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Everything You Should know About Boat Insurance


Finding the right boat insurance is easier than you think.  Let your insurance broker do the hard work, leaving you to think about the sun shining on the waves, that perfect cast or moment of solace in your cozy canoe.  Ahhh, boating season is just around the corner.  Here is what you need to know about insuring your boat the right way.

Three ways to insure your boat

The type of boat you have will often dictate how you need to insure it.  Most home insurance policies automatically include coverage ranging from $2500 to $5000.  Check with your broker to see how much you are covered for.

  • Small boats such as canoes, kayaks, small fishing boats, would all be covered under your property insurance.
  • Larger, or more expensive craft like bass boats, cabin cruisers, bowriders and pontoon boats to name a few, can all be insured under your home insurance as scheduled property. A separate rate will be charged and the boat will be insured to its full value.
  • For serious boaters, marine craft like sail boats, speed boats, yachts or boats that travels 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 broker to discuss.

Factors determining boat insurance pricing

The most common factors that will dictate the price of insurance include the value of the boat, horsepower of the engine, maximum speed, number of years of boating experience, and boating courses completed such as Power Squadron and where the boat is parked.

Most FAQs about boat insurance

  • 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?  Boating is a wonderful past time that you want to protect.  Being out on the waves can be risky and you want to protect your boat and your loved ones from damage or injury.
  • Does my driving record on my car affect my boat insurance premiums?  Yes it does surprisingly.  Any motor vehicle convictions you have can be used in rating your boat insurance premiums.
  • Who can drive my boat?   Anyone who is legally eligible to drive your boat and has your permission is covered to drive ie. drivers under 12 need to be accompanied by an adult and will have some horsepower restrictions.

Boating in January?

No, we are not boating in January but now is the time to start thinking about boating season. Are you thinking of buying a shiny new boat or boating accessories?  The Toronto boat show is on this week and while you are dreaming of that perfect day on the lake in the summer, it’s time to get your priorities in order, including your boat insurance.

Need help choosing boat insurance? Click here to find the best boating insurance for your needs.


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