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What You Need to Know About Insuring Your Boat

With summer finally here boating season has finally arrived. Pleasure crafts have many uses from fishing, water sports, site seeing and enjoying a relaxing afternoon on the water. With all the fun activities it is important you are properly insured so you can enjoy the sun worry free. While boat insurance is not mandatory in Ontario, it is highly recommended in order to protect you, your investment and assets.

The coverage you require will depend on the type of boat you have. Typically smaller, non-powered boats are covered under your home or cottage insurance. Larger boats should have their own policy, as you will need more specific coverage for your boat. You are best to speak to your insurance company to see if your boat is already covered or not.

What coverage should I purchase for my boat?

Liability – Just like cars, boats have their own risks and can cause a large amount of damage. Liability coverage will pay for any damage you do to other people, boats or property.

Water Sport Liability – Water sports can be extremely fun and risky at the same time. What happens if the water skier hits a rock? Or another boat? If your boat is capable of any water sports you should have this coverage on your policy.

Pollution & Spill – Oil, gas, and other chemicals needed by boats can be very damaging to the lakes and rivers. Including pollution coverage on your policy will help pay for the expenses if these chemicals end up in the water.

Boat & Motor- Your boat can be covered separately from your liability. There are different coverage options to protect your boat, ranging from very basic to comprehensive policies. The coverage you choose should depend on the age, type, condition and cost to replace your boat.

Trailer – Your boat trailer should be listed separately on your policy.

Personal Effects – Can include life jackets, fishing rods, tackle, and other personal items you store on your boat.

Fire Department Charges – Typically the fire department will send you a bill if they need to come out to a boat fire. To make sure you don’t have to worry about how much it will cost, you should include this on your insurance.

Emergency Towing- If your boat is damaged in the middle of a lake, how will you get it home? You can choose to insure emergency towing cost in order to make sure you aren’t stranded in the middle of a lake.

Although boat insurance is not mandatory in Ontario, we strongly recommend you purchase it in order to protect yourself and your investment. If you are interested in obtaining a quote please call our office at 905-623-4406 and one of our experienced brokers would be happy to help you.