When you own a jet ski, kayak, canoe, or other watercraft, your focus is on fun. But ensuring your (sometimes significant) investment is protected – and that you’re prepared for unexpected issues – is critical. Insurance for watercrafts is an essential step in safeguarding your property and minimizing liability risks both on and off the water.
When Do You Need Insurance for Your Watercraft?
Whether you’re a casual user or someone who spends every weekend on the water, having insurance for your watercraft is strongly recommended – and sometimes required. Here are some scenarios when coverage is a must:
If State or Local Laws Require Insurance
Some states mandate insurance for jet skis or other personal watercraft. Always check your local regulations to ensure compliance.
When You Use Public Waterways
Operating on lakes, rivers, or other public bodies of water? You’ll likely encounter other riders, swimmers, or boaters – each introducing elements of risk. Insurance provides protection against accidents or unforeseen liabilities.
If Your Watercraft Is Financed
Similar to car insurance, many lenders require insurance on financed jet skis or other watercraft until the loan is fully paid.
When Renting or Frequently Loaning Your Equipment
Lending your jet ski, canoe, or kayak to family or friends? Their accidents can leave you financially liable without appropriate coverage. Insurance can protect you from these unexpected risks.
Liability Exposure and Why It Matters
Owning watercraft comes with significant liability exposure, and an accident on the water can quickly escalate into legal and financial challenges. Here are some common scenarios to understand:
- Property Damage
- What happens if you accidentally collide with another watercraft? Without insurance, damages to docks, boats, or other property caused by you can lead to costly repair bills.
- Personal Injury
- Accidents that harm swimmers or other riders can bring medical expenses, legal fees, or both. Insurance often provides coverage for medical expenses and legal liability if you’re found responsible.
- Environmental Hazards
- Spills or other environmental damage caused by watercraft can lead to fines and damage-repair costs. Some insurance policies include protection for environmental liabilities.
Benefits of Insuring Jet Skis, Kayaks, Canoes, and Other Watercraft
Investing in watercraft insurance offers peace of mind and financial protection. Let’s look at the key benefits of having this coverage in place.
- Protecting Your Investment
Some canoes and kayaks can cost thousands, and jet skis tens of thousands. Your personal watercraft is an investment, and insurance ensures that it’s covered against theft, vandalism, or damages from accidents. Comprehensive policies often also cover a wide range of risks while your watercraft is parked, stored, or being transported. - Guarding Against Liability Risks
A liability claim can be financially devastating. Insurance policies help absorb these costs, covering medical expenses, legal fees, and property repairs caused by accidental mishaps on the water. - Supporting Peace of Mind
Insurance lets you focus on enjoying your time on the water without constantly worrying about what would happen in the event of an accident, property damage, or theft.
Get Started on Coverage for Your Watercraft
Protect your adventures on the water! If you’re ready to take the next step, contact Brandon Patterson on our team at brandon@ownbyinsurance.com to find the best coverage options for your needs.