During the hot summer season, many people love to escape to the ocean or lakes and go boating and have fun times while making good memories. For those who have boats, jet skis, and other watercraft, the last thing on your mind may be insurance. For those with watercraft and boats there is a specialized insurance policy that is designed to protect the watercraft as well if anyone is hurt by the watercraft. This is known as personal watercraft coverage or PWC. InsureWise would like to share why those with watercrafts and boats should have PWC.
What is PWC Insurance & What Does it Cover?
Personal Watercraft Coverage or PWC is a special type of insurance policy that insures you and your watercraft against accidents, vandalism, damages, and liability scenarios. Many people will invest in a boat and other watercraft and never have insurance. If their watercraft is damaged or collided into another watercraft and damages do occur, you will need to repair your watercraft yourself. If someone is injured while riding in the watercraft or was injured by the watercraft, you could be sued and held responsible for covering the cost of injuries, medical bills, and even loss of wages. For those who have a boat and other watercraft, if your watercraft is damaged, stolen, or vandalized, the PWC insurance will cover the cost in these scenarios. Those who were injured by the watercraft or boat, the liability coverage of the PWC policy will help cover the cost of the injured.
What Would Not Be Covered by a Watercraft Policy?
The PWC has its limits and many things may not be covered or you could lose your PWC coverage. For example watercraft with enhanced speed modification for more power and or speed is a higher risk and may not be covered on your PWC. The insurance policy may not be valid for after dark uses. Obviously using a watercraft after dark has its risk. There may be a few exceptions for large boats. It is important to know the limits of your insurance policy to make sure you are properly protected.
Why Do You Need Insurance on Personal Watercraft?
Many types of watercraft will have an insurance policy you can get during purchase. However, it usually only covers the watercraft and has narrow coverage. Seeking your own PWC will give you much better coverage and protects the watercraft or boat as well as you. Accidents can occur at any time and in the most craziest of situations. Swimmers can get in the path of the watercraft or even collide into another watercraft or boat. If you find yourself without insurance, you will pay for repairs out of pocket. If someone was injured and a lawsuit is filed against you, it can turn into a very expensive situation. You will have to pay for medical bills, loss of wages and more. You can find yourself losing everything over a lawsuit.