How Much is Insurance On a Jet Ski? [PWC Insurance Costs]
How Much is Jet Ski Insurance? This is a typical question of many jet ski owners, and with good reason.
Jet ski insurance costs are among the nine main costs associated with ownership and one of the most important.
Even if there is no law requiring you to have insurance in most states, it would be smart to have it. The policy would not only cover your jet ski, but you and your passengers as well. Should you be involved in an accident you would be covered for jet ski accident injuries, damage and even theft.
If you want information on the cost of jet ski insurance and details on all the reasons for having it, please keep reading. You will even be able to do cost comparisons of the most prominent insurance companies providing the coverage.
Before running out to buy a new jet ski, it’s important that you have a realistic picture of the costs associated with ownership. Since jet ski insurance is something you would definitely want, let’s take a look at the details!
Do Jet Skis Need Insurance?
Although in most states jet skis don’t need to be insured, some other states may require a minimum liability insurance limit. Finally, it depends on your state so don’t forget to check the applicable laws to stay legal. You may also need insurance if you rent or finance a jet ski, and many marinas also require you to have insurance.
But keeping safety in mind, even if your state or marina doesn’t require it, it’s highly recommended you get insurance on your jet ski!
Why is Jet Ski Insurance so Important?
The personal watercrafts coming on the market today speed along at 50-70 mph, which is extreme speed on the water. At speeds like this, things can go horribly wrong in the blink of an eye, so if you’re smart, you’ll make sure your jet ski is covered by the appropriate form of insurance.
Requirements for jet ski insurance vary state-by-state so you need to find out what the laws are in your state. At the very least, many states require PWC owners to have liability insurance should they be at fault in a jet ski accident, causing others to be injured or for the damage done to someone else’s property.
In most states, a jet ski license is also required for most riders, and there is usually a minimum age requirement for either operating or riding a PWC. If you took out a loan to finance your jet ski, your lender would likely require that you have comprehensive jet ski insurance.
Furthermore, if you keep your personal watercraft docked in a marina, they may also require you to have insurance.
If you already own or are planning to buy a used or a new watercraft, it would be wise to look into getting the insurance coverage you need for your own protection, whether the law requires it or not!
What Does Jet Ski Insurance Cover?
The following are some, if not all of the things that a jet ski insurance policy would cover:
- Damage done to your PWC, including the engine, hull, and/or other parts
- Damage caused by you to someone else’s property, including boat/watercraft, PWC docks, lifts, or other items
- Death or bodily injury caused by you
- Your injuries resulting from an accident caused by a boater with no insurance
- Watersports liability for a water skier or wakeboarder that you towed
- PWC towing assistance if there is a breakdown or malfunction on the water
- Medical costs
- Wreck removal
- Coverage for personal property losses
- Accessory coverage for personal items and boating supplies on board
- Seat cushions
- Additional fuel tanks
- Coverage for your PWC trailer
- Theft or vandalism
Each policy is different, so make sure you check each line on your jet ski insurance policy before you take your PWC out for the first time.
How does it work?
Your policy protects against any collision or fire damage to your jet ski, as well as theft.
Depending on the policy, it may protect you if you were driving your jet ski and caused bodily injury to someone else or damaged their property. Your insurance may also cover your medical expenses should you become injured while driving your PWC.
Here are a couple of examples of how your jet ski insurance works:
If your PWC holds two people, and you’re operating it with a friend in the passenger seat, and you both are injured when another PWC bump into you through no fault of yours, damaging your PWC. You would just file an insurance claim to cover both your medical costs plus the cost to repair your jet ski.
But first, you would need to have a policy in place that covers these costs. Your insurance company will ultimately pay the medical costs plus your PWC repair costs to the extent you’re covered, minus your deductible.
On the other hand, if you cause a jet ski accident resulting in injuries, the injured person would contact your insurance company to file a liability claim. Your jet ski insurance would cover their bodily injury costs plus the costs of any property damage.
If they take you to court, your policy may also cover your legal costs. Remember, the amount covered depends on how much insurance coverage you buy.
Are other riders covered by the insurance?
These insurance policies usually cover the owner as well as his/her passengers.
But each policy is different, so you need to thoroughly read your policy before heading out. If you don’t have this coverage, you may want to add it.
If you plan on lending your PWC out, you need to know if they and their passengers would have coverage under your policy.
How Much is Insurance on a Jet Ski?
Insurance companies largely look at risks when deciding how much to charge a client, whether you’re buying car insurance or PWC insurance. If you seem like a huge risk, it’s going to cost you more to insure your jet ski.
As a rule of thumb, the cost of insuring your jet ski should fall somewhere between $200 and $500, annually. The average jet ski insurance costs for the lower-performance models typically range from $200 to $300, while the cost of insuring a performance jet ski can be much higher.
Don’t forget, you always get what you pay for. Good jet ski insurance may cost you more, but it’s worth every penny!
The following factors are taken into consideration when determining the annual cost of PWC insurance:
Regarding the jet ski:
- Year, make and model
- Type of engine, horsepower
- Fastest speed
- Any modifications
- Specific dimensions
- Seat capacity
- Whether or not it’s financed
- Where it’s stored
- Whether the trailer is insured or not
Regarding the policy holder (you):
- Age and gender
- Geographical location
- Vehicle driving record
- Paying monthly or annually
- Previous claims history
- Credit history
- Insurance package you choose
- Jet ski license course completed
Jet Ski Insurance Companies & The Types of Coverage They Offer
SkiSafe jet ski insurance
SkiSafe jet ski insurance has a low cost “all-risk” policy for PWCs, available to cover all PWC brands. To find out how much it would cost to cover your jet ski, with a little information we can determine the appropriate low-cost insurance policy to protect your jet ski whether it’s on the water or on land.
SkiSafe’s policies offer a whole range of coverages that would protect you, your passengers and your PWC, as follows:
- All-Risk: This would cover physical damage to your jet ski as well as its trailer including an auto accident, broken glass, colliding with a submerged object or another watercraft, fire, storm damage, theft and more. This policy is written to cover the possible risks the jet ski owner faces.
- Replacement Costs: If your jet ski or PWC is totally destroyed within 18 months of you buying it, SafeSki will buy you a brand new (same brand and model) jet ski, even if the cost exceeds your purchase price.
- Roadside Assistance & Towing: Since your auto roadside assistance insurance won’t cover your jet ski if you need towing, SkiSafe will cover towing it whether it needs to be towed on land or on water. Just send the SkiSafe insurance adjuster a copy of the invoice for reimbursement up to the limit on your policy.
- Medical: SkiSafe puts boater safety above all else so your jet ski insurance policy will cover no-fault medical expenses for injuries.
SkiSafe is a reputable insurance company that offers a full range of PWC insurance to fit your coverage needs as well as your budgetary needs. Once you have the appropriate coverage you can enjoy your PWC with peace of mind. Call SkiSafe today about buying coverage or ask for an online quote for jet ski insurance.
Markel Specialty jet ski insurance
Markel Specialty has been providing appropriate affordable jet ski insurance for more than 35 years, starting at exceedingly low rates.
Clients can customize their coverage to fit their PWC, budget, level of experience and style of riding.
Markel Specialty offers a fuller range of very affordable jet ski insurance coverages beyond what any of the other carrier offers, as follows:
- PWC Coverage: You are protected against physical damage, including accessories as well as emergency towing.
- Personal Coverage: Includes personal items on board as well as medical expenses.
- Liability Coverage: If you are at fault in a situation, this covers the other party’s property damage and injuries.
- Discounts: Markel Specialty offers special discounts of up to 35% as well as a diminishing deductible.
Progressive Group jet ski insurance
One carrier that has a history of being out front of all the others in the industry is the Progressive Group of Insurance Companies.
They are known for coming up with new and affordable solutions, having been the first with drive-in claims’ offices, the first to offer lower rates for lower-risk drivers, and the first to show comparison rates on their website.
For more information contact Progressive Group or go online for a jet ski insurance quote.
Nationwide jet ski insurance
Nationwide started out as a tiny auto insurance company, owned by Ohio farmers who were also its policyholders. It’s now one of the world’s largest financial services and insurance companies.
Today Nationwide still answers to its policyholders but covers far more than the cars of Ohio farmers. It is now a Fortune 100 company offering a full range of financial services, including insurance, across the United states.
The company offers auto, farm, homeowners, life, motorcycle, pet and even PWC insurance. The financial services division offers annuities, retirement plans, and mutual funds. Nationwide also offers a range of specialty health services.
State Farm jet ski insurance
State Farm is a large conglomerate consisting of financial services and insurance companies located across the United States.
The corporation is headquartered in Bloomington, IL. State Farm Mutual Automobile Insurance Company is their primary business and this entity owns all other State Farm companies. State Farm is a Fortune 500 company, ranking No. 36 in 2018, and the number one auto insurance company in the United States.
GEICO jet ski insurance
GEICO (Government Employees Insurance Company) is headquartered in Chevy Chase, MD and is the second largest (after State Farm) car insurance company in the United States.
GEICO provides private insurance for passenger automobiles in all 50 states plus the District of Columbia. Policies are sold by local GEICO Field Representatives, to consumers directly over the phone, and online via their website.
Many of us are familiar with the little green gecko speaking in a Cockney accent in their TV commercials. GEICO became famous for their innovative ads, which are clearly created to entertain audiences. You can get even a free quote on jet ski insurance from GEICO.
The Bottom Line
As you know by now it’s vital that you obtain jet ski insurance before taking your PWC out on the water. Aside from the jet ski itself, it will cover you, any passengers riding with you, as well as others out on the water.
On average, you’ll pay anywhere from $200 to $500 annually for jet ski insurance, depending on which package you select. The cost largely depends on how risky the applicant appears to be based on a variety of factors.
Much like car insurance, the higher risk you pose, the higher premium you’ll be charged on the insurance
We’ve listed quite a few good insurance companies that offer special PWC insurance coverage. Do your homework by requesting free quotes from several of them to compare prices.
If you would like information on the latest PWC models, you are more than welcome to utilize our model browser and comparison tool!
* This post is only for informational purposes so that you have a basic understanding on how PWC insurance works. The information in this post is not to be taken as legal or even insurance advice. This website is not a substitute for the kind of advice you would receive from a licensed attorney or professional insurance agent. We encourage readers to ask their own attorney and/or insurance agent any questions they have regarding specific situations in which sound legal advice or a legal opinion would be of help.
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