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

You don’t need boat insurance anywhere in Canada by law. However, a lender or a marina may require it. It’s also worth it to give you peace of mind following an accident, especially if someone were injured. Your cottage or home insurance wouldn’t be enough to cover the liability expenses.

Q: Is a boat covered under homeowners insurance?

While a typical homeowners insurance policy does often provide coverage for watercraft, it’s best used for small boats like a canoe or Kayak. That’s because the coverage has limits – either $1,000 or 10% of your home’s value.

Q: What is the best boat insurance company?

The best boat insurance company is the one that provides comprehensive coverage and essential add-ons at an affordable price. By connecting with one of our insurance brokers, we’ll compare boat insurance quotes from multiple providers to find you the best rate based on your unique situation.

Q: Can you drive a boat without insurance?

Yes, boat insurance in Ontario, BC, and across Canada is not required.

Q: Does boat insurance cover a blown engine or engine damage?

Boat insurance does cover your engine so long as it’s a manufacturing defect. It does not cover the normal wear & tear of an ageing engine.

Q: Does boat insurance cover other drivers?

Drivers are not listed on your boat insurance policy. Anyone who is legally eligible (licensed) to operate the watercraft and has your permission, can operate your boat. Any exceptions to this rule will be listed in your policy.

Q: Does boat insurance cover sinking?

In most cases, yes, you are covered if your boat sinks. Common exclusions include geographic area, so if you want to take your boat somewhere outside your province, make sure to notify your insurer. Other exclusions are for particular storms (e.g hurricanes vs. windstorms), time of year (e.g. sailing in the winter months), or acts of war & terrorism.

Q: Do I need boat insurance in the winter months?

Yes, it’s good to have your policy for the entire year because you never know what winter could bring. Raccoons or mice can take residence inside your boat or severe storms may knock it on its side. A word of caution: do not winterize your boat yourself. Generally, coverage will be denied if your boat was not winterized by a professional or certified marine mechanic.

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?

Matt Hands, VP, Insurance

September 27, 2024

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.

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

Vermin

Personal effects

Trailering

Navigation extensions

Theft

Ingestion coverage

Loss of use

Storm damage

Wreck removal and accidental pollution

How to get cheap boat insurance in Canada

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.
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.
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.
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.
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.

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.
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).
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.
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?

A survey is like an appraisal of your boat to understand its true value. The key part of any survey is the moisture meter readings which can tell the insurer if lamination is loose or if there is moisture retention in the core. A survey is not always required, but may help you get a better rate on your boat insurance premiums. Surveys are not only for large or old boats, either. The survey will identify the structural condition and will make sure you are aware of any problems with the boat before you complete the purchase.

Do I need insurance on my boat trailer?

Is a trailer covered by your boat, home, or your auto insurance? While your auto and home insurance will likely cover it, it’s probably not enough and there will be gaps in coverage. For instance, some auto policies will cover the trailer, only when the trailer is attached to your car. Homeowners’ insurance can usually cover a trailer, so long as it’s stored at your house. When you buy boat trailer insurance, you’re protected from damage to the trailer, whether it’s stored at home or anywhere you travel. A good policy can also cover trailer theft and liability in case your trailer causes damage to another vehicle, another trailer and its boat, or injures someone.