Insurance Declassified: J is for Jet Ski

As many families prepare to end their summer with a great vacation, very few people consider the topic of insurance. Unfortunately, this can have disastrous consequences. Under your homeowner's or renter's policy there is typically minimal coverage for a rented watercraft, however in almost all cases a jet ski is going to be excluded due either to it's horsepower. Jet Ski rentals are an extremely popular vacation hobby, however every Summer we hear a few tragic stories where someone has been injured or killed while enjoying their time on the water. These accidents are not covered by your insurance! Absolutely no one wins in this situation, as families find themselves without coverage if they're found liable and the victims are left without medical care or funeral costs when insurance companies don't pay out. If you have children who want to rent Jet Skis with their friends, it may be time to put your foot down. As the custodian of their friends you could be found vicariously liable for any injury caused by your child, as well as any injury of their companions or another rider. This means fees ranging from jet ski repair or replacement, the towing or removal of disabled watercraft from the body of water, immediate emergency care, long term medical care, or funeral costs. These alone can quickly climb into the hundreds of thousands or millions of dollars before any court settlement is reached. Settlement costs include things like a victims predicted earnings in their life time, pain and suffering as a result of injury or disfigurement, psychiatric care for the victim or their family, the care and keeping of any dependents. As most Jet Ski rental companies require liability waivers you'll be hard-pressed to find an hourly policy per your rental agreement. Some other options for less risky thrills at the beach? Try a high speed boat tour, or rent a watercraft that would be covered under your policy. Head to the local waterpark for a day of waterslides, check out a local zip lining course, or see any company offers horseback ride or ATV tours of your destination. Being the safe parent doesn't have to mean being boring! You'll be the toast of the town when your child and their friends return to school with their awesome zip-lining story, or funny picture of their trip down a waterslide!