Ontario boat insurance is a type of personal insurance policy designed to help protect motorized watercraft, including leisure craft, yachts, pontoons, fishing boats and sailboats. Standard coverage includes:
If you own a boat, it is highly recommended that you have the right boat insurance in Ontario due to the high value of boats. A small incident can lead to thousands of dollars worth of damages. Lenders often require it, and marinas and storage facilities commonly require liability coverage. Optional add-on coverages include:
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What Are The Boater Eligibility Requirements For Getting Boat Insurance?
Ontario insurance companies can vary a bit in their individual rules. That being said, the main factors they will look at to determine eligibility include your driving record, including any driving tickets, as well as your boat ownership experience, previous boat insurance losses, and overall insurance claims history. It may also depend somewhat on the type of watercraft, navigational limits and other factors.
What Information Do I Need To Provide When Purchasing Boat Insurance in Ontario?
What Is a Deductible for Boat Insurance in Ontario, And How Does It Work?
If you're ever in an accident and have resultant repairs, an Ontario boat insurance deductible is the amount of the cost that you've agreed to cover on your own before your insurance company covers the rest. Very often, a standard deductible is about $500. For example, if your boat requires $2,000 worth of repairs, you will have to cover $500, and your insurance policy will cover the remaining $1,500.
Am I Legally Required to Have Boat Insurance in Ontario?
No, boat insurance is not legally mandatory. However, lenders require proof if you are financing, and marinas and storage facilities require liability coverage for docking and storage. A Morison Insurance broker can assess your situation, provide expert advice, and get you a competitive Ontario boat insurance quote.
Do I Need a Marine Survey To Get Boat Insurance In Ontario?
It depends on the insurer and age of the vessel. A survey is typically required for boats 10 to 15 years old or older (including vintage and antique vessels). It is carried out by an independent surveyor assessing value, condition, and seaworthiness. Even newer used boats benefit from a survey.
Does My Home Insurance Policy Cover My Boat?
Home insurance may cover a small boat, but coverage is limited (often only while parked on property, not on the water). You can discuss with your broker whether to include a small boat on your homeowner's policy or get standalone coverage.
Are Dinghies and Boat Trailers Included With Boat Insurance in Ontario?
Dinghies are treated as a separate watercraft by insurers and are not automatically covered under the main vessel's policy; however, an existing policy can usually be modified to extend coverage to the dinghy or tender. Trailers are also not automatically included, so speak to your broker to add trailer coverage.
Does Ontario Boat Insurance Coverage Apply While a Boat is Being Hauled on a Trailer?
Property damage is covered: a boat damaged on the trailer is covered under boat insurance. Liability from a trailer accident is covered under the towing vehicle's auto insurance. For example, if a truck collision causes the trailer to tip and damage another vehicle, the boat damage is covered by boat insurance, while damage to the other vehicle is covered by auto liability.
