Archive for February, 2023

What is Personal Watercraft Insurance?

February 14th, 2023

Outdoor enthusiasts will tell you that watercrafts are a fun and great way to enjoy the outdoors. Boats, Sea Doos, Wave Runners and other watercraft are enjoyed by many people. However, statistics show that the use of these recreational vehicles leads to thousands of injuries each year. Because of the risk of injury, acquiring personal watercraft insurance is essential to anyone using these devices.

Personal watercrafts are not usually covered by a homeowner or vehicle insurance policy. People will usually have to purchase a special insurance policy. The insurance you purchase should cover an injury to you or a third party, property damage, passenger liability, medical costs, and theft. The least expensive choice is liability only coverage. This is much like a car liability policy that covers another person in the event of an accident or injury.

Insurance policies can vary among providers but usually covers a set maximum limit payment for an injury to another person and damage to your own or another person’s property. There will also be a set deductible for medical coverage and theft that is determined by the provider. There are also providers who offer water sports liability, which covers risks related with recreational activities such as waterskiing. If you want to ensure that you are completely protected, there are liability packages available that will cover up to $1 000,000 and can cost about $300 per year. There are also insurance policies that will offer discounts if you insure more than one watercraft.

There are two main types of watercraft insurance overage. The insurance can either provide coverage based on the Actual Cash Value of the property, or on the Agreed Amount Value. Policies based on the Actual Cash Value rely on the current value of the equipment at the time of loss or damage. It will be based on the market value found in watercraft pricing guides. The Agreed Amount Value covers policies that are based on the set amount agreed by the client and the insurer. If a watercraft is damaged or completely destroyed, the purchaser will be compensated for the amount that was agreed on at the time of signing the policy. If there is a fractional loss that does not result in depreciation of the watercraft, you may be able to replace the watercraft. For an additional cost you can insure your personal watercraft with extra options such as coverage for sinking, towing and assistance, damaged vehicle removal, and pollution liability coverage.

Eligibility and costs for watercraft insurance is based on a number of factors that can include, but may not be limited to, the following: the operator and owner must be over 16 years old and hold a valid driver’s license, there must be no previous major driving violations for a specified number of years, and there must not be a history of repeat claims.

Personal watercrafts are a great way to enjoy the water. Unfortunately, many people think they are covered under their homeowner’s policy until there is an accident. Before you hit the water, make sure you have personal watercraft insurance. There are many personal watercraft insures on the market, so it pays to shop around to get the best coverage at the best rate. Make sure that you talk to the insurance provider about your specific requirements to make sure you are completely covered. You never know when a serious accident will happen. With the right insurance coverage, you will be able to have a fantastic time on your watercraft knowing you are protected.

Watercraft Insurance Protects More Than Vessels

February 14th, 2023

With summer in full swing, many people have their boats and other crafts out on the water, and that means something bad could happen at any moment that might ruin what otherwise might have been a great day. Many things can go wrong when boating, and with the proliferation of personal watercraft and other vessels in recent years, there are more people making recreation use of the nation’s waterways than ever before.

There are nearly 13 million types of vessels registered in the United States, according to the National Marine Manufacturers Association. And there are many that ply the waters without state-mandated registration tags, making busy waterways a potential source of problems for boat owners and others.

Fortunately, a good watercraft insurance policy can protect owners of vessels against damage or loss of their property as well as provide liability protection in case a passenger or someone else is injured or killed or their property damaged or destroyed in the course of recreational activity. Even something as simple as a canoe or flat-bottom boat can tip and send someone into the water, which might result in an injury or fatality that could wind up putting the owner in financial ruin.

Nearly all property and casualty insurance companies underwrite protection for personal watercraft, and a good policy can be had for as little as a couple hundred dollars per year. Such plans will insure boats and personal watercraft against theft, damage, destruction or causing damage or destruction to other people’s properties. If accidentally ramming another craft or striking a dock or other structure and damaging or destroying it, the policy would pay up to policy limits to repair or replace it.

And with many people enjoying water skiing and other activities, there is a possibility of an accident resulting in serious injury or death for which the boat owner might be held liable. But a good policy will insure against that as well. Even personal effects lost or stolen from a vessel could be covered by a good plan.

While such policies can be affordable and somewhat comprehensive in what they cover, there are limitations and exclusions. Generally, any watercraft that has been modified or built for high speed will be excluded, and that speed might be as low as 65 miles per hour, which many craft can exceed these days. And males under age 25 tend to be charged higher rates due to a greater likelihood of risky behavior from the demographic subgroup.

A common liability range for vessels ranges from about $100,000 to $300,000 but can go higher. And the insured amount for the craft in question can be determined by its replacement value or its actual cash value. Replace