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Boat Insurance Ontario | PWC Insurance Ontario
Boat Insurance Ontario
People love their boats and jetskis, and they are great fun, but they can pose significant risks for their owners. When it comes to your boat and personal watercraft, it is important to insure them with specialized coverage that goes beyond the standard coverage offered by your home insurance policy. Boat & PWC insurance is what we do. We can insure your cruiser, runabout, pontoon, jet boat, fishing boat, bass boat, sailboat, trawler, PWC and more. Designed to meet your needs, you can count on our expertise and experience to help you with the boat and personal watercraft insurance you need so that you can enjoy your time on the water.
Whether you use your boat for pleasure, entertainment, fishing or adventure, we can find the best solution for your boat insurance.
Competitive pricing for your PWC insurance with all risk coverage, agreed value loss settlement and liability limits of $2,000,000.
Get an on-line quote for your boat or PWC in less than a minute. Fast turn around on your policy, same day coverage.
Coverage, limits, and options vary by insurance company.
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Boat Insurance FAQ
Is boat insurance mandatory in Ontario?
By law, you do not have to carry insurance to operate your boat. However, most marinas will require you to carry $1,000,000 or $2,000,000 in liability insurance if you are going to moor or store your boat on their property. If you are financing the purchase of your boat, the bank or financing company will require you to carry fire & theft insurance.
Can I insure my boat under my home insurance policy?
Most home insurance policies will allow you to insure boats up to a certain length or horse power. These policy are not intended to cover marine risks and have limited coverage for boats. A claim on your boat counts as a claim against your home insurance policy. Once you have a couple of claims, your insurance company could cancel your home insurance policy.
What is Agreed Value and Actual Cash Value?
An Agreed Value policy will pay the amount (limit) shown on policy declaration. An Actual Cash Value policy will pay the replacement cost of the boat less depreciation. The market value of similar boats as well as the condition of the boat prior to the loss will be taken into consideration when determining value. Actual Cash Value may be the only option for older boats.
What are the navigational limits?
Navigational limits vary slightly between insurance companies. Generally, insurance applies only when the Insured personal watercraft is located within the following navigation areas and land within these limits:
East Coast of Canada and U.S.A (east of 120 degrees of longitude west): Inland and coastal waters of Canada and United-States between 40th and 52nd latitude North but no farther than 10 nautical miles offshore. Navigation south of Tappan Zee Bridge on the Hudson River in New York Harbor is excluded
West Coast of Canada and U.S.A (West of 120 degrees of longitude west): All Canadian Inland waters except the Fraser River above the junction of the Sumas River no further than 10 nautical miles offshore Costal waters within the area bounded by lines drawn between Cape Flattery (U.S.A.) and Owen Point (Canada) to the Southwest of Vancouver Island, Cape Sutil and Mexicana Point and Cape James and Allison Harbor to the Northwest of Vancouver Island no further than 10 nautical miles offshore.
Check your boat insurance policy for the navigational limits.
If you plan to travel outside of the Navigational Limits, additional coverage may be available. Contact your broker with details of your trip.
What is a marine survey and do I need one?
A marine survey is an appraisal on the boat performed by a qualified marine surveyor. It is an in-depth document containing information on the condition of the boat and an estimate as to the current market value. A survey usually ends with the surveyor’s recommendations regarding repairs or safety issues. A survey can cost upwards of $250 or higher. It should not be confused with a marina letter that is typically one page and costs very little.
Surveys are generally required on vessels that are 15 years of age or older. Insurance companies may accept surveys that have been done within the last 5 years. The insurance company will want to review the survey prior to providing a firm quote or an insurance policy. Any serious recommendations will have to be completed prior to insuring the boat. Less serious recommendations can be completed after the policy is issued.
If you are looking at purchasing an old boat, request a survey from the seller. If there is a recent survey, have the seller go through all of the recommendations to see which ones have been taken care of. If the seller has not completed the recommendations, then you will have to complete them. If you purchase the boat without a survey, you run the risk of purchasing an uninsurable boat with huge repair bills.
Are you looking for a marine surveyor? Click here.
Do I have coverage when towing my boat?
The physical damage to your boat and trailer is covered under your boat insurance policy. The liability coverage is covered under your auto insurance policy. For example, if someone rear-ended you and damaged the boat and/or trailer, this would be covered under your boat insurance policy. If the trailer disconnected from your vehicle and damaged a third party vehicle, your auto insurance policy would respond.
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