You may have just received a renewal notice from your insurer and notice that the premium has gone up again. You want to make sure you have suitable cover, but also need to make sure that the price remains competitive. What can be done? Below is a list of potential options available to help to reduce this cost.
Jet ski insurance quotations are rated mainly on the total sum to be insured. Most policies are market value policies, which means that in the event of a total loss of the ski, the market value at the time of loss is paid by insurers. If you purchased your craft five years ago for £15,000 for example, it may now only be worth £10,000, therefore this is the most that would be paid in the event of a theft claim and you could be paying more than you need for insurance. It may be the case that the value of the craft is low enough that you wouldn’t make a claim even if the jet ski was stolen, in which case it may be more logical to purchase third party insurance only.
Another option available to help to reduce your quoted premium is to voluntarily increase the policy excess. Increasing the excess reduces the risk to insurers, and therefore discounts of up to 25% are available. You can also choose to increase the excess for theft only. This may be useful if the craft is locked in a garage all year and the risk due to theft is minimal.
Discounts of up to 10% are also available if the ski is only used during the summer, and securely stored during the winter (November to February).
Another option available is to obtain a qualification which proves proficiency with personal water craft. The RYA PWC qualification is a day long course, which according to the RYA’s website develops your skills in the following areas: Launching, handling and recovery skills, passage planning and decision making, high and low speed riding skills, essential safety information, collision avoidance and orientation at sea. Many insurers will recognise this qualification and may be able to provide a reduction in premium on sight of your certificate.
If you would like a review of your current jet ski insurance policy or would like a quote, please contact one of our expert team on 01843 603345.