How Boat Insurance Protects You in Ontario
When you’re on the water in beautiful British Columbia, we’ve got you covered!
Know that you’re protected when you’re out on Ontario’s beautiful waterways!
How Boat Insurance Protects You in Ontario
Your Boat
When you get Ontario boat insurance, it protects your boat and its motor, boating equipment, and boating accessories like lifejackets, GPS, depth sounders, and many other items.
Liability
Liability insurance for your boat helps protect you financially should you injure or cause the death of someone or cause damage to another person’s boat or property while you’re operating your boat in Ontario.
It’s recommended that you have $3 million or more in boat liability insurance coverage as part of your marine insurance policy to protect yourself as an Ontario boat owner. It helps cover such things as legal fees and medical bills, which are expensive without boat insurance.
Your Belongings
Marine insurance helps protect your clothes and personal effects, sports, and fishing equipment as well as your passengers’ personal items against damage and theft while you’re on your boat.
We can help you save money
Are you paying the right insurance price for your Ontario boat? Western Financial Group is an insurance broker that has partnerships with Canada’s leading insurance companies. We will do the insurance shopping for you and get you boat insurance quotes that you can choose from that best protect your Ontario boat. We’ll get you boat insurance quotes at the best price for you.
What are the three main types of Ontario boat insurance:
Liability coverage: This protects you if you're at fault in an accident that causes property damage or bodily harm to others.
Hull coverage: Hull insurance covers damage or loss to your boat itself, including its machinery and equipment, due to such things as an accident or collision.
Uninsured boater coverage: This type of insurance protects you if you're in an accident with an uninsured boater.
If you’re a Ontario 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 10 of Ontario’s most popular boating waterways:
- The Great Lakes
- Georgian Bay
- 1000 Islands-St. Lawrence River
- Muskoka Lakes
- Lake Simcoe
- The Rideau Canal
- Trent-Severn Waterway
- Nipissing Region
- The Ottawa River
- Lake of the Woods-Kenora
What kind of boats does Western Financial Group’s Ontario boat insurance cover?
- Cruisers
- Jet drives
- Runabouts
- Pontoons
- Sailboats
- Fishing
- Sport
- Personal watercraft
As a Ontario 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 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 Ontario marine insurance policy to find out what is covered and what financial coverage is provided.
How much does boat insurance cost in Ontario?
The cost of 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 Ontario 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 Ontario 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 Ontario.
- Convenience: We offer a range of online, phone, and in-person services, making it easy for you to get the Ontario marine insurance policy you need and to make changes as needed.
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Boat FAQs
In Canada, all motorized boats require a Pleasure Craft Operator Card (PCOC) for operation issued by Transport Canada, which is basically a boating license. You’ll need to take a boating safety course and test to get your PCOC.
As a boater in Ontario, your marine insurance typically covers:
- Collision
- Fire, explosion, theft, and vandalism
- Lightning, hail, and windstorm damage
- Vermin damage
- Hitting a shoal or an underwater ridge
Boat insurance isn’t mandatory in Canada. Ontario boat insurance is recommended because we know that your boat is a valuable asset. When you get boat insurance, it protects your investment in your boat and it’s the best way to make sure you’re protected on the water.
Yes. 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 boat insurance coverage. Failing to do so may result in a loss of coverage or denial of claims related to damage that could have been prevented through proper winterization of your boat.
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 attached to agreed value coverage.
Actual cash coverage covers you for the value of your boat at the time of loss, less depreciation.
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 Ontario 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 a minimum of $3 million in liability coverage for your boat.
Year-round boat insurance is recommended because over the winter there can be rodent damage, snow-load damage or storm damage, or theft and vandalism.
Marinas and storage facilities can require boat owners to have insurance coverage to allow them to dock or store their boats on their premises.
It would not provide sufficient coverage for your boat. Your Ontario home insurance policy typically offers limited coverage for small boats, such as canoes or rowboats, and it can be subject to specific conditions.
Canadian law requires a Canadian-approved lifejacket or personal flotation device (PFD) for each person on board a boat, but the law does not mandate that they be worn.
Emergency towing usually covers towing back to the closest marina or repair facility, fuel to be delivered to you including the cost of the fuel being delivered, and the cost of emergency labour to be performed at the site of disablement. Check your boat insurance details.
That depends. Do you have a clean driving record? Do you have any demerit points on your driver’s license? Were you convicted of a DUI? Expect that boat insurers will check your driving record to assess your risk level and determine your premium rate. If you are an experienced boat with no claims and a clean driving record, you can expect your boat insurance to be lower.
Some of the factors that affect your insurance premiums include:
- The age of your boat
- The size of your boat and the strength of its motor
- Where you live
- Whether you will be using your boat on inland lakes or the ocean
- Which coverage options you choose
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