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5 Myths About Boat Insurance You Should Know

5 Myths About Boat Insurance You Should Know

Once you get boat insurance, everything’s covered, right? No, not exactly.

Marine insurance protects you, your passengers, and your boat against unexpected events, but there are usually some exclusions in your policy. It’s important to give your boat insurance policy a thorough reading to understand what is covered and what is not covered. It’s all about understanding the details.

Here are 5 common myths about boat insurance

  1. My driving record doesn’t affect my boat insurance

Your insurance provider is likely to look at your driving record. Do you have any accident claims or an impaired driving charge? A boat insurance client with a clean driving record is likely to pay less that someone with a spotty driving record with claims and accidents.

  1. My house insurance covers my boat

Your home insurance policy usually doesn’t have enough coverage to protect your boat.

Typically, the cost to replace or repair your boat will be greater than the amount covered by your homeowner’s policy. If your boat is worth less than $3,000, is less than 26 feet (eight metres), and its horsepower is less than 50 HP., it’s likely to be covered under your home insurance. So, it may cover a rowboat or some type of canoe.

If your boat is bigger and worth more than a few thousand dollars, you should have boat insurance to protect it.

Your personal liability coverage on your home insurance covers you if people are injured or their property is damaged at your house or on your property. You would need to check with your insurance provider to find out whether your personal liability coverage on your home insurance would cover a boating accident. It may depend on the size of your boat.

  1. No extra marine insurance coverage is needed for boating outside Canada

Boat insurance policies include details about the areas where you take your boat.

This depends on your insurance provider and can include distances from the shore or, in some cases, outline longitude and latitude limits.

If you boat outside your policy’s navigational limits, you are usually excluded from insurance coverage.

If you want to head south, for example, expect that you will need to extend your insurance coverage.

Ask about cross-border coverage for your boat.

  1. Actual cash coverage covers the cost of a new boat

Not quite. It’s important to know that actual cash coverage covers you for the value of your boat at the time of loss, less depreciation.

An agreed value policy honours the value of your boat at the time the policy was written and usually has a time limit. For example, a boat might have agreed value coverage until it is 15 years old.

  1. My boat insurance will cover any parts that need to be repaired

Your boat insurance policy may exclude damage caused by failing to maintain your boat properly. A basic boat insurance policy does not cover any machinery or parts that need repair or replacement due to lack of maintenance, improper use, mechanical and production defects, or because they are old.

It’s essential to keep up with routine maintenance tasks and have your boat inspected regularly.

Your boat insurance may still cover machinery if it’s damaged by a collision or a storm.

Boat insurance isn’t legally required in Canada, but it’s a great way to protect your investment in your boat.

We can help you with boat insurance to make sure you have the coverage you need. A Western Financial Group boat insurance expert will help you with your boat insurance needs.

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