Many novice jet skiers ask themselves, how much is jet ski insurance when looking to purchase or insure their jet ski against damage or theft? How much is jet ski insurance?
Jet skis are very popular in the summer, especially on lakes and rivers. Insurance companies know that there are more accidents involving jet skis on the water than any other vehicle.
Due to this, your rate for insuring your jet ski will depend on where you live. Also, how likely you will be involved in an accident while using your jet ski on public waters.
Personal Watercraft Insurance for Jet Skis
While jet skis might be one of your favorite pastimes, they come with a cost. That’s right; I’m talking about jet ski insurance.
Because of how potentially dangerous these personal watercraft can be, insurance has become mandatory in many areas.
Coverage for owners comes at a pretty steep price—between $500 and $1,000 per year. So, how much is jet ski insurance?
Like everything else in life that we purchase or get into, it all depends on where you live and other circumstances.
Things like years of experience can impact your premium rate just as much as anything else.
So what are some everyday items to consider when trying to find out how much is jet ski insurance? What factors determine how much is jet ski insurance?
To start, certain things must be considered before jumping into any conversation regarding how much is jet ski insurance.
First off, does your state require PWC (personal watercraft) operators to carry liability protection? If so, how high does it need to be?
Second, if you already have PWC coverage through another source such as an auto policy or homeowners policy, then what percentage of coverage will they provide?
Also, what is their minimum required amount by law? Thirdly (and most importantly), who owns the boat, how old are they/how long have they been riding?
What Does Jet Ski Insurance Cover?
A Personal Watercraft (PWC) policy covers things like damages or theft of your boat.
To file a claim with your insurance company, you must have adequate coverage for these issues.
However, since PWCs are relatively affordable, you may want to consider opting for less comprehensive coverage that limits your exposure and ensures that you can afford repairs if they’re needed in an accident.
Ask yourself how much is jet ski insurance? It can reduce premiums and ensure that repair bills won’t keep you up at night.
Jets Ski Insurance Companies and Their Cost
When choosing an insurance company for your watercraft, there are several things you need to consider. What type of coverage do you want?
Do you have any previous experience with a particular company, or do you want to compare rates from different companies before deciding? Where will your jet ski be stored (on or off-shore), and who will be driving it when it’s not in storage?
These factors can help determine how much your insurance will cost, so consider them before picking a company.
Many watercraft owners assume that their policy doesn’t matter because they think their insurance costs aren’t very high.
However, if you don’t have enough coverage or don’t purchase it, you could pay thousands of dollars out of pocket if something goes wrong.
In addition to providing liability protection against damage caused by others while using your watercraft, insurance also covers repairs and medical expenses related to injuries sustained while riding.
It may also cover theft—if someone steals your jet ski—or accidental damage done by passengers.
If you live near a body of water where jets and skis are popular (like lakes), then having one is probably worth it.
But only if you can afford both the upfront price tag and monthly payments on top of other bills like car and rent/mortgage.
Average Cost of Jet Ski Insurance
How much is Jet ski insurance? The annual average cost of insurance for a jet ski depends on various factors, such as your age, where you live, and how often you use it.
For example, if you’re under 18 years old, are in a major city, and go out on your jet ski two or three times a week during warm weather months, expect to pay about $3,500 to $4,000 per year for coverage.
Meanwhile, someone over 25 years old living in a smaller town might pay about $2,000 per year.
An older rider who goes out less frequently will likely spend even less than that—perhaps closer to $1,500.
Average costs tend to fluctuate depending on location and frequency of use, and your exact rate will depend on these factors, so get multiple quotes from insurers before choosing one.
What Kind of Things Can Lower Your Premium
Now that you’ve answered the question “how much is jet ski insurance,” getting a premium can help reduce cost. Premiums can vary wildly, depending on a variety of factors.
These include jet ski type (some insurance companies offer special rates for Sea-Doo models, whereas others have different prices for Kawasaki versus Yamaha), length of time your jet ski has been insured, how much coverage you’re seeking (liability limits and damage deductibles can also make a difference in your premium) and many more.
In most cases, having multiple jet skis owned by your family will result in a lower combined rate than if you were to insure each jet ski separately.
If you’ve already guaranteed one or two jets skis through another company but would like to compare prices with other providers, please quote from multiple insurers before deciding what company to go with.
Hidden Costs to Owning a Jet Ski
While inquiring about how much is jet ski insurance, most people are pleasantly surprised at how affordable a jet ski can be.
Depending on what you’re looking for, you can get an entry-level model for under $2,000. However, things get more expensive for annual maintenance, and inspections and upgrades will add up over time.
For example, you may need to replace your exhaust system after a few years. Or install a new wiring harness if you’ve been using your jet ski in saltwater.
Be sure to factor in annual maintenance costs when deciding whether or not you can afford a jet ski.
If it turns out that owning one requires more than you expected, then it might be better off to rent one every time you want some fun in the sun.
PWC Insurance Buying Tips For Jet Ski Riders
Buying a jet ski is an exciting moment for many riders and a big commitment.
You’re making a considerable investment that won’t be put to use until next season, but what if you need repairs or maintenance during that time? It can come as a shock to see how quickly you can rack up unexpected expenses.
So, to make sure your purchase pays off without costing you more than you bargained for, asking how much is jet ski insurance should be the next question.
To thoroughly research your insurance options before signing on any dotted lines. Below are some tips to help you sort through your PWC insurance buying choices. We hope they’ll prove helpful!
The first thing you should do when shopping around for jet ski insurance is compare rates from several companies.
While rates will vary from one company to another, they shouldn’t vary wildly.
There should be no more than a $100 difference between quotes within similar price ranges.
Compare quotes across different companies before settling on one policy, and don’t settle just because it’s cheaper. If your quote seems too good to be true, it probably is.
Remember: once you’ve signed a contract with an insurer, you’re stuck with them! When shopping around for quotes, insurers may ask about certain factors—whether you live near water or have had previous accidents—to set prices accordingly.
Conclusion
There is a lot of research to do before you go out and buy one. Including how much does a jet ski cost? How much is jet ski insurance? And so on.
It comes down to buying; buying a jet ski can be pricey if you don’t know what questions to ask or where to look for rates.
Fortunately, insurance agents can help point you in the right direction—and they’re free! Stay Safe on Water Skis and Jet Skis
