The present invention comprises an easy-to-use, adjustable, drop-on cover for water craft that secures to the craft protecting it from UV light, heat, cold, water, wind, yard and road debris, and other environmental elements. The cover is comprised of a top panel, first and second side panels, a draw cord, straps, winch straps, and an attached storage bag for self storage. The panels each possess attached straps and/or winch straps to allow the cover to be adjusted to accommodate crafts of varying sizes. Although, the cover is generally designed to drop over the top of the water craft such that the hull of the craft is exposed, it may also be used in the reverse manner such that the cover is dropped over the hull of the water craft when the craft is stored upside down. The attached storage bag serves a dual purpose of a self storing bag within which the cover can be folded and stored when not in use and a red flag to alert vehicles when the cover is used on a water craft being transported by a vehicle.