There are many reasons why people choose to purchase high performance boats. They may be looking for a new hobby, love boating, or want to spend time with their family during the weekends away from school and work. The one thing that they all share is the need for high performance boat insurance of the highest quality possible.
What You Should Know About High Performance Boat Insurance
High performance boats can range in size and stock speed to more powerfully modified watercrafts capable of speeds over 100mph. These types of vessels typically fall into three categories; jet skis, wave runners, and offshore powerboats. Each type has its own unique set of risks associated with it, which must be considered when choosing coverage. It’s also important to make sure your policy will cover you even if you file a claim after you’ve gone over the speed limit.
High Performance Boat Insurance for Jet Skis
Jet skis are one of the least powerful but most often seen types of high-performance boats on the market. They typically have two or three-cylinder engines ranging in displacement from 85–900 cubic centimeters (cc’s) and can reach speeds between 45-75mph.
High Performance Boat Insurance for Wave Runners
Wave runners are generally larger than jet skis, with engine displacements closer to 1,500 cc’s and stock speeds around 50mph. Their increased size is what increases their risk level compared to jet skis.
High Performance Boat Insurance for Offshore Powerboats
Offshore powerboats are the fastest and most powerful type of high performance boat. Often used in racing, they can have engines with displacements of up to 3,000 cc’s. On the other hand, top speed is usually over 100 mph. Because of their size and speed, they carry the highest level of risk when it comes to accidents and injuries.
When choosing a policy for your high performance boat, it’s important to consider all of the risks associated with the different types of boats. Make sure you are fully protected by a policy that will cover you both on the open water and if you’re caught speeding.
Available Coverage for High Performance Boat Insurance
There are a few different types of coverage that are available for high performance boats. Although this may differ from one insurer to another, among the standard coverages are as follows:
Liability Insurance
This is the most basic type of coverage and will protect you from lawsuits. It’s important to have this coverage in case there are injuries or damages as a result of your boat.
Property Damage Insurance
This will help pay for damages to another person’s boat or property. This type of coverage is important if you frequently take your high-performance boat out on the open water.
Accidental death and dismemberment insurance
This will pay out a lump sum if you die or lose an arm, leg, or hand in an accident while operating your boat.
Commercial Towing and Assistance
This provides coverage for towing and assistance services if your boat breaks down while you’re out on the open water.
Watercraft Theft Insurance
This provides coverage for stolen boats or damages due to theft. It will also cover any loss of use while your boat is on repair.
Non-Owned Watercraft Insurance
This provides coverage for the boat when you are using it but don’t own or register it, such as renting a boat at a marina.
Fuel Spill Liability Insurance
The fuel spill liability coverage will help pay for the costs of cleaning up a fuel spill from your boat during an accident. Considering that this type of boat has enormous power and high speed, it’s high-risk, as well. Thus, there is also a higher likelihood of fuel spills in the event of an accident.
Port Risk Liability Insurance
This coverage is for damages to a permanent object when your boat is moored or docked. This could include damages to a pier, dock, or marina.
Salvage and Wreck Removal Insurance
If you need to hire a diver or boat to remove your sunken or stranded craft, this provides coverage for those costs.
In a Nutshell
As with any type of insurance policy, it’s important to read over the terms and conditions carefully to make sure you have the right coverage in the event of an accident. You can tailor-fit high performance boat insurance to suit to your specific needs. So make sure you discuss your requirements with your insurer.
Choosing the right type of insurance coverage for your high performance boat can be confusing. But an expert insurance agent can help you find the right policy for your needs. At Lopez Auto Insurance, we understand the risks associated with your watercraft and can help you find the suitable high performance boat insurance coverage you need. Give us a call today!
Frequently Asked Questions
What is liability insurance?
A: Liability insurance is the most basic type of coverage and will protect you from lawsuit due to damages involving your boat.
What does property damage insurance cover?
A: Property damage insurance will help pay for damages to another person’s boat or property. This type of coverage is important if you frequently take your high-performance boat out on the open water.
What are accidental death and dismemberment insurance?
A: Accidental death and dismemberment insurance will pay out a lump sum if you die or lose an arm, leg, or hand in an accident while operating your boat.
I don’t own the boat I’m using, does that mean I need non-owned watercraft insurance?
A: Non-owned watercraft insurance provides coverage for the boat when you are using it but don’t own or register it, such as renting a boat at a marina.
What is fuel spill liability insurance?
A: Fuel spill liability insurance covers the costs of cleaning up a fuel spill if your boat is involved in an accident.
Does my policy cover damages to a fixed object when my boat is moored or docked?
A: Port Risk Liability Insurance will cover damages done to a fixed object when your boat is moored or docked. This could include damages to a pier, dock, or marina.
