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Do You Need Boat Insurance in Ontario?

Spending your time on Onatrio’s waterways during the summer months is a great way of exploring the beauty of our province’s natural landscapes. The thrill of seeking out new vistas in  a boat however, can bring unexpected dangers associated with being an owner and operator of a water vessel. In Ontario, boat insurance is not mandatory, and this fact ought to signal to the owner the critical importance of being insured on the water. Let us consider the circumstances in which boat insurance can help the owner with any unforeseen risk situations.

Not Mandatory But A Much Needed Investment

Boating is a fun activity, but it is not without its inherent risks. Boat owners look to insurance coverage to mitigate the financial risks associated with:

  • Bodily injury/property damage liability

  • Full replacement cost of vessel

  • Wreck removal

  • Water sports

  • Fuel spills

  • Vermin damage

  • Winter damage

Boat insurance covers most watercraft with motors, such as fishing boats, leisure crafts, even including yachts. As is the case in getting any kind of insurance coverage, boat insurance is there for you at a time when you need it most. Accidents happen unexpectedly, and boat insurance can go a long way in helping you recover from financial hardship.  

There are also cases when you do need boat insurance in Ontario. One such example is when your boat is stationed at a marina. Ontario’s marinas require proof of insurance for their patrons using their facilities. Naturally, marinas use insurance to help them recover from any financial liability that may arise. For example, if a marina has a rooftop blown off during a wind storm and it damages your boat, your insurance policy will cover the damages.  

Also, most banks will require you to have a boat insurance policy during the time that you are financing your watercraft. 

What Insurance Is Right For My Boat? A Broker Knows.

Knowing what kind of boat insurance you need for your watercraft is not an easy question to answer by yourself.  There are many variables in deciding which specific aspects will be covered by your boat insurance policy. Most often, insurance companies focus on the following when providing boat insurance coverage:

  • Age of boat

  • Type

  • Value

  • Size/length

  • Motor horsepower

  • Principal location of use

  • Additional equipment (GPS, Trailer)

Simply gathering the paperwork required to obtain an insurance quote for your watercraft is a lot of ground work to cover. Further, the situation in finding the appropriate coverage for your boat is problematic since you may not even know what needs you have to cover with your insurance policy. 

Indeed, a knowledgeable insurance broker can help you decide on what your needs are when insuring your boat. Brokers work for you and act as intermediaries between insurance companies and yourself. Their main goal is to save you time and money, thus keeping you happy and insured. 

They are your best option in making sure that you can enjoy your time exploring Ontario’s waterways with your family and friends. Please contact our knowledgeable staff for any questions regarding your boat insurance policy or fill out the form to receive a boat insurance quote today.