Jet Ski Gap Insurance: What You Need To Know

Jet ski insurance is not a legal requirement in many places, but it is still a good idea to have your jet ski insured. Jet ski insurance can help cover costs in the event of an accident, damage, theft, or other mishaps. This can include personal injury, property damage, and medical expenses. Without insurance, you could be held responsible for these costs, which can quickly become expensive.

Jet ski insurance in the US

In the US, some states require you to have a jet ski insurance policy, while others do not. For example, it is not a legal requirement in California or Florida to take out a jet ski insurance policy—all you need is an active registration and a licence. However, it is recommended that you have insurance to protect yourself if an accident or damage occurs.

Jet ski insurance, which often falls under personal watercraft (PWC) insurance, can help you avoid the hefty price tag that comes with damage related to storms, unexpected accidents, fires, and even travelling. It works similarly to auto insurance, with different coverages and protections selected based on your policy.

Jet ski insurance can cover:

• Physical damage
• Bodily injury
• Medical payments
• Towing
• Fuel spills
• Roadside assistance
• Theft
• Trailer coverage
• Trip coverage
• Engine damage

The cost of jet ski insurance varies depending on the provider, the age, make, model, and condition of your jet ski, your personal driving record, your experience as a jet ski user, and your geographical location. You can expect to pay about $85 to $100 a year for liability coverage, while more comprehensive coverage can be $500 or more a year.

Where can you get jet ski insurance?

Some insurance companies that offer jet ski insurance include:

• Ski Safe
• Nationwide
• Allstate
• Progressive
• Markel
• Global Marine Insurance Agency
• Xinsurance

Jet ski insurance in Australia

Types of Jet Ski Insurance

There are several types of jet ski insurance available in Australia, including:

• Comprehensive insurance covers fire, storms, floods, earthquakes, theft, and damage to someone else’s property. It also covers accidental damage to your jet ski or tender, as well as damage caused by someone else.
• Third-Party Fire and Theft insurance covers your watercraft or tender against fire and theft, as well as damage to other people’s property and injury to other people.
• Third-Party Property Only insurance covers damage to someone else’s property and injury to other people. It also covers up to $10 million in legal liability if your watercraft causes injury or death, or damage to someone else’s property.

Jet Ski Insurance Providers in Australia

There are several jet ski insurance providers in Australia, including:

• Youi offers comprehensive, third-party fire and theft, and third-party property only insurance for jet skis and other watercraft.
• Club Marine offers cover options specifically designed for jet skis, waverunners, and PWCs. Their policy covers waterskiing, wakeboarding, wakesurfing, and aquaplaning, as well as voluntary rescue activities. They also offer cover for your jet ski while it’s being stored and when it’s on your trailer.
• Nautilus Marine offers personal watercraft insurance with benefits such as replacement of the personal watercraft in the first 2 years of registration, use of only genuine manufacturer parts for repairs, water inflow cover, $10 million in liability cover, automatic waterskiers liability cover, personal accident cover for the named insured up to $50,000, Australia-wide transit cover, and lost keys cover up to $1,500.
• Ski Safe offers comprehensive jet ski insurance for as little as $85 a year and provides several discounts, benefits, and customization options. They offer four different packages: Liability Only, Basic Package, Premium Package, and Build Your Own.
• Nationwide offers jet ski insurance that can be easily bundled with other insurance policies such as home and auto. They offer low premiums starting at $100 and deductibles ranging from $250 to $5,000.
• Allstate offers jet ski insurance with a variety of discounts and benefits, including multi-policy, full-pay, homeownership, and boat education course discounts. Their coverage includes damage to your watercraft, medical payments, watercraft liability protection, property damage, repairs, emergency services, and uninsured watercraft coverage.
• Progressive offers multi-unit and multi-policy discounts for customers insuring more than one jet ski or other personal watercraft. They offer basic, choice, and plus plans, with coverage options including liability insurance, insurance against uninsured boaters, medical payments, comprehensive insurance, and totaled vehicle loss coverage.
• Markel offers customizable jet ski insurance policies that cover physical damage, consequential damage, ice and freezing damage, watercraft liability, medical payments, uninsured boaters, emergency towing and assistance, and more. They also offer a variety of discounts, including multi-unit, experienced boater, and mature operator discounts.
• Global Marine Insurance Agency offers both personal and commercial jet ski insurance. Their commercial jet ski rental insurance covers medical expenses, employee negligence, equipment replacement due to client negligence, and equipment replacement due to storms or flooding. Their personal jet ski insurance is competitively priced.

Jet ski rental insurance

Who Needs Jet Ski Rental Insurance?

• Third-party liability for bodily injury: This covers the medical bills and legal awards for injuries caused to others in an accident involving a jet ski.
• Third-party liability for property damage: This covers the cost of repairs or replacements for damage caused to someone else's property.
• Physical damage: This covers the cost of repairs or replacements for damage to the rented jet ski while in the renter's custody.

Additional Coverage Options:

In addition to the standard coverage options, jet ski rental insurance can also be customized to include:

• Commercial general liability: Coverage for injuries and property damage sustained by third parties.
• Personal liability protection: Coverage in the event of an accident and a claim made against the insured.
• Alleged assault and battery liability: Coverage for claims of assault and/or battery against the insured or their employees.
• Alleged sexual abuse and molestation liability: Coverage for claims of sexual abuse and/or molestation against the insured or their employees.
• Directors and officers (D&O) liability: Protection for individuals serving as directors or officers of an organization from personal losses if they are sued.
• Professional liability: Coverage for claims related to negligent acts and errors and omissions.
• Weather-related risks, vandalism, and theft coverage: Protection for the building and its contents.

Cost of Jet Ski Rental Insurance:

The cost of jet ski rental insurance varies depending on several factors, including location, rental frequency, experience, claims history, the value of the jet ski(s), and the chosen coverage options. On average, jet ski rental insurance costs around $500 per year for a business, while insuring a single jet ski can cost approximately $150 per year.

Jet ski insurance providers

Ski Safe

Ski Safe is a dedicated jet ski, boat, and personal watercraft (PWC) insurance provider with over 500,000 insured customers. They offer some of the lowest premiums in the industry, with policies starting at $85 per year for liability-only coverage. They also have several other packages, including Basic, Premium, and Build Your Own, which can include physical damage, bodily injury, medical payments, towing, fuel spills, and roadside assistance. Ski Safe has an A+ rating from A.M. Best and is known for its easy-to-use online portal and resources.

Nationwide

Nationwide is a well-known insurance company that offers jet ski insurance through its PWC insurance policies. They are a consistent favorite for bundling insurance policies, as they offer competitive rates for customers who combine multiple policies, such as home and auto insurance. Nationwide's PWC insurance starts at $100 per year, with deductibles ranging from $250 to $5,000. Their policies include bodily injury liability, property damage liability, protection from uninsured and underinsured motorists, collision and damage payments, medical payments, and on-water boat towing and labor. They also offer comprehensive coverage for fires, theft, and storms.

Allstate

Allstate is a well-known insurance provider that offers jet ski insurance through its boat and PWC insurance policies. They provide a range of discounts for their customers, including multi-policy, full-pay, homeownership, and boat education course discounts. Allstate also has partnerships with various organizations, offering additional discounts and benefits. Their PWC insurance includes damage to your watercraft, medical payments, watercraft liability protection, property damage, repairs, emergency services, and uninsured watercraft coverage. They also offer an Agreed Upon Value coverage option, which allows you to recoup the full purchase price of your jet ski.

Progressive

Progressive is a long-standing insurance company, offering comprehensive insurance policies for boats and personal watercraft, including jet skis. They provide discounts for customers with multiple boats, jet skis, or other personal watercraft. Basic coverage starts at $100 per month and includes liability insurance and insurance against uninsured boaters. Progressive also offers Choice and Plus plans, which include medical payments, comprehensive insurance, and totaled vehicle loss coverage. They have an A+ (Superior) rating from A.M. Best and are a frequent choice among boat and watercraft owners.

Markel

Markel is a specialty insurance company that provides coverage for niche markets, including PWCs, motorcycles, and off-roading. Their PWC coverage includes physical damage, consequential damage (such as fires, collisions, or strandings due to normal wear and tear), ice and freezing damage, watercraft liability, medical payments, uninsured boater coverage, and emergency towing and assistance. Markel also offers a range of discounts, including a multi-unit discount, experienced boater discount, and a diminishing deductible that can lead to a $0 deductible after four years of coverage.

Global Marine Insurance Agency

Global Marine Insurance Agency offers both personal and commercial jet ski insurance policies. Their commercial jet ski rental policy covers medical expenses, equipment replacement due to client negligence or catastrophic events, and marina operators' legal liability. Their personal jet ski policies are competitively priced and offer flexible coverage options.

Practical reasons for jet ski insurance

While jet ski insurance is not a legal requirement, there are several reasons why it is a good idea to insure your jet ski. Here are some practical reasons why you should consider getting insurance for your jet ski:

Protect your investment

A jet ski is a serious investment, and insurance can provide peace of mind and protect your finances in the event of damage, loss, or theft. Insurance can help cover the costs of repairs or replacement, ensuring that your investment is protected.

Liability coverage

Jet skis can be involved in accidents, causing damage to property or injuring others. Without insurance, you may be held liable for medical bills or property damage. Liability coverage protects you from these potential costs and provides financial security.

Coverage for common risks

Most jet ski insurance policies cover common risks such as collisions, theft, vandalism, fire, and weather-related damage. This coverage can help protect you from unexpected expenses and provide peace of mind while enjoying your jet ski.

Medical and personal coverage

Some jet ski insurance policies include medical payment coverage for injuries sustained while operating the jet ski. Additionally, personal property coverage may be included for lost or stolen items, providing financial protection for your belongings.

Seasonal coverage options

If you only use your jet ski seasonally, some insurance companies offer short-term policies that provide coverage during the peak season. Seasonal coverage can be more cost-effective and convenient, as you don't have to pay for a full-year policy.

Customizable coverage

Jet ski insurance policies can be customized to meet your specific needs. You can choose the level of coverage that suits your usage patterns and budget. Whether you use your jet ski occasionally or frequently, there are options available to provide the protection you need.

Overall, jet ski insurance is a practical and valuable consideration for any jet ski owner. It provides financial protection, liability coverage, and peace of mind, allowing you to enjoy your water adventures without worrying about potential risks and expenses.

Frequently asked questions