How Boat Insurance Protects You in British Columbia
When you’re on the water in beautiful British Columbia, we’ve got you covered!
When you’re on the water in beautiful British Columbia, we’ve got you covered!
All You Need to Know About B.C. Boat Insurance
Your Boat
When you get boat insurance in B.C., it protects your boat and its motor, boating equipment, and boating accessories like lifejackets, GPS, and depth sounders, among many other items.
Liability
Liability insurance for your B.C. boat helps protect you financially if you injure or cause the death of someone or cause damage to another person’s boat or property while you’re operating your boat.
It’s recommended that you have $3 million in liability insurance coverage as part of your marine insurance policy to protect yourself as a boat owner in British Columbia.
Your Belongings
Marine insurance helps protect your personal items and your passengers’ personal items and sports equipment while you’re on board against insured risks such as damage and theft.
If you’re a B.C. boater, you don’t want a mishap or an accident to be part of your boating trip. Even though boat insurance isn’t legally required, make sure you’re protected on the water.
Did you know? Here are 12 of the most beautiful lakes in B.C.:
Kalamalka Lake (Vernon)
Joffre Lakes (Pemberton)
Cultus Lake (Chiliwack)
Green Lake (70 Mile House)
Okanagan Lake (Kelowna)
Sproat Lake (Vancouver Island)
Lake O’Hara (Yoho National Park)
Eva Lake (Revelstoke)
Clearwater Lake (Wells Grey)
Kootenay Lake (Kaslo)
Ruby Lake (Sunshine Coast)
Boya Lake (T? Ch’il? Provincial Park)
Most boat policies cover sailing anywhere in Canada and the northern United States. If you want to go further south, you will need to add an extension of territory to your B.C. boat insurance
policy. Ask a Western Financial Group marine insurance expert about this.
Did you know? Here are 12 of the most beautiful lakes in B.C.:
- Kalamalka Lake (Vernon)
- Joffre Lakes (Pemberton)
- Cultus Lake (Chiliwack)
- Green Lake (70 Mile House)
- Okanagan Lake (Kelowna)
- Sproat Lake (Vancouver Island)
- Lake O’Hara (Yoho National Park)
- Eva Lake (Revelstoke)
- Clearwater Lake (Wells Grey)
- Kootenay Lake (Kaslo)
- Ruby Lake (Sunshine Coast)
- Boya Lake (Ta Ch’ila Provincial Park)
What kind of boats does Western Financial Group’s B.C. boat insurance cover?
- Cruisers
- Jet drives
- Runabouts
- Pontoons
- Sailboats
- Fishing
- Sport
- Personal watercraft
As a B.C. boat operator, do you know about Actual Cash Value vs. Agreed Value Coverage?
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. Many boat owners choose an agreed value policy for peace of mind.
What else does B.C. boat insurance cover?
- Lightning strikes and weather-related damage
- Emergency towing
- Pollution and wreck removal
- Agreed value/replacement cost
- Repairs for collision with dock or underwater/ floating objects
- Damage by rodents
Always read the details of your B.C. marine insurance policy to find out what is covered and what financial coverage is provided.
How much does boat insurance cost in British Columbia?
The cost of B.C. boat insurance depends on:
- The type, age, value, and size of your boat
- The location of where it is used
- Safety features
- Boating experience
- Any past claims
Your home insurance policy provides limited coverage for boats and often restricts what will be insured based on length and/or horsepower of your boat. Your home insurance policy may cover a rowboat or a canoe, but typically not an expensive cruiser.
Why choose Western for your B.C. boat insurance?
- Expertise: We are a leading Canadian insurance broker who works with our insurance partners to get you the best coverage options to protect your boat.
- Competitive pricing: We offer competitive pricing to get you B.C. boat insurance at the best value for you.
- Customer service: We are committed to providing excellent customer service and we are always available to answer any questions you may have about your boat insurance needs in British Columbia.
- Convenience: We offer a range of online, phone, and in-person services, making it easy for you to get the B.C. marine insurance policy you need and to make changes as needed.
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Boat FAQs
No, boat insurance is not mandatory in B.C. Your lender may ask that your boat be insured as a condition of financing your boat. If you are mooring at a marina, you may be required to carry a certain amount of liability insurance.
Yes, you do. If you operate a power-driven boat in Canada, you need proof of competency to show you understand the basic rules of boating and how to safely operate a boat. The most common proof of competency is the Pleasure Craft Operator Card (PCOC). You can get the card by taking a boating safety course in-person or online and passing the test at the end of the course.
Most boat insurance policies require winterization as a condition of coverage. Failing to winterize your boat may result in a loss of coverage or denial of claims related to damage that could have been prevented through proper winterization.
If you choose an agreed value policy, your boat insurance provider agrees to honour the value of your boat at the time the boat policy was written. That is the amount you will receive if you have a total loss. There is usually a time limit for agreed value coverage.
An actual cash value policy on your B.C. boat insurance will pay you the replacement cost of the boat in the event of a loss. Depreciation, damage, and wear and tear are factored into the actual cash value you will receive.
Typically, a marine insurance policy will cover physical damage to your boat while it’s being trailered and your car insurance policy will cover liability losses. For example, if you are trailering your boat and a vehicle rear-ends your boat and damages it, the marine policy will respond. If your trailer side swipes a motorist, causing damage to their vehicle, your car policy would typically deal with it.
You can choose a higher deductible for your B.C. boat insurance. When you choose a higher deductible, though, you are accepting more risk and will be covering more of a loss yourself.
Stay claim-free. Take boating courses.
It’s recommended that you have up to $3 million in liability coverage for your boat.
Year-round insurance is recommended because over the winter there can be rodent damage, snow-load damage or storm damage, or theft and vandalism.
Many marinas and storage facilities require boat owners to have insurance coverage to allow them to dock or store their boats on their premises.
No, because it is not required by law. Motorized boat operators of all ages in British Columbia are required to obtain and carry a B.C. boating license (officially known as a Pleasure Craft Operator Card or PCOC).
It would not provide sufficient coverage for your boat. Your B.C. home insurance policy typically offers limited coverage for small boats, such as canoes or rowboats, but this coverage can be subject to specific conditions.
- Wear and tear
- Racing and competitions
- Specialized accessories such as GPS, radar, fish finders
- Search and rescue and fire department charges
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