How Much Is Boat Insurance?

Clearly, in trying to answer how much boat insurance costs in Ontario, one has to take into account a slew of variables which can influence the coverage costs. Boat insurance premiums are specific with regards to your watercraft and the lifestyle that you lead and they vary from one insurance company to the next. Let us consider now the costs associated with insuring your boat. 

The Right Coverage is Critical

Without a doubt, as an owner and operator of a boat, you want to make sure that your watercraft is sufficiently insured. Boating can be an expensive leisure time activity, especially when an accident occurs and your liability coverage fails to protect you in times of crisis. It is critical to be properly insured; being under-insured exposes you to financial fallout in the event of an accident, whereas being over-insured makes you pay more money for your coverage than you need. 

In general, boat insurance in Canada covers the following three main categories:

• Property coverage: Covers the physical boat and anything permanently attached to it. Amongst other things, this includes the boat motor, fuel tank, oars, and anchors.

• Risk coverage: Coverage from theft, capsizing, fire and collision are found here. 

• Liability insurance coverage: similar to liability auto insurance, liability boat insurance protects you if you injure someone or cause damage to their property.

With these three categories in mind, insurance companies will determine your premium based on other key factors related to your boat. These include; the age of your boat, boat type, its value, the size and length, motor horsepower, principal location of use, and additional equipment (GPS, trailer). Once insurance companies have this information provided, they can offer you an insurance quote for your watercraft. 

How Much Is It, Really?

On average, a used boat in good condition can range anywhere from $3,000 - $30,000 or more in Canada. Clearly, boating can be an expensive proposition just from the start and getting insurance is a prudent way of protecting your investment. Investing in boat insurance is a worthwhile expense considering the fact that most boat insurance premiums come to being around $300-$600 annually. To break it down even further, most boat insurance premiums cost the owner/operator around $30-$50 monthly.  

However, these figures are mere examples of the average boat insurance rates.  Each individual insurance company can have additional tips for owners/operators in order to bring down the cost of insurance even further. Some examples include; never operating while impaired, having safety/emergency equipment available, and wearing approved life jackets and PFD’s (personal floating devices). Based on the knowledge and experience of your insurance broker, your premiums can be cost effective so that you can enjoy your time on the water.     

There is a lot to consider when deciding on your needs with regards to your boat insurance coverage. Please contact our knowledgeable staff and we will gladly provide you with the appropriate boat insurance needs.