Boat Insurance Facts
If you’re among those who are lucky enough to own your own boat, you know that it’s a rewarding, yet often pricey investment. Really, we should think about owning and protecting a boat the same way as we do a car. That’s why it’s crucial to have boat insurance coverage.
Here are some important things to know:
- Often, watercraft like canoes, kayaks or paddle boats – essentially any small craft without a motor – can potentially be rolled into your home insurance or cottage insurance.
- For larger boats with bigger motors, and personal watercraft vehicles (PWC), i.e. Jet-Ski or Seadoo, insurance is highly recommended. Most policies can cover the boat itself, as well as additional equipment, like the motor, trailers, and on board equipment like GPS systems.
- Though boat insurance is not required by law in Canada, not only will having insurance give you piece of mind, it can protect you in case of the following
- Liability coverage for injury to passengers on board, tubers or skiers being towed or others in the water or aboard other watercraft
- Damage to the boat, theft or loss of attached equipment
- Damage caused by your oat/watercraft on someone else’s property
- A wide range of factors will affect your boating insurance policy. These can include things like the size of the boat; its value; the lake or location that you use it on; the size of the motor, and more.
- Your policy may also only cover the boat within a specified radius, which is important to be aware of if you are planning long distance trips.
- Remember that you need a Pleasure Craft Operators Card (PCOC) to legally operate a motorboat in Canada. Anyone driving the boat without one not only risks a fine, but may also VOID any insurance policy in place.
- Confirm with your broker whether younger operators of the boat will be covered by your policy.
- Where are you storing your boat over the winter? Snow load is a big problem for boats in Canada, so speak with your broker about damages that may occur during the off-season and whether they will be covered by your policy.
Boat insurance is one of the most important investments you can make to protect your assets and ensure that you have a worry-free summer of fun on the water. Contact one of our brokers at Morison Insurance to get a free quote today!
– Written by our brokers Leslie and Jennifer T.
This blog is provided for information only and is not a substitute for professional advice. Please call our Morison Insurance brokers at 1-800-463-8074 for more information.
