Personal watercraft (PWCs) offer one of the most thrilling and accessible ways to enjoy time on the water. Whether zipping across a lake, exploring hidden coves, or enjoying high-speed fun with friends, PWCs deliver big adventure in a compact package.
While PWCs can bring fun and freedom to your life, it is imperative to use them safely. To ensure additional peace of mind, investing in PWC insurance is worthwhile. Below, we'll explore the ins and outs of PWC insurance and share four tips for insuring your PWC.
Learn More: Personal Watercraft
Understanding PWC Insurance Basics
PWC insurance coverages vary. However, a typical PWC insurance policy can help pay for the following:
- Liability Coverage: If you're at fault for an accident that causes property damage and injuries to another party, liability coverage may kick in. It can reimburse you for expenses such as medical bills and repair costs.
- Physical Damage Coverage: Physical damage coverage typically has two components: collision coverage for when your PWC collides with another vessel or object, and comprehensive coverage, including unforeseen events such as theft, vandalism, or severe weather. It covers repair or replacement costs if your PWC gets damaged or destroyed.
- Medical Payment Coverage: Just like it sounds, medical payment coverage is for you and your passengers for medical expenses that stem from a PWC accident, regardless of who is at fault.
Remember that, depending on your situation, a PWC insurance policy might be required. Some states and marinas mandate coverage and penalize boaters who forgo it with costly fines. It's essential to understand and adhere to all the mandates that apply to you. In addition, if you took out a boat loan to buy your PWC, your lender might ask you to insure it.
How to Choose the Right PWC Coverage
Not all PWC insurance coverages are the same, but with the right strategies, you can find a policy that perfectly fits your budget, needs, and preferences.
- Bundle Policies: Most insurance companies will reward you with a bundling discount if you buy your PWC insurance and another policy from them, such as home or auto insurance. Bundling is an easy way to save on your premiums.
- Consider Additional Coverage: You may want to invest in optional PWC coverage to ensure you're fully protected after an accident, breakdown, or unexpected event. Here are a few policy add-ons to consider:
- Towing Assistance: Towing assistance can reimburse you for services like fuel delivery, towing, and battery jumpstarts in the event of an emergency.
Cost-Saving Strategies for PWC Insurance
It is possible to find a good deal on PWC insurance coverage. Here are a few tips to reduce your premiums.
- Take a Boater Safety Course: Boater safety courses can educate you on responsible boating practices. Some insurers may offer a discount if you complete an approved course and show you're committed to reducing your risk of accidents while on the water.
- Choose a Higher Deductible: Your deductible is the amount you'll pay before your PWC insurance kicks in and covers the rest. A higher deductible will lead to a cheaper rate. The caveat, however, is that you'll owe more out-of-pocket after you file an approved claim.
Read Next: How Does the Boat Insurance Claim Process Work?
Even though personal watercraft (PWC) are generally lower in cost than other types of boats, that doesn't mean they aren't worth protecting. Many riders assume insurance isn't necessary, but whether your PWC is brand new or a few years old, the peace of mind that comes with coverage is priceless.
Beyond protecting the watercraft itself, insurance offers essential liability coverage in case of accidents or injuries. No matter the value of your PWC, having the right policy ensures you can ride with confidence, knowing you're protected every time you hit the water.
This article and video are sponsored by Progressive Insurance®
