Articles for Homeowners

Stay Afloat with Proper Personal Watercraft Insurance

More and more people are deciding to take the plunge and purchase a personal watercraft.  There are factors to consider that potential buyers should consider before making such a purchase.  A personal watercraft is considered a powerboat and is governed by the same laws and regulations that are provided by the Coast Guard and other marine authorities.  If you are planning to own a personal watercraft it’s a good idea to understand what you should purchase in terms of insurance.  Do not assume the craft is covered by your homeowners’ insurance because, in most cases, they are not. 

There are different types of coverage that affect different aspects of operation.  Most insurance policies cover a combination of these types of coverage:

Liability Coverage

This will cover any bodily injury caused by you or your watercraft to another individual, boater, or property damage to another watercraft or property.  If you choose to allow another person to operate your watercraft they also will be covered. When you choose liability coverage consider the amount of your net worth in the event that you fall victim to a personal lawsuit.   

Medical Coverage

In the event of an injury to you or your passengers, this would help to pay for the cost of necessary medical treatment.

Physical Damage Coverage

This covers the cost of repairs to the watercraft in the event of an accident.  It will also cover you in case of fire, theft or vandalism. 

Water Sports Liability Coverage

If you were towing an individual this would cover any personal injuries they sustain.

Uninsured Boater

This coverage would pay for medical treatment that results from an accident with another boater who is not insured.

Unattached Equipment Coverage

This pays to repair or replace equipment that is not permanently attached to your personal watercraft such as life jackets or accessories.

Emergency Assistance Coverage

This would cover emergency service or towing.

If you decide to purchase a personal watercraft it’s also a good idea to find out the cost of insurance for different models.  Some models will be more expensive than others to insure.  It is also possible to receive a 10 to 15% insurance discount from some companies if you take a safety course offered by the Coast Guard or other agency.  If you purchase your watercraft insurance from the same company that you have your auto or homeowners’ insurance with you may receive additional savings.  Don’t take chances; protect yourself with the proper type of coverage for your watercraft.