What’s the Average Cost of Boat Insurance in Canada
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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 Average Cost of Boat Insurance in Canada accident or insured risk such as fire or theft. Purchasing a boat is quite an expensive investment. You could spend even more on repairs and accident claims without proper protection. Thankfully, here’s where boat insurance comes in.
But how much is boat insurance in Canada? It’s safe to say boat insurance quotes are like ebb and flow, rising and falling, depending on different factors. Summertime hobbyists love their boats. They want the freedom to boat with their family and friends whenever the urge strikes. RecProtect provides you that freedom by helping you secure boat insurance in Canada. Get an online quote with no obligation, for free, and start on your comprehensive protection package today.
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. Average Cost of Boat Insurance in UK, 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 Average Cost of Boat Insurance in Canada. Get additional coverage against further risks to your watercraft.
Finding the Best Boat Insurance in Canada
Your boat matters to you, and we want to help keep it – and you – afloat. Whether you use it every weekend or once-in-a-while, it doesn’t matter: there are risks that come with owning a recreational vehicle. Owning a boat is a big deal. But, they also cost a fair amount of money. What would you do if something happened to your boat?
Boat insurance in Canada doesn’t just protect your boat itself. It also protects your liability. What if you were held accountable for someone else’s injuries or property damage while you were operating your watercraft? The lawsuit expenses could be astronomical. Fortunately, Rec Protect’s packages for boat insurance in Canada includes liability protection.
We have all your boats covered. Enjoy quality boat insurance in Canada with the advice and suggestions from our expert brokers. You want to keep your boat safe – and so do we. We know all the risks boat owners face and design our packages accordingly.
Get a free boat insurance quote in Canada today in less than a minute. There’s no obligation and you can apply today online.
How Much is Boat Insurance in Canada?
Whether you’re Average Cost of Boat Insurance in Canada lakes or sailing on international waters, your boat insurance policy includes coverage.
According to the boating rules in Canada, boat insurance covers water vehicles with a motor, such as yachts, paddle boats, power boats, sailboats, and pontoon boats. Moreover, Jet Skis and Wave Runners can also be insured.
Usually, you’ll need a separate boat insurance policy for motorized boats. Smaller, non-motorized boats used for recreation, such as kayaks, can be insured under your homeowners’ insurance policy.
After comparing prices from various insurance companies that provide boat insurance in Canada, we determined that the average yearly cost is between $300 and $600. According to this, boat insurance in Canada would cost you only around $29 to $50 per month.
What Does Boat Insurance in Canada Cover?
When filing an insurance claim, you have two settlement options:
- Actual cash value coverage – replacement and depreciation costs, as well as the overall condition of the situation and the boat, its resale (second-hand) value and average life expectancy.
- Agreed value coverage – only the amount specified in your insurance policy agreement will be reimbursed, with no depreciation applied.
Your basic boat insurance should include the following benefits and liabilities:
- Collision damage – provides repairs or replacements for your boat in case of a collision.
- Property damage liability – entails the damage you cause with your watercraft to someone else’s boat, dock, or other property.
- Bodily injury liability – if someone is injured on your boat, this liability will reimburse the medical bills, legal fees, and recovery costs.
- Uninsured boater liability – intended to compensate you for injuries suffered aboard your boat due to another boat’s operator who lacks liability insurance.
- Guaranteed replacement cost coverage – if there’s a total loss of the vessel in the first three years, you will be reimbursed up to the amount required to purchase a new vessel of the same quality and company.
- Loss of use coverage – if a watercraft is lost or damaged due to an insured peril, your insurer will reimburse you for expenses incurred for the rental of a substitute vessel (within your policy limits).
If this happens during a trip/vacation, an additional reimbursement will be provided for accommodations, meals, or alternate modes of transportation (taxis or public transport).
- Emergency towing coverage – if an insured watercraft becomes disabled for any reason, expenses for towing, fuel delivery, or emergency labour that is required on the spot will be covered.
- Comprehensive damage and coverage – compensation and reimbursements if your boat is damaged in an incident other than a collision, such as theft or vandalism.
- Accidental pollution liability – in the event of a sudden and unexpected release of hazardous liquids from your boat, the insurer will reimburse all reasonable costs for salvage and environmental cleanup.
Boat Insurance in Canada: How it Helps
What exactly does boat insurance do for you? Your Average Cost of Boat Insurance in Canada will likely include:
- Bodily injury/property damage liability
- Full replacement
- Wreck removal
- Water sports
- Fuel spill
Our boat insurance brokers in Canada can discuss with you the vehicle or watercraft that you own and how we can protect it. We lay out for you all that your policy does and does not include so that you are never unsure about what your coverage includes. Depending on your circumstances, there are a few optional coverages you may want to consider. These include the following:
Fishing Equipment/Watercraft Gear
Does your boat include any fishing equipment, scuba gear, etc. that you carry on board? What if these belongings were lost or stolen? You may have the option of purchasing additional coverage to include full replacement for up to $10,000 for your fishing gear and up to $5,000 on top of that for your personal belongings.
Collision & Comprehensive
These are two individual coverages, just like for your vehicle. Collision is for covering damage from hitting another boat, a dock, a submerged object, and can cover injuries – even to pets on your boat at the time of the accident. Comprehensive is for events that are “acts of God” and include fire, natural disaster, theft, and other weather damage.
Uninsured or Underinsured Boater
If you are in an accident with another boater and they have either no insurance or not enough, this optional coverage can pay for damages and injuries up to your policy’s stated limits.
How much does boat insurance in Canada cost?
Next to how much it would cost to fully replace or repair your watercraft in the event of disaster or having to foot the bill of a lawsuit alone, it is a small price to pay for boat insurance in Canada.
- On average, boat insurance in Canada will cost between $300 and $600/year.
- This means you will only have to pay between $29 and $50/month.
Keep your prized assets and investments protected with the help of Average Cost of Boat Insurance in Canada. We get you the best coverage for the most affordable price.
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 Average Cost of Boat Insurance in Canada accident or insured risk such as fire or theft. Purchasing a boat is quite an expensive investment. You…