Part of what makes people love boating is the peace of mind they get while out on the water. Having boat insurance is a good way to keep yourself in that mindset. It is not legally required, but if your boat is valued over $5,000, it is a good idea to look into getting it insured. Boats should be insured for their stated or agreed value, which is what it would cost to fully replace the vessel in the event of an accident.
Most boat insurance policies are “All Risk”, meaning that there are many types of losses you are covered for, with a few exceptions. Damages that are typically exempt include the following:
- Freezing damages
- Deterioration
- Gradual wear and tear
It is important to remember that, just like car or home insurance, all boat insurance policies are different. Always check the details of your policy before going boating to make sure you fully understand what is covered. Different vehicles and policies will have different rules, and they may specify who is allowed to drive the vessel in order to be covered. In most cases, any certified boater given permission by the captain is legally allowed to drive, however be aware that different policies may have different conditions attached, as the boat’s level of performance can also influence who is permitted to drive it.
Buying boat insurance makes for a smart boater and allows you to be fully prepared in the event of an emergency. The purchase of boat insurance typically includes services such as emergency towing and “protection and indemnity”, which will cover legal fees, wreck removal, pollution damage, and accidental damage. Additional coverage may also include medical payments, personal effects, and death benefits.
Not only does boat insurance offer boaters peace of mind, but it can save them money, too. If you are in a boating accident but are insured with boat insurance, damages and replacement costs are covered by your policy, which could save you thousands! If you’re looking for even more savings, many insurance brokerages will offer you a discount on your premium if you have taken a Transport Canada approved boating safety course. Cruising down the Saint-Maurice river only becomes more relaxing knowing that you are insured if anything goes wrong…
BOATsmart! Assure™ is the best-in-class insurance coverage for smart boaters, like you.