What did you do wrong in the earlier scenario? Well, aside from getting violent with the boat driver. You should have purchased a separate Personal Watercraft Insurance policy. Accidents happen and you want to be fully prepared when they do. The very last thing you want is to have to sell your personal watercraft in order to pay the costs arising from an accident in that very same watercraft. Many people add their recreational vehicles to their homeowners’ insurance policies, not realizing that they will not have the kind of coverage they really need.
Homeowners’ insurance will treat your boat/jet ski/wave runner just like any other piece of property; if it is damaged or stolen, they will help you. Otherwise, you are out of luck. Personal Watercraft Insurance, on the other hand, will treat it like a car. You can get collision, comprehensive, bodily injury, guest passenger liability, and personal property coverage in addition to help when your watercraft is damaged or stolen.
Typical Features of a Personal Watercraft Insurance Policy
- Collision – This covers the repair cost or actual face value of your watercraft in the event of a collision with another watercraft.
- Comprehensive – This coverage is used in the event that your watercraft is stolen, vandalized, or damaged in some way other than an actual collision (it fell off the trailer, for example). You can also get fire insurance.
- Liability – This pays for other people’s injuries and/or property damage arising from an accident in which you are at fault. Property damage is not limited to another watercraft; it could include buildings and other stationary structures.
- Secondary Users – Most policies will apply to the policyholder’s spouse and any household guests using the watercraft alone or as passengers at the time of the incident.
- Personal Property - This covers personal belongings that were in the watercraft, such as fishing gear, camera equipment, chairs, tarps, etc. The policy will most often pay the total replacement cost for these items.
- Uninsured/Underinsured Motorists- This type of coverage pays for your injuries and vehicle repairs if the party at fault is either uninsured or does not have enough coverage to pay all your acquired expenses.
- Towing/Road-side Assistance – Just like with your auto insurance policy, this assists you in the event that your damaged watercraft needs to be taken to a repair shop
Typical Exclusions in a Watercraft Insurance Policy
- Use during the nighttime when it is too dark to see clearly or operate your watercraft safely.
- Use by someone who does not have a valid license for operating the watercraft.
- Watercrafts that have been altered to enhance performance.
- Some policies allow you to reduce your premiums and coverage during the months that you do not intend to use your watercraft. If you then choose to operate it, you will not be covered in the event of an accident.
You might be able to get a discount on your insurance policy premiums if you take a safety course, just like with regular auto insurance.
As you can see, it is simply not enough to add your personal watercraft to a homeowners’ or auto insurance policy. Personal Watercraft insurance goes beyond simply protecting your watercraft as a piece of property. It will cover the unfortunate circumstances that sometimes arise, and keep you from footing the bill because of someone else’s mistake.
By Alisa Elizabeth King Terry