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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.  

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. 

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.

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. 

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.

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

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. 

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. 

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.

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.