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Compare boat insurance quotes and save today

Connect with an RH Insurance broker to review your boat insurance coverage needs – quick quotes with no hassle and no commitment.

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What is boat insurance?

A boat insurance policy covers you and your personal watercraft for liability damages if you cause  injury to someone or damage their property, as well as any damage to your boat following a boating accident or insured risk such as fire or theft.

But, is boat insurance mandatory?

By law, you don’t need boat insurance, but it’s a good idea to protect your investment and yourself against accidents, theft, vandalism and liability. Know, if you’re mooring at a marina or financing your boat, they will often require insurance. 

While you can insure your boat through your home insurance, it’s not recommended. Not only will making any claim will cause both premiums to increase, but there are also many limits and exclusions on a home insurance policy. 

Consider a marine insurance policy to properly protect your boat. Get additional coverage against further risks to your watercraft.

Types of boats we insure

small boat, cruiser, fishing boat, pontoon boat, small sailboat, bass boat, personal watercraft, yacht

Understanding boat insurance policies

Policy Period - This displays the policy start and end date, when premiums are due, and how they are to be paid. 

Boat(s) Covered -This shows the boat(s) listed on this insurance policy. If you own multiple boats, they’ll each be itemized accordingly. 

Total Premium - Because each boat you insure has its own value, they also have their own premium amount. 

Coverages - Lists the current coverage on your boat insurance policy. If you have more than one boat, the different coverages will be listed on separate pages.

Coverage Limits - This shows the maximum limit your insurer will pay for the different coverages you have. Be sure to review these carefully to understand your limits and exclusions. 

Deductibles - This shows how much you will pay out of pocket before your insurance company pays the rest. Remember, higher deductibles mean lower monthly premiums.

How much is boat insurance?

Expect to pay about 1.5% of your boat’s value for personal watercraft insurance. For a $20,000 boat, expect to pay about $300 per year. Of course, this number will fluctuate based on the type of coverage and other factors.

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How boat insurance coverage works

Standard included coverage:

Hull & Machinery - following an accident, like scraping the hull of your boat on a rock, hull and machinery will pay to repair or replace the damaged parts of your boat. 

Boat liability insurance - offers protection and indemnity if you damage other people’s property (e.g. boat, dock) or if you injure someone else. 

Medical expenses - pays for your rehabilitation following an accident. It can also pay for accidental death. 

Depending on the type of boat you own, there are also optional protections to get the best boat insurance coverage in Canada.

Optional additional coverage:

Replacement value (agreed value) vs. actual cash value

Emergency towing

Watersports liability


Personal effects


Navigation extensions


Ingestion coverage

Loss of use

Storm damage

Wreck removal and accidental pollution

How to get cheap boat insurance

  1. Shop and compare

    Research which company provides cheap boat insurance and also the best value for you and your personal watercraft. Rates may change up to four times a year, but lucky for you, comparing marine insurance with us is free.

  2. Stay with your current insurer

    Some boat insurance companies offer loyalty discounts to boaters who remain active with them for years. Especially if they add family members or multiple boats to their policy.

  3. Bundle your policies

    If you use the same insurance company for both your home and boat insurance needs, your insurer will often thank you with a dip in premiums.

  4. Get a multi boat discount

    If you have multiple drivers and vehicles in the same household, by putting them all on one policy can save you money.

  5. Increase your deductible

    Your deductible is the portion you pay when settling a claim before your insurer will pay the rest. If you’re willing to double your deductible, it could save you money.

  1. Keep a clean boating record

    Avoid accidents with safe operation, carry safety equipment, and follow markers and rules of the water. In storage, lock and immobilize your boat, install alarm systems, and clear snow and ice to prevent damage.

  2. Complete a marine training course

    By taking an approved course to learn water safety and proper navigation, your insurance company may offer a discount. You get the benefits of being a safer driver (and staying claims-free).

  3. Ask about available discounts

    If you’re a member of a large corporation, union, or a school alumnus, it could help you get cheaper boat insurance.

  4. Pay your premium annually

    Paying monthly adds administrative costs to your insurer, so if you’re able to pay in full annually you can lower your premiums.

Get the boat insurance coverage you need today

Connect with one of our qualified brokers to review your coverage needs and compare rates today. Set sail this year with an affordable insurance policy.

Boat insurance quote requirements

Your broker will need to know the following information in order to provide you with a boat insurance quote. Make sure to have your answers prepared before calling in to help expedite the quoting process.

  • The type of boat you own, its length, and its value
  • The condition it’s in and what you believe it’s worth – your insurer may ask for a survey if your boat is more than 15 years old
  • How often you use the boat, what you use it for, and how and where it’s stored
  • The geographic area you drive your boat and if you rent or charter your boat to others
  • Your claims history
  • If you are members of any boating associations
  • If you own a vacation property, you may own outbuildings (e.g. boathouse, garage). If so, you may require additional coverage for these buildings and your boat. 

Frequently asked boat insurance questions

Do you need boat insurance in Ontario, BC, or Atlantic Canada?

Is a boat covered under homeowners insurance?

Do I need a survey for boat insurance?

Do I need insurance on my boat trailer?

What is the best boat insurance company?

Can you drive a boat without insurance?

Does boat insurance cover a blown engine or engine damage?

Does boat insurance cover other drivers?

Does boat insurance cover sinking?

Do I need boat insurance in the winter months?

Matt Hands, Business Director of Insurance

With 6+ years of experience at, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read full bio

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