Benefits of boat Insurance
The weather across Canada has finally turned a corner and everyone is anxious to get to cottage country and put their boats on the water. Getting the proper boat insurance through a Marine Broker can ensure you have a safe and worry free summer. For small, non-motorized crafts like canoes, kayaks and paddle boards, a home insurance policy may be enough. But for any motorized watercraft specific boat insurance is highly recommended. Because specific boat insurance is not the law in Canada, many boat owners assume that their house insurance covers their boat, but specific marine insurance has many more benefits regarding damage claims and liability.
Benefits of buying boat insurance
- A boat-only insurance policy keeps your home insurance free from claims and eliminates the risk of increased premiums on your home, or worse, a cancelled home owner’s policy.
- Boat insurance has many additional coverages than a home policy.
- Boat insurance is based on agreed-value, actual cash value or replacement cost.
- If there are any injuries to passengers, water-skiers or tubers, marine insurance covers this liability.
What is boat insurance coverage?
Boat insurance has many different elements related to boating activity and storage of the vessel.
- Liability insurance that also includes a waterskiing liability
- Agree valued coverage
- Personal effects coverage
- Reimbursement of emergency expenses
- Express policies may have very low insurance deductibles
- In some circumstances deductibles are waived in no-fault accidents
- Emergency towing
- Damage by vermin is not excluded
- Loss of use coverage
- Coverage for trailers, GPS systems and other equipment.
Factors that affect the costs of boat insurance
There are many factors that can affect the type of policy required and ultimately what the insurance premium will be. It is best to speak to a marine broker so that they can help determine the specific coverage required for the type of boat and the activities that the boat is used for. Factors include:
- Size of boat
- Age of boat
- Value of boat
- Experience of primary operator
- Location of where the boat is operated
- Size of the motor(s)
In the province of Ontario, British Columbia and Alberta, boat owners can also buy an “Express Policy”. This makes insuring certain kinds of boat easy and fast. Generally, there are several rules that a boat owner must meet to qualify for an express boat policy.
- Must be a resident of ON/BC/AB aged 20 or older
- Must have 2+ years’ experience operating boats and a valid PCOC
- Have less than 2 boat claims in the past 5 years
- The boat is max. length 30′, max. value $50K (boat/trailer), max. speed 60 mph
- Boat construction is fiberglass, aluminum or fabric
- Boat is for pleasure use only
Boating is a big financial commitment regardless of the size of motor craft. In order to enjoy years of sailing and boating, we recommend taking the time to contact a pleasure craft marine boat broker or agent. Insure your boat for the correct coverage, so that making a claim is easy and hassle free.