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Boat Insurance That Keeps you Afloat

Avoid Sinking From Financial Burden With The Proper Coverage.
  • Customized boat insurance coverage
  • Protect yourself from liabilities in the event of a collision
  • Mechanical breakdown protection and boat rental options available
Complete the form or call 1-800-463-8074 to speak with a licensed broker about Boat Insurance today.

Boat Insurance For Your Ontario-Based Watercraft

Ontario's lakes and waterways offer some of the best boating in the world. Our boat insurance brokers are from Ontario, and have many years of experience in offering insurance for boats and watercraft of all types and sizes; from large cruisers to fishing boats, sailboats to jet skis and Seadoos. We have well trained, experienced and knowledgeable boat insurance brokers who will work with you to develop a personalized boat or watercraft policy so you can feel properly covered during boating season.

What Is Boat Insurance?

A boat insurance policy helps protect motored watercraft including leisure craft, yachts, fishing boats, paddle boats, pontoon boats, and sailboats. Boat or watercraft insurance covers you and your personal watercrafts or its equipment in the event of an accident, emergency, or another unfortunate event. Boat insurance coverage can include collision damage, property damage (including damage done to another boat, dock, or other structures), personal injury, as well as comprehensive and additional coverage plans.

Who Needs Boat Insurance?

If you own a boat, boating insurance is highly recommended due to the high value of boats. A small incident can lead to thousands of dollars worth of damages. If you take out a loan to purchase your boat or watercraft, many financial institutions will require a boat insurance policy. It is also common for marinas to require boat insurance in order to dock and store your boat at their location.

Marine Insurance - Morison Insurance - Ontario

Is Boat Insurance Required?

No. Boat insurance is not required in Ontario. However, operating without it is extremely risky. You'll have to take on all the expenses yourself should any loss or damage occur to your boat. There are some situations in which boat insurance is required, though. Usually, if you're financing your boat, the lender of your loan will require you to get the boat insured. A Morison Insurance agent can assess your situation and provide expert advice and boat insurance products to help clarify your boating insurance needs.

Did you know? According to the National Marine Manufacturers Association (NMMA) Canada, 2020 was a record-breaking year in Canada for outboard engine retail sales reaching a total of 44,000 units, up 17% over 2019, marking both the highest annual sales volume and largest annual growth rate since 2008.

What Does Boat Insurance Cover?

Most policies will cover the physical damage in a collision, damage caused by your boat to someone else's property, bodily injury, theft and vandalism. It really depends on the insurance provider in terms of the details. Standard boat insurance often doesn't cover every risk that concerns you, but there is plenty of extra coverages that you can purchase to ensure you are protected from bow to stern.

Specialized Coverage

Do you have an expensive upgrade that you added to your boat? Perhaps a high-end propeller or a state of the art navigation system? Your boating equipment can be individually insured with additional coverage. This way, you can know that the investments that you so worked hard to put into your boat are safe from potential loss or damage.

Emergency Towing Coverage

This type of optional coverage will help you get your boat back to safety. Towing coverage lets you go out onto the open water with peace of mind.

Salvage Coverage

As much as we may try to avoid them, boat accidents happen. Sometimes a mishap may leave your boat damaged and stranded somewhere as a result. Salvage coverage would protect you from the associated expenses of getting your boat off of the damage site. Protection of this sort will also help you get your boat out of the water if it were to ever sink or be so damaged that you are unable to remove it by your own means.

Uninsured Watercraft Coverage

Sometimes watercrafts collide while out on the water or at the port or dock. Although you're insured, the other driver might not be. What then? Uninsured watercraft coverage can help ensure that you're covered regardless of whether the other boater is or isn't.

Boat Insurance Quotes - Morison Insurance - Ontario

Does My Home Insurance Policy Cover My Boat?

Home insurance covers a small boat but often times this is an additional type of coverage that you'll have to add to your homeowners policy. This coverage, however, tends to be extremely limited, sometimes it only covers the boat while it is parked on your property but not when you take it out on the water. This means that the loss would have to occur at your home for your boat to be covered.

Speak with an insurance broker who will discuss your options and coverages with you to ensure the safety of you and your boat and are properly protected.

How Is My Boat Insurance Premium Calculated?

The most heavily weighted factors when determining your boat insurance premium are the type of boat you own, engine size, speed capabilities and how old it is. Some other factors that may also affect the cost of boat insurance are your boating experience, what type of water you will be using it on, how often you plan to use it (some people change boats into their primary dwelling), whether anyone other than you will be operating it and what condition your boat is in.

Sailboat Insurance - Morison Insurance - Ontario

What Is A Boat Insurance Deductible And How Does It Work?

If you're ever in an accident and have resultant repairs, the 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 dollars. 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. Keep in mind that the lower your deductible is, the higher your insurance premium will be. For example, a policy with a $1,000 deductible will cost less annually than if the deductible on the policy were $500.

Where Can I Get A Boat Insurance Quote?

You can get a boat insurance quote from Morison Insurance. Our boat insurance experts are happy to help you get the best insurance policy that's right for your coverage needs, as well as your budget. We understand that your insurance needs are as unique as you are. That's why we're here to provide you with the best insurance products and help you through the process from start to finish. Contact us by calling 1-800-463-8074, or by filling out the contact form on our website - we promise it will be smooth sailing.



This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.

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