurance to your policy.
Theft or Damage
Some watercraft users are happy with a simple liability insurance policy, which is relatively cheap but protects them from the largest risks. However, people who spent a lot of money on their watercraft might consider adding theft and damage cover because this prevents them from losing their investment should something happen to their watercraft.
A policy that includes theft or damage pays out when your watercraft gets stolen, vandalized, or damaged due to a natural disaster such as a fire or flood. There are various exclusions and conditions, so you’ll need to read the fine print before you choose a policy. In most cases, the cheapest policies are only available to those people who adequately protect their watercraft, for example by locking it away at night and installing an alarm system.
Do I Need Insurance for My Watercraft?
If you’ve googled “PWC insurance near me”, you might be curious to find out more about your insurance options and to discover whether taking out a policy is really necessary. While most personal watercraft users never experience problems with their vehicle, the potential consequences of a crash are severe. If you collide with someone and injure them, you could be stuck paying six or seven-figure medical bills.
To prevent this, you should take out a liability insurance policy. If you’d like to further reduce your risk, you should also consider uninsured watercraft user insurance. A policy that covers theft and damage will be more expensive, but it could make sense if you don’t have the money to easily replace your watercraft or if you’re risk-averse.
How Can I Find PWC Insurance Near Me?
Now that you know why you should consider taking out a policy, you’ll need to contact a professional and discuss your options. At iInsure, we use the latest technology to quickly compile all the relevant quotes available to you. That way, you won’t miss out on the best offers, and you can make an informed decision about the kind of policy you take out.
When you first get in touch, we will evaluate your current situation and then provide you with a list of options. Together with your insurance agent, you can discuss various quotes and what scenarios they cover. After you’ve made your decision, the agent can help you take out insurance. Over the next years, you and your professional can re-evaluate your policy to make sure you’re not overpaying.
Keeping the Costs Reasonable
If you’ve just spent thousands of dollars on your watercraft, it’s understandable that you want to save money and keep your insurance costs low. Fortunately, watercraft insurance is cheaper than boat insurance because your vehicle is smaller. If you opt for a simple liability insurance policy, you might only pay $85-100 per year. However, a more comprehensive policy can set you back $500 per year. There are several things you can do to keep your costs reasonable.
If you want to protect yourself against theft and damage, you’ll have to demonstrate that you are doing all you can to keep your vehicle safe. People who lock up their watercraft and install an alarm system usually pay less than those who aren’t as cautious. To prevent price hikes, you should also ask your agent once a year whether your policy has increased. If so, you should either negotiate with the insurance company or switch to a different policy.
Keep Yourself Safe
Almost everyone with a personal watercraft should get liability insurance because it can protect them from expensive lawsuits and high legal fees. Depending on the vehicle owner’s individual situation, getting additional coverage for uninsured watercraft users, theft, and damage could be a good idea. But how can you find the best policy for your needs?
Simply googling “PWC insurance near me” isn’t always enough because the range of policies can be confusing. Instead, you should contact an agent, who will take into account your individual situation and then suggest some reasonably priced policies that cover you adequately. Get in touch with us at iInsure to get your free quotes today or to speak to an expert about watercraft insurance.