Watercraft Insurance typically covers other smaller sea vessels whose sizes do not exceed 26 feet. This may refer to pleasure boats, jet skis, sail boats, power boats, water skis, non commercial fishing boats and other personal watercrafts. While owning a watercraft can provide you, your family and friends with wholesome fun and water thrills, it also puts you into a type of peril that is mostly associated with accidents at sea. It can put your investment at stake, and your general welfare at elemental risk.

There are many insurance companies offering watercraft insurance. Like all the other types of insurance, the rates and coverage differ from one company to another.

First, you will have to determine what it is that you require exactly – the specific amount you are willing to spend for the premium without going below or beyond your needs.

Watercraft Insurance has many considerations as there are actually many types of watercraft

Pleasure Boat Insurance
This insurance provides coverage for the value of your hull. Some companies may reimburse you for the actual cash value you declared and may not even count the value after deductibles and depreciation expense. Of course, this type of policy is more expensive but is always worth the price. Some companies pay only for the book value at the time the boat is damaged or lost, calculating depreciation and deductibles.

Jet Ski Insurance
Some companies offer discounts on your premium on the basis of your boating record and experience. For example, if you only use your jet ski on fresh water or if you have participated in any watercraft safety courses, the company will consider giving a price cut. Also if you have a consistently clean record, you may use it for your benefit.

Small Boat Insurance
Very similar to the Jet Ski insurance, the small boat insurance guarantees coverage for physical damage based on the Actual Cash Value at the time of loss. This will also mean the repair or replacement of your boat subject to the presently assessed value of the vessel minus the deductible. Most companies also include liability coverage according to the limit you set in your policy.

Standard Inclusions
General coverage on any type of watercraft insurance can be the following: fire, theft, collision, vandalism, storm, and collision of submerged object, accidental damage both in and out of the water, physical damage to trailer and personal and property injury.

Non-standard Inclusions
Other policies you might want to include are replacement costs, uninsured boater’s liability insurance, medical payments, towing and roadside assistance and water sports liability coverage.

Most companies do not cover the following

insurance on a watercraft that has been modified to increase performance, insurance on a watercraft that is generally used at dark (dusk to dawn), insurance of a boat whose owner does not have a valid automobile driver’s license, and insurance of a vessel that is used during the optional lay-up period.