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 that meets your needs.
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?
If you own a boat, boat 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.
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 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.
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. 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. 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.
Our watercraft 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.
Does my home insurance policy 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.
Speak with an insurance broker who will discuss your options and coverages with you to ensure your boat is properly protected.
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.
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?
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.
Morison Insurance is here for you!
Navigating through all the available policies can be tedious and confusing – and you shouldn’t have to do it on your own. And you won’t have to because our watercraft insurance brokers 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.
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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