Like any other moving vehicle, your personal watercraft (PWC) is susceptible to accidents. You might wonder if your homeowners’ insurance or auto insurance will be enough to protect your PWC. However, even if these policies include your watercraft, the coverage will be very limited.
Factors to Consider When Purchasing Personal Watercraft Insurance
Before purchasing insurance for your personal watercraft, multiple factors need to be considered so that you can choose the most appropriate coverage for your situation.
The following are a few things you need to keep in mind before buying PWC insurance:
- Purchase a Specific Policy: Most personal watercraft insurance policies offer coverage for events related to bodily injury, property damage, and medical payments. The liability coverage provides financial protection if you are involved in a covered accident. However, most policies have liability limits that vary from state to state.
- Get a Separate Coverage for Each PWC: If you own several personal watercraft, each one of them will have to be separately insured. This doesn’t necessarily mean getting a separate policy for each watercraft. Note that some boat insurance policies might cover personal watercraft if specifically mentioned in the policy terms.
- Read Your Policy Carefully: PWC policies often provide coverage regardless of whether you are operating your personal watercraft or have loaned it to someone else. Reading your policy carefully allows you to know the extent of coverage available. Some instances where you will be covered irrespective of who is operating your personal watercraft include
- damage caused to another craft
- water skiers injured while using your craft
- physical damage to the hull or equipment
- injury caused by an uninsured watercraft operator
- Be Aware of Limited Policy Coverage: There can be limitations to your personal watercraft coverage depending on your insurer or the risk level determined for your specific watercraft. For example, modifying your personal watercraft to enhance speed and performance can make it difficult to insure. Many insurance companies will refuse to insure altered watercraft, so it is important to discuss the specifics of your watercraft with your insurer to ensure you will be covered in the event of an accident.
- Seek Additional Coverage: Consider getting additional coverage for
- Covering the replacement cost for personal items that are lost or damaged while onboard,
- Replacement of actual cash value of your personal watercraft if damaged during use,
- Roadside assistance in case your tow vehicle or trailer gets damaged or disabled,
- Raising and removing your personal watercraft if it sinks
Factors That Affect the Cost of Your PWC Insurance
While looking for adequate coverage for your PWC, it is also good to be aware of certain factors that might influence the cost of your insurance. These include, but are not limited to:
- The year, make and model of your PWC
- Its storage location
- How it is used
- Market Value
- Horsepower, type of engine, and maximum speed
- Modifications made, if any
- Your credit scores and claim history
If you need assistance in selecting the right insurance coverage for your personal watercraft, contact the experts at The Reardon Agency today. We are here to help you with all your coverage requirements.
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