Why Jet Ski Insurance is Different

Jet Ski Insurance is different in some ways to other types of boat insurance. As with all insurance you should be aware of what is being quoted to you in the form of cover. Personal Watercraft (PWC) or Jet Skis are very popular and are often seen around the coast not only at weekends but also on summer evenings. With the increase of these craft being used there is also an increase in the number of accidents. Collisions between jet skis and other boats happens on a regular basis. Many PWC users are new to boating and because these craft are fast over the water there is little time to avoid obstacles in their way. This is why it is important to insure your jet ski.

There are basically two forms of insurance cover, Comprehensive which provides against accidental damage, vandalism, fire and theft. As well as third party liability. The other is Third Party Liability which covers you if cause injury to other people or damage their property, for example their boat. Many places will not allow you to launch your Jet Ski, if you do not have at least 2,000,000 pounds Third Party Liability Insurance.

Jet Ski insurance differs from other boat insurance with regard to its theft cover. PWC are fairly easily stolen if they are left unsecured. So most policies will require that your Jet Ski is always under lock and key when not in use. Your insurance quote would normally be a lot less if you state your Jet Ski is stored in a locked garage, for instance. Anywhere that is well away from the possibility of thieves is the best place to keep your PWC. Be clear as to what your policy covers, before you agree the cover.

Another difference with this type of cover is the need to list all the possible users of the Jet Ski. All will need
to be at least 16 years of age and some policies may ask for a minimum level of experience or certificate of proficiency.

If you have an accident or your PWC is stolen or damaged it is necessary for the police to be informed of the incident. If a repair is required, at least one estimate is usually needed. Sometimes a Loss Adjuster or Surveyor will visit to assess the damage. So keep everything as it was at the time of the incident and do not be tempted to fix it yourself before the claim is settled.

When Do You Need GAP Insurance?

Imagine you are out on the road with your new car and suddenly a rash driver smashes his car into yours. All what you are left behind would be a bare escaped survival for you if you are lucky enough but a fully damaged car of yours from everywhere. So it is quite evident that accidents on roads are not always due to our own mistakes but can be the mistakes of the other people that's why it is good in fact essential to get an Insurance coverage immediately after buying the car. Without an Insurance coverage, it will be up on you completely to bear all the costs in case of the occurrence of any accident. When you purchase a car, rightly after you drive that car of the lot, your car will lose its value and price significantly and value reduction is as much as 20% to 30%.

Sometimes, these accidents are of very cruel nature that they even damage the car beyond the level of repair. That's the point where this Insurance coverage becomes null as they can't protect the total expense of car in these severe cases which occurs once in a blue moon. In case you meet any accident, the total what you will get would be equal to the currently existing market price of the car which would definitely be 25 or 30% lesser than the cost price, incurred earlier.

Significance of GAP Insurance

Consider the example; Let us suppose that you have bought a car worth $31,000 and you have driven it of the lot. Now your actual lease payments are off course based on the cost you incurred while buying but the value of the car is nearly 30% less than the value it had when bought. When the Insurance company would pay you, they will definitely pay you $ 22000 (approximate figure showing 30% reduction) where as your lease payments would still be based over that initial $31000 plus interest.

GAP Insurance plays important role if this kind of situations arises as they would serve you at the time, when your car would be completely wrecked up by covering the whole money, you owe to the company who has provided you loan. This coverage of car Insurance is known as Guaranteed Auto Protection. This is actually the coverage between the cost you indebted on the car and the price of your car. With the help of this guaranteed auto protection, you would have a crystal clear record with your existing lender of the vehicle as this additional coverage will pay the outstanding balance for you.