Sail the open water knowing you’re protected

Whether you like to use your boat to fish, to wakeboard or to just cruise the open water, you need high-quality insurance to fully relax. Let isure insurance take care of your boat insurance needs so that you can focus on what matters most; spending a nice day on calm waters with your friends, family or by yourself to collect your thoughts.


If you own a smaller, non-motorized watercraft, it may be covered under your home or cottage insurance. Many homeowners’ policies include perfectly good coverage for smaller boats and motors, usually with a limit of 25- to 100-horsepower. This may also automatically include coverage ranging from $2,500 to $5,000. Some examples of watercrafts that would be covered are:

– Canoes

– Kayaks

– Small fishing boats

Larger and motorized watercrafts, however, often require specialized coverage, as many homeowners’ policies limit or don’t cover marine-specific risks.  They can be insured under a home insurance as “scheduled property.” A separate rate will be charged and the boat will be insured to its full value. Some examples are:

– Bass boats

– Cabin cruisers

– Bowriders

– Pontoon boats

For serious boaters, marine craft-like sail boats, speed boats, yachts or boats that travel into coastal waters should be covered under their own separate policy.

Tip: Make sure to insure your trailer and boating accessories, as well. Just call your isure broker to discuss!

What does boat insurance protect?

When you have high-quality insurance, you can protect the following:


Your Boat

You invested a lot of time and money to get your boat, why not protect it to the fullest? With boat insurance, the boat, motor, and accessories are all protected from damage, theft, vandalism and much more!


Your Belongings

If you like to host people on your boat and have the ability to do water skiing, tubing or wakeboarding, boat insurance can protect the people and the equipment from damage and theft.

Liability Claims

Accidents can happen, even on the water. If you cause damage to somebody or their property while boating, you can be financially protected if you have boat insurance.


What are reasons to carry boat insurance?

While boat insurance is not a requirement in Ontario, it could be a very costly decision in an attempt to save money on your monthly expenses. In fact, there are many reasons that support having boat insurance, including:

  • Liability coverage for injuries to people on the boat, in the water or on other boats
  • Liability coverage for property damage as a result of operating the boat/watercraft
  • To obtain storage privileges at a marina or other boating facility
  • It helps to secure financing for the purchase of new watercrafts
  • Better coverage than what may be covered under home insurance
  • To keep boat-related claims separate from your home insurance policy
  • As your boat ages, it will help guarantee that it is still seaworthy each year (Survey may be required)

What Does Boat Insurance Covers?

Most policies will protect your boat and personal belongings against risks, as well as provide liability coverage protection for your passengers. Boat insurance will typically cover liability for water sports activities, too. Here are some other coverages included:

  • Coverage for risks as a result of weather, theft, fire and vandalism
  • Loss and damage due to accidents
  • Emergency towing and loss of use
  • Medical costs and accident benefits for operator and passengers
  • Damage or loss to navigation equipment, sports equipment and personal belongings
  • Pollution and wreck removal
  • Damage to furniture, the hull, sails, motors and trailers

What does boat insurance not cover?

It’s important for you to speak with your isure broker to better understand what exclusions may exist in your current policy, such as:

  • Damage from ice or freezing temperature
  • Depending on the size or type of watercraft, there may be navigational limits to where and how far you can travel
  • Damage from pests, like rodents and animals, while docked or stored


What factors affect boat insurance pricing?

Rates for boat insurance may vary based on a variety of factors. The information that an insurance company requires about a boat and its operators is similar to the type of information it needs to provide auto insurance. The average premium can range anywhere from $300 to $1,000+.

Here is a list of factors that may help determine your rates:

  • The boat’s length, type and value
  • The boat’s size and horsepower
  • Experience, loss and claims history of the operator(s)
  • Navigational range allowed and if you charter your boat
  • Its condition and market value – your insurer may ask for a survey if your boat is more than 15 years old
  • How frequently the boat is used, what it’s used for and how and where it is stored
  • Additional equipment (GPS, trailor, etc.)
  • Possession of Pleasure Craft Operator Card

If you also own a cottage, you may have outbuildings, such as a boathouse, garage or shed. You may need additional coverage to ensure that these buildings are fully protected – be aware of coverages and exclusions. 

Is boat insurance mandatory in Ontario?

No, boat Insurance is not mandatory in Ontario. However, if you are financing a boat or mooring it at a marina, they’ll likely require you to have insurance.

Why should I insure my boat or personal watercraft?

Being out on the waves can be risky and you want to protect your boat and your loved ones from damage or injury.


Who can drive my boat?

Anyone who is legally eligible to drive your boat and has your permission is covered to drive.

Drivers under the age of 12 need to be accompanied by an adult and will have some horsepower restrictions. Also, too many additional drivers on your policy often results in increased premiums.


What is the best coverage for my boat?

It is best to have what is known as an “All-Risks” policy, which will provide coverage for all types of losses, except those specifically excluded in the policy.

What are some exclusions with boat insurance?

Typical exclusions may include wear-and-tear, gradual deterioration, marring, denting, scratching, animal damage, manufacturer’s defects, defects in design, and ice and freezing.

What are the differences between boat and yacht insurance?

Generally, boats are considered to be 26′ and smaller, while yachts are 27′ and larger. On average, yacht coverage is broader and more specialized because larger boats travel further and have more unique exposures.

Why should I insure my personal watercraft all year?

Threats to your boat exist all the time, not just when it’s in the water. In the offseason, there are damage risks from weather, vandalism and more.


Does boat insurance cover the trailer?

Your policy will offer protection for physical damage to the trailer, but will not cover you for liability. If your trailer causes damage to another vehicle, your auto insurance will then kick in.

Do I need a survey for boat insurance?

It depends on the age of your boat and your insurer. Older boats may be required to get a survey annually.

Does boat insurance cover storm damage?

Yes, your boat insurance will include protection from storm damage, unless it’s specifically excluded.

What is the difference between marine and boat Insurance?

The main difference is marine insurance is for commercial boats, while boat insurance is for personal watercrafts.

Do I still need insurance if my boat is stored at a marina?

Yes, the marina does not cover your boat. You will need insurance to cover any damage or loss when it is in storage at a marina.


Why do I need boat insurance?

Many people think that they’ll be super careful when boating, so they don’t buy insurance. We are here to say that not having boat insurance can be more expensive than if you do. In the event of an accident, either on the water or when you are docking your boat, insurance can protect you from colossal financial damage. Here are a few of the many reasons why you should get boat insurance today:


If you break down in the middle of the water, you can be covered for emergency towing so you can safely return to land.


If your boat experiences damage, you can rent out a boat while yours is being repaired.


It will protect your boat and the people on it against many different risks.

At isure insurance, we want to make the insurance buying process simple so that you can enjoy the open water quicker. Give us a call today to talk with a professional insurance broker who will go through your situation and recommend the best policy for your needs.

Not sure where and how to start?

isure experts are here to HELP you get the right Boat Insurance.