Compare boat & marine insurance quotes for your watercraft for free.

Compare boat insurance quotes.

Get the best rates on boat insurance.

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 watercraft insurance providers in your province.

Just contact us at [email protected] and we’ll help you compare rates from the Canadian boat insurance providers and find the right coverage for your craft. 

 

41,468 Canadians

have compared rates and saved money over the last 24 hours

What our users say:

June 26
Got an honest answer for my quote
Got an honest answer for my quote
Pauline Von Rhedey
June 26
quick,easy
quick, easy
quentin zientara
June 26
The agent was very helpful
The agent was very helpful
Lahsen Oujaa
June 24
Maria was Profesional and made the process so easy
For the first time getting insurance there was no hassle thxs
Jonathan Bevan
June 24
Quick and painless
Quick service and a straightforward interface. Nobody tried to sell me on someth...
ALLEN
June 24
Awesome experience
So helpful and found me an amazing rate. Real people helping you from Canada. Ex...
Powla Allison
June 24
Should contact you guys
They give me the quote what I am looking for .
Chaudhry ghafoor
June 23
Great company
Great company
Jennifer
June 23
Main quote was close but wouldn’t let…
Main quote was close but wouldn’t let me try other companies.
MS
June 22
The staff get back to me quickly and…
The staff get back to me quickly and connect me to the broker right away after t...
Cao Sam Tran
June 20
Quick response and excellent service
Quick response and excellent service
Zurab Tinikashvili
June 20
Broker was knowledgeable
The call with the licensed broker was good and he answered all my questions
Mafalda Fernandes
June 19
Helpful
Helpful, friendly
Saeed Abdelfadil
June 19
Quick response/best rates
Explained all steps for me to understand.
Abdul Nasir
June 18
Insurance Quote
The quote was very quick and the broker answered all my questions. Thanks Raf
Ed

Your questions about boat insurance in Canada, answered.

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.

How much is boat insurance?

The cost of boat insurance varies based on the boat you’re looking to insure as well as the amount of insurance you wish to purchase. Rates for boat insurance are on the rise, as many insurers report higher claims costs. As a result, insurance companies have reduced boat insurance coverage — meaning some consumers have not been able to secure a policy for their personal craft.

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 required in Canada?

No. Insurance isn’t legally required for boats or personal watercraft under Canadian law, so there are no boat insurance requirements. 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:

AgePower restrictions
Under 16 years of ageCannot operate a pleasure craft above specific horsepower (hp) limits. See below.
Under 12 years of age and not directly supervisedCan operate a pleasure craft under 10hp
Between 12 and 16 years of age and not directly supervisedCan operate a pleasure craft under 40hp
16 years of age and olderNo 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.