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You’ll most likely need some insurance for your jet ski based on different requirements from your state, marinas you use or your lender.
First off, most states don’t require you to buy insurance to operate a jet ski, except for the following states:
In addition, many marinas require you to have some insurance to use their facilities. You should check with the marina ahead of time before docking or using the slip.
Lenders also typically require wide protection for your jet ski if you’re financing it.
If you own the jet ski outright or after your loan is paid off, PWC insurance can still benefit you. Going without insurance can lead to financial strain if you injure someone or destroy their property. You could be responsible for thousands of dollars’ worth in damage out of pocket.
Basic jet ski policies can start at $100 per year or $8 per month, but it goes up from there. Insurance companies consider many different factors when coming up with your premium. So the cost will vary based on the following factors:
Most jet ski insurance companies offer a variety of PWC coverage, similar to car insurance coverage. The rundown on the standard coverage you can expect to find:
Besides the standard levels of cover mentioned above, you can get several additional forms of coverage for your jet ski as add-ons:
When you take out a jet ski policy, you might pay attention to situations your insurance company won’t cover. Common exclusions that could lead to denied claims:
At the very least, you need enough coverage to meet your state, marina or lender requirements. Consider buying the highest liability coverage you can afford since liability claims for injuries or death can cost tens of thousands of dollars.
Beyond that, you’ll likely want to consider adding comprehensive or collision coverage to protect the full value of your jet ski. You can choose to insure it at its actual market value or brand new replacement value.
On the other hand, if your jet ski is a few years old and paid off, you might decide you can take on the risk for physical damage to your own property if you’re comfortable self-insuring and paying for damage out of pocket.
When you insure a depreciating asset like a jet ski, you have the choice to insure it for an agreed value or the actual cash value. Say your jet ski cost $10,000 brand new and you insure it at its actual cash value. If it gets damaged one year later, you’ll only receive the market value that it’s worth that year, not the amount you paid for the jet ski. That means you can replace it with a one-year-old used jet ski.
But if you buy an agreed-value policy with $10,000 in coverage, you’ll get the full amount even if the jet ski has decreased in value. That means you can buy a brand new jet ski to replace your old one. Expect higher premiums on your policy though.
Buying jet ski insurance involves a fairly straightforward process. Follow these steps to apply:
You most likely need jet ski insurance if you’re planning to use a marina for docking or if you financed your jet ski. However, it’s worth comparing jet ski or boat policies even when it’s not required — that way you can protect your ride and your personal finances.
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