How Much Does Marine Boat Insurance in Canada
If your boat is financed, docked at a local marina or stored in your private boathouse, insurance can protect your liability risks. While boat insurance is not mandatory it can Marine Boat Insurance in Canada, liability and other unforeseen events. Hitting the lake, soaking in the sun, and whizzing around in your boat are the pinnacles of summer fun. Setting out with friends and family for a day at the lake is enough to make anyone count down the days until the summer holidays start. We can provide you with flexible coverage options for a variety of different sea crafts that will have you buzzing to get back on the water.
Boating is one of the most enjoyable ways to experience the great Boat Insurance Cost Me in Australia – fishing with friends or cruising with loved ones. But while you’re enjoying the open waters, you need to know you have the right boat insurance coverage. Navigate your way into Good Hands with Allstate’s boat insurance.
When it comes to insuring your boat, it’s often best to separate your boat insurance from your homeowner’s policy. Many homeowners’ policies limit or don’t cover marine-specific risks, such as salvage work, wreck removal, pollution or environmental damage; but there are exceptions.
Many homeowners policies include Marine Boat Insurance in Canada for smaller boats and motors, usually with a horsepower limit of from 25- to 100-horsepower. While homeowners riders are normally adequate for these boats, be careful to ask the same questions you’d ask any other insurer about damages to your vessel and how they will be paid.
What does boat insurance cover?
With Allstate’s marine insurance, you can relax knowing your boat or watercraft is covered from bow to stern.
- Sports boats
- Sailboats
- Cruisers
- Pontoon boats
- Fishing boats
- Kayak and Canoes
- Personal watercrafts
- Jet boats*
- Rowboats
- And more
Boat insurance not only offers protection for your boat, but also:
- Motors
- Boating equipment (e.g. dinghies, GPS, fish finders)
- Boat trailers
Insurance Factors
Insurers consider many factors when deciding whether or not to offer a policy. Almost any vessel can be insured— for a price. You want to consider the following to make sure the policy you purchase meets your needs:
- Age of Boat
- Length
- Value
- Speed/Horsepower
- Condition (Does it meet US Coast Guard Standards in effect at the time it was built?)
- Primary residence (If the boat is used as a primary residence)
- Type (Inboard, Outboard, utility, cruiser, bassboat, saltwater fishing boat, performance boat)
- Homemade (Boats without a serial number are tricky but many kits are okay)
- Houseboats with no motor
- Ownership (more than 2 owners)
- Where it will operate (Ocean, lakes, bays, rivers, Great Lakes)
Types of Boat Insurance
There are two basic types of boat insurance—“agreed value” and “actual cash value.” How depreciation is handled is what sets them apart.
An “agreed value” policy covers the boat based on its value when the policy was written. While it can cost more up front, there is no depreciation for a total loss of the boat (some partial losses may be depreciated).
“Actual cash value” policies cost less up front, but factor in depreciation. In other word, the policy will only pay up to the actual cash value of the boat at the time it is declared a total or partial loss. Eventually, as your boat ages, your insurer will likely insist on an actual cash value policy—and if often gives a substantial savings.
What Insurers Need to Know
The information that an insurance company requires about a boat and its operators is similar to the type of information it needs to provide auto insurance. It includes:
- The boat’s length, type and value
- Its condition and market value – your insurer may ask for a survey if your boat is more than 15 years old
- How frequently the boat is used, what it’s used for, and how and where it is stored
- The waters you typically navigate and if you ever charter your boat
- The experience, loss and claims history of the owner and/or operators
- If the operators are members of the Sail Canada or Canadian Power and Sail Squadrons.
If you also own a recreational property you may have outbuildings, such as a boathouse, garage or shed. You may need additional coverage to ensure that these buildings are fully protected – be aware of coverages and exclusions.
If your boat is financed, docked at a local marina or stored in your private boathouse, insurance can protect your liability risks. While boat insurance is not mandatory it can Marine Boat Insurance in Canada, liability and other unforeseen events. Hitting the lake, soaking in the sun, and whizzing around in your boat are the…