Boat Insurance Ontario

The Right Boat Insurance For Your Ontario-Based Watercraft

Ontario's lakes and waterways offer some of the best boating in the world. From fishing trips and family outings to networking opportunities and romantic evenings on the water, the boating lifestyle can take your recreational time to the next level. 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, and sailboats to power boats. 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 motorized watercraft including leisure craft, yachts, fishing boats and sailboats. Boat or watercraft insurance covers you and your personal watercraft 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 in Ontario?

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.

Most importantly, you can rest easy knowing your investment is protected when you have the right boat insurance. Ontario boat enthusiasts often dream about their big purchase for years—maybe even decades—before pulling the trigger and getting the beautiful watercraft they've always wanted. Whether you have purchased a luxury yacht with all the bells and whistles or a little speedboat to zip around in, it would be absolutely heartbreaking to see it damaged or even totalled beyond repair.

But life happens, and that's why it's so important to have the right boat insurance. Ontario watercraft owners can get peace of mind knowing that they are backed by a comprehensive boat insurance policy. Whatever life throws at you—and your boat—you won't have to worry about losing your investment and then some to recover property damage costs, medical bills, legal fees or replacement costs in the event of a disaster like theft, vandalism, accidental damage, wreck removal, third-party bodily injury and more.

Is Ontario Boat Insurance Required?

No. Boat insurance is not legally mandatory 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. Also, while you're not legally required to have boat insurance, Ontario boat owners should be aware that there are some situations in which it could be difficult to operate without it. For example, 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.

What Does Boat Insurance Cover?

Most policies will include property damage liability in a collision, replacement cost coverage, damage caused by your boat to someone else's property, medical expenses for bodily injury, theft and vandalism. It really depends on the insurance provider in terms of the details. While a standard package often doesn't cover every risk that may concern you on your boat insurance, Ontario watercraft owners can choose to purchase extra coverages that you can purchase to ensure you are protected from bow to stern.

Boat Insurance Ontario: 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 worked so hard to put into your boat are safe from potential loss or damage. You may also need additional coverage for expensive fishing equipment or other special equipment that is stored and used on your boat.

It's worth noting that your boat trailer is likely not going to be automatically included on your policy for boat insurance. Ontario watercraft owners who rely on a trailer to get their boat to water should speak to their Morison Insurance broker to make sure they have coverage for trailers so you're protected against financial loss related to damage on that critical piece of equipment.

The cost of your boat is another factor that warrants consideration. If it's a high-end, luxury watercraft, you are likely going to need more than the standard coverage limits to ensure you are adequately protected against financial loss in the event that the boat suffers damage or is destroyed.

Boat Insurance Ontario: Emergency Towing Coverage

Breaking down on the side of the road is one thing, but having your boat motor stutter to a halt in the middle of Lake Ontario is even less ideal—you certainly won't be calling roadside assistance or hitchhiking to the nearest gas station. Emergency towing is a type of optional coverage for marine assistance that will help you get your boat back to safety when you are stuck out on the water. Towing coverage lets you go out onto the open water with the peace of mind that comes with knowing emergency services for water towing will respond should anything go wrong.

Boat Insurance Ontario: 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.

Boat Insurance Ontario: Uninsured Watercraft Coverage

Sometimes it's not enough to have coverage for yourself and you need to take other people's actions and decisions into account as well. If you are involved in a collision on the road, you can be reasonably certain that the other driver will have auto insurance. But boat insurance isn't mandatory like car insurance is. Watercrafts can collide while out on the water or at the port or dock. Although you're insured, the other boater might not be. What then?

Uninsured watercraft coverage can help ensure that you're covered if you are in a collision with an uninsured or underinsured boater. That means if they are at fault, you won't be left with no way to receive compensation for the damage to your watercraft, and you can get back out on the water sooner with a lot less hassle, expense and stress.

Do I Need a Marine Survey to Get Boat Insurance in Ontario?

That depends on the boat insurers and the age of the watercraft that needs boat insurance. Ontario insurance companies will typically request a marine survey for a boat that is more than about 10 to 15 years old, including vintage and antique boats. The process is carried out by an independent surveyor who will assess the value, condition and seaworthiness of your watercraft, and identify potential safety or repair issues that need to be addressed. Even if your boat is newer but has been out on the water before, it can be advantageous to have a marine survey done for your own peace of mind.

Does My Home Insurance Policy Cover My Boat?

Home insurance covers a small boat but oftentimes this is an additional type of coverage that you'll have to add to your homeowner's policy. This coverage, however, can be 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.

That doesn't mean you can't include a small, inexpensive watercraft on your homeowner's insurance rather than getting a separate policy for boat insurance. Ontario insurance brokers at Morison Insurance will discuss your options and coverages with you to ensure the safety of you and your boat are properly protected.

What Are the Boater Eligibility Requirements to get Boat Insurance?

When it comes to specific eligibility requirements for who can obtain boat insurance, Ontario insurance companies can vary a bit on their individual rules. That being said, the main things they are going to look at to determine eligibility are factors such as your driving record, including driving tickets and such, along with your boat ownership experience, previous boat insurance losses and overall insurance claims history. It may also depend somewhat on the type of watercraft, navigational limits and other factors.

What Information Do I Need to Provide When Purchasing Boat Insurance?

The more your insurance broker knows about you and how you intend to use your watercraft, the better they will be able to tailor your policy to your unique needs. Your Morison Insurance expert will be happy to go over all the information you need to provide in-depth, but generally speaking, you will need to provide information such as:

• The type, value and length of your watercraft
• Its market value and current condition
• How you choose to use your watercraft
• How frequently you use your boat
• How you store your boat
• The condition of the water where you intend to use your watercraft
• Past claims history
• Boat ownership experience

How Is My Ontario Boat Insurance Premium Calculated?

The most heavily weighted factors when determining your boat insurance costs are the types of boats 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.

What Is an Ontario 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 Quote for Boat Insurance?

You can contact Morison Insurance to get a quote for boat insurance. Ontario insurance experts on our team are happy to help you get the best insurance policy that's right for your comprehensive 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 picking up the phone and 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.