Why do I need boat insurance?
For many Canadians, boating is a chance to escape everyday life, relax, and have fun. Boat insurance lets you do all those activities with some added peace of mind. Depending on the level of coverage you choose, your boat insurance policy will offer protection against liability, collisions, fire, theft, and other unexpected accidents.
Boat insurance also safeguards you against risks that only present themselves when you’re out on the water: sinking, capsizing, stranding — even explosions. And with a good boat insurance policy, you’ll also get coverage for your marine equipment, which may include radios, GPS units, electric trolling motors, and tools.
Why shop for boat insurance online?
Boat insurance rates can vary a lot from insurer to insurer. Shopping online for your boat insurance helps you compare quotes quickly and get the coverage you need (at the cheapest rate possible).
What factors affect my boat insurance policy?
Many factors — like vessel length, value, the location of your boat, and the motor’s horsepower — will affect your boat insurance policy.
Is boat insurance mandatory in Canada?
No. Although insurance isn’t legally required for boats or personal watercraft under Canadian law, it’s highly recommended for boat owners. Remember: your boat, along with other marine equipment, like your trailer, fish-finders, and trolling motors, will all be covered under a good boat insurance policy.
Are there age restrictions for operating a boat in Canada?
Yes. If you are 16 or younger, you can only operate boats with certain levels of horsepower:
|Under 16 years of age||Cannot operate a pleasure craft above specific horsepower (hp) limits. See below.|
|Under 12 years of age and not directly supervised||Can operate a pleasure craft under 10hp|
|Between 12 and 16 years of age and not directly supervised||Can operate a pleasure craft under 40hp|
|16 years of age and older||No power restrictions|
What types of boats can I insure through LowestRates.ca?
Here are some of the different types of boat insurance available on our site:
- Small boat insurance
- Bass boat insurance
- Bowrider boat insurance
- Pontoon boat insurance
- Sailboat insurance
- Personal watercraft insurance (PWC insurance)
- Yacht insurance
- Runabout boat insurance
Do I need a licence to operate a boat in Canada?
Yes. According to Transport Canada, anyone operating a pleasure craft must have an up-to-date Pleasure Craft Operator Card (PCOC). Luckily, your PCOC is valid in every province, just like your driver's licence is.
What’s the difference between a Pleasure Craft Operator Card and a Pleasure Craft Licence?
The actual operator of the boat needs a Pleasure Craft Operator Card, but a Pleasure Craft Licence applies to the boat itself. If your boat has more than 10 hp, you must keep a valid Pleasure Craft licence on board at all times.
What’s the difference between agreed value and actual cash value boat insurance?
Agreed value and actual cash value are the main types of coverage available to boat insurance shoppers. Here’s how they work:
Agreed value policies: These policies are popular because you know ahead of time exactly how much money you’ll receive if your boat is written off or stolen. For example, if your agreed value policy states that the value of your boat is $20,000, that’s the amount your insurer will pay out to you if you need to replace your vessel.
The downside of this type of policy is that not all damages or incidents are covered, so ask insurance providers what range of coverage their agreed value boat insurance plans offer.
Actual cash value policies: With this policy, insurers consider the value of your boat at the time you make a claim. That means they factor in your boat’s depreciation and ‘wear and tear’, so the money you receive from your insurance claim will most likely be less than the amount you originally spent to buy the boat. The upside: actual value policies usually have cheaper premiums, and many boat owners report a smoother claims process with this type of coverage.