Jet skis and other types of personal watercraft are a great way to enjoy the gorgeous New Jersey coast and spend time outdoors, but it is important to enjoy this popular pastime responsibly.
One of the first steps new watercraft owners should take is obtaining appropriate insurance coverage.
Here is a look at the basics of boat insurance for New Jersey personal watercraft and advice on finding the right policy at the best price.
Understanding Boat Insurance Basics in New Jersey
Boat insurance covers watercraft and its occupants against a range of risks. Depending on the policy, these may include fire, vandalism, theft, liability, injury, and collision.
There are options for covering different watercraft components, such as its accessories, boat trailer, engine, and the occupants’ personal belongings. Legal fees, towing costs, and medical expenses related to accidents may also be covered.
Although acquiring boat insurance for New Jersey watercraft is not mandatory, it is highly recommended for new personal watercraft and jet ski owners.
These types of watercraft are more vulnerable to accidents and damage than larger watercraft. Moreover, their high speed and easy maneuverability make them more likely to cause injuries.
Adequate insurance can prevent significant legal liabilities and financial losses in the event of an accident.
Types of Coverage: What’s Essential for Your Jet Ski?
Liability coverage is a basic option that covers the injuries and damages that your watercraft may cause to others in the event of an accident. It may also provide coverage for legal fees should you be sued for wrongful death or negligence.
New Jersey requires this type of insurance for watercraft registered with the state or operated on state waters.
Collision coverage can pay for repairing or replacing your watercraft if it sustains damage in a collision with an object or another watercraft. Although this type of coverage is optional, it is useful for any particularly valuable or new watercraft.
Additional coverage options to enhance protection include personal injury protection, which covers your medical expenses even if you are at fault, and uninsured/underinsured boater coverage, which is useful in cases where you are in an accident with a boater without proper insurance. Emergency assistance coverage and trailer coverage are also available.
Navigating New Jersey’s Legal Requirements for Watercraft Insurance
Individuals who only use their watercraft on private waters that cannot be accessed by the public, as a tender for a bigger boat, or competitions do not need liability insurance, but all other jet ski and personal watercraft owners must have liability coverage if their watercraft is registered with the state or operated on state waters.
The minimum coverage the state requires is $15,000 per person and $30,000 per accident for bodily injury, and $5,000 per accident for property damage.
Compliance and Penalties: Staying Within the Law
Understanding and adhering to New Jersey’s insurance requirements for watercraft is imperative; those who fail to comply could lose their boating privileges, have their watercraft impounded, and face fines and arrest.
Watercraft owners must always keep their insurance policy and boating safety certificates with them while on the water and report accidents to authorities as soon as possible.
Comparing Insurance Providers: Finding the Best Fit for You
Watercraft owners should choose an insurance provider carefully to ensure the right fit for their needs. Coverage options should be a primary consideration, especially if you’re running a boating business, as not all providers offer every type of coverage.
Limits and deductibles should also be considered to ensure they meet the policyholder’s budget and expectations.
Be sure to choose a provider with a good reputation for professional customer service and a straightforward claims process. Watercraft owners should also look for providers who offer competitive pricing.
Reading Between the Lines: What to Look for in Policy Details
The “fine print” of an insurance contract specifies the terms and conditions of coverage. Look for exceptions, limitations, and exclusions that could affect your coverage.
For example, some policies may require policyholders to notify the provider within a certain period after an accident. Ask questions if anything is confusing or unclear.
Cost-Saving Tips for Jet Ski Insurance in New Jersey
Although boat insurance for New Jersey watercraft is more affordable than other types of insurance, many watercraft owners are looking for ways to save money on insurance premiums. Shopping around and comparing quotes is an effective way of finding a good deal.
In some cases, increasing the deductible or bundling insurance with other types of policies, such as auto or home insurance, can provide greater discounts while simplifying payments.
Secure Your Adventures on the Water with Watercraft Insurance from JMG
By understanding the nuances of personal watercraft insurance, you can be confident you are acquiring proper coverage at a reasonable price. Are you ready to secure your adventures on the water? Contact John M. Glover Insurance Agency today for expert guidance and personalized insurance solutions.
