Ontario Boat Insurance
Ontario’s lakes and waterways offer some of the best boating in the world. At Morison Insurance, we’re 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. At Morison Insurance we have well trained, experienced and knowledgeable Ontario boat insurance brokers who will work with you to develop a personalized boat or watercraft policy that meets your needs.
Most standard boat insurance policies will cover physical loss or damage to your vessel, as well as theft and bodily injury. If ever you are involved in a boating accident and have resultant medical expenses, a standard boat insurance policy may cover your fees. Your boat is meant for you to relax and take in some of life’s most beautiful moments out on the water. Covering yourself from potential risks will let you leave all your worries behind.
Navigating through all the available policies can be tedious and confusing – and you shouldn’t have to do it on your own. At Morison Insurance, we have professionals that take care of the hard part for you. We’ll sift through dozens of available policies from the multiple insurance companies that are competing for your business. We come back to you with only the options that provide you with the coverage that you need at a price that fits your budget. At Morison Insurance we know that you bought your boat to enjoy life a little more. We’ll take care of the insurance details for you so that you can focus on fun in the sun.
Things to Consider When Purchasing Boat Insurance
Consequential Damage Coverage
Over time your boat changes. As careful as you are in taking care of it, wear and tear happens. Not all damage happens as a result of an accident. Much of the time, boats are damaged by the elements. This is where consequential damage coverage is useful to have. This type of protection will offer you coverage to repair rot, corrosion or mold.
Mechanical Breakdown Coverage
With mechanical breakdown coverage, your boat is very well protected. This type of additional coverage will cover various types of mechanical breakdowns – even those caused by wear and tear. It’s a fact – all equipment breaks down over time. If you want to keep your boat for the long run, chances are you’ll need to invest in some repairs when something breaks down. These repairs tend to be expensive due to the niche nature of watercraft repair. Investing in mechanical breakdown coverage could potentially save you thousands in the long run. This additional coverage is certainly something for all boat owners to consider. If you contact Morison Insurance we’ll guide you through all of your options.
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? Certain parts of your boat 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 additional type of coverage will help you get your boat back to safety if ever you find yourself stuck out on the water. Boat towing is extremely expensive and without this type of coverage, you could be charged $400 or more per hour to tow your boat out of the water. Towing coverage lets you go out onto the open water with peace of mind.
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. If your boat were to get stuck on large rocks, 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.
Morison Insurance brokers are looking forward to speaking with you. We understand that your insurance needs are as unique as you are. That’s why we’re here to help. We want to cater your insurance policy to your needs and make sure you’re getting the best value for your hard earned money. Entrust your boat insurance search to us – we promise it’ll be smooth sailing.
Boat Insurance FAQs
At Morison Insurance we know that policies can be confusing. If you have questions, you’re not alone! In fact, we’ve listed some of the most commonly asked questions we receive from our clients. If you don’t have time to give us a call today, take a look below to see if any of these answers apply to your car insurance questions.
What is a boat insurance “deductible” and how does it work?
If you’re ever in an accident and have resultant repairs, the 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.
Doesn’t home insurance cover my boat?
Sometimes home insurance covers a small boat but often times this is an additional type of coverage that you’ll have to add to your 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. A Morison Insurance broker would be more than happy to go over your options with you.
How is my boat insurance premium calculated?
The most heavily weighted factors when determining your boat insurance premium are the size and speed capabilities of your boat and how old it is. Some other factors that may also affect your premium 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. Generally speaking, you can expect to pay anywhere between $100 and $500 per year.
Is boat insurance required?
No. Boat insurance is not required in Ontario. However, driving 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 professional can assess your situation to help clarify your boat insurance needs.
What does boat insurance cover?
Most policies will cover the damages in a collision, damage caused by your boat to someone else’s property, bodily injury, theft and vandalism. It really depends on the insurance company in terms of the details. Standard boat insurance often doesn’t cover every risk that concerns you, but there is plenty of additional coverage that you can purchase. Speak to a Morison Insurance broker to learn about your options for the most coverage at the lowest price!
Can I opt out of boat insurance for the winter months?
You probably only use your boat in the summer months, and it may seem like a good idea to save money and cancel your insurance for the cooler months. Although this is an option, it’s recommended that you do have some sort of coverage against certain perils. For instance, if the shop in which you house your boat has a cave in and damages your boat, you’ll want to have some insurance to cover those repairs. Other perils include theft or fire. This might be covered by your home insurance but it might not. There’s also something called lay-up coverage that some insurance companies provide. It’s a discount on your insurance for the months that your boat isn’t in use. At Morison Insurance, one of our goals is to save you money. We’ll explain the details and all your options for great coverage at the lowest price.
Where can I get a boat insurance quote?
At Morison Insurance we are more than happy to help you get the boat insurance policy that’s right for your coverage needs as well as your budget. Give us a call at 1-800-463-8074.
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 boat 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
While not mandatory in Ontario, Boat Insurance is highly recommended due to the high ticket nature 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.
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