Compare boat insurance quotes.
Whether it's water skiing, fishing, or just cruising around, nothing’s better than being out on the boat. But before you get on the water, make sure your vessel is covered by a great boat insurance policy. At LowestRates.ca, you can get the best boat insurance quotes from all the top providers in your province. Just contact us at info@lowestrates.ca and we’ll help you compare rates and find the right coverage for your boat.
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.
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).
Many factors — like vessel length, value, the location of your boat, and the motor’s horsepower — will affect your boat insurance policy.
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.
Yes. If you are 16 or younger, you can only operate boats with certain levels of horsepower:
| Age | Power restrictions |
|---|---|
| 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 |
Here are some of the different types of boat insurance available on our site:
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.
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.
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.