Boat Insurance
Hey Skipper! Are You and Your Crew Protected with Boat Insurance?
Boat insurance helps protect you financially in case of accidents, damage, or theft involving your watercraft. Policies typically cover liability, physical damage to the boat, and personal belongings on board, if you add this optional coverage to your policy.
Western Financial Group is an award-winning insurance brokerage. Our boat insurance experts will get you the right boat insurance coverage so that you can sail away protected on the water.
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What you need to know about boat insurance in Canada
Protects your boat
Boat insurance 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 if you cause someone’s death or injury, or cause damage to another person’s boat or property while you’re operating your boat. It’s recommended that you have $3 million or more in boat liability insurance as part of your marine insurance policy. It helps cover legal fees and medical bills, which can be 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.
Why do I need boat insurance?
Boat insurance isn’t mandatory in Canada but it’s recommended because your boat is a valuable asset. If your boat is financed, your lender may require boat insurance. Boat insurance is the best way to make sure you’re protected on the water.
Doesn’t my house insurance cover my boat?
Not usually. 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.
How can I save money?
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 boat. We’ll get you boat insurance quotes at the best price for you.
What boat insurance protects
- Towing and assistance: Some policies include coverage for towing and emergency assistance services if you need them while on the water.
- Boat insurance typically covers the cost of replacing any personal items that are damaged, lost during a boat outing, or while the boat is stored or parked and not in use.
Boat policies usually have a variety of coverages. It’s important to know what’s included in your boat policy and what extra coverage you may want.
What kind of boats does Western’s boat insurance cover: Cruisers, jet drives, runabouts, pontoons, sailboats, fishing, sport, personal watercraft.
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.
Taking your pet boating? Talk to a Western Financial Group boat expert about the possibility of coverage for your pets while you’re out on the water.
Did you know your boat insurance policy depends on:
- Length of the boat
- Size of motor
- Type of motor (inboard / outboard)
- Type of vessel
- Use (rental to others/sporting activities)
- Boat storage - where it is kept when not in use
What kind of situations does boat insurance cover?
- Collision
- Fire, explosion, theft, and vandalism
- Lightning, hail, and windstorm damage
- Vermin damage
- Hitting a shoal or an underwater ridge
Your boat policy coverage with Western Financial Group is an all-risk policy subject to certain exclusions. Check with Western’s boat insurance experts about what your boat insurance policy includes and excludes.
Did you know? You can switch and save on your car and home insurance
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Boat insurance FAQs for Canadians Boat Owners
Yes, in most provinces, you are legally required to have at least liability insurance if you operate a boat on public waterways. Liability coverage protects you if someone is injured or their property is damaged while you’re boating.
In most cases, home insurance does not fully cover your boat. Some home policies may offer limited protection for small boats or trailers, but they usually don’t cover liability, collision, or damage while on the water.
Insurers can cover older boats, but policies may have age limits, reduced coverage, or specialized valuation methods.
Most boat insurance policies include comprehensive coverage, which protects your boat against risks like sinking, flooding, storm damage, or accidental water-related incidents. This coverage typically pays for repairs or replacement of the boat, depending on the policy terms.
Years of boating experience, a clean safety record, and completing recognized boating courses can often lower your premiums.
Report the incident to your insurer immediately, document the damage, and follow any claims procedures outlined in your policy to ensure coverage.
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