Boat Insurance Ontario
Get boat insurance for your PWC, runabout, bowrider, pontoon, cruiser, sailboat, bass boat or yacht.
Comprehensive Coverage
Leading-edge product and coverage options so you can enjoy your time in the water with peace of mind.
Affordable Rates
We compare quotes from multiple insurance companies to find you the lowest rate for boat insurance.
Expertise
We specialize in boat insurance for all types of watercraft and are backed by more than 10 years of experience.
Boat Insurance Ontario | PWC Insurance Ontario
Boat Insurance Ontario
Boat Insurance
Whether you use your boat for pleasure, entertainment, fishing or adventure, we can find the best solution for your boat insurance.
PWC Insurance
Competitive pricing for your PWC insurance with all risk coverage, agreed value loss settlement and liability limits of $2,000,000.
On-line Quote
Get an on-line quote for your boat or PWC in less than a minute. Fast turn around on your policy, same day coverage.
Policy Highlights
Coverage, limits, and payment options vary by insurance company.
Agreed Value
Navigational Limits
Flexible Payment Options
Insurance Discounts
Lay-Up Period
Fast Turnaround
Liability
Additional Coverage
Electronic equipment, emergency towing, loss of use, animal, rodent & vermin damage
Fast Claims Service
Boat Insurance FAQ
How much does boat insurance cost in Ontario?
Boat insurance premiums are determined by many factors such as type of boat, value, and claims history. Premiums can range from under $400 per year for a small aluminum fishing boat to thousands of dollars for a high valued yacht. The insurance for a sport boat will be higher than for a runabout. Claims history isn’t just about the boat insurance claims of an individual. In recent years, the losses for large cruisers over 26 feet have increased so insurance companies have raised premiums. The best way to find out how much it will cost for your boat or jetski is to do an online quote. It only takes a minute!
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.
Who can operate my boat or jetski?
Anyone can operate your boat or jetski as long as certain conditions are met.
- The operator must be of legal age to operate the boat. According to Transport Canada, an operator under the age of 12 can operate a boat up to 10HP with no direct supervision. An operator between 12 and 16 can operate a boat up to 40HP with no direct supervision. No one under the age of 16 can operate a personal watercraft, regardless of horsepower or supervision. Direct supervision means a person 16 years of age or older is in the boat and directly supervising the operator.
- The operator must hold a valid boaters licence (Pleasurecraft Operator Card).
- The operator must have permission from the owner to operate the boat.
- A boat insurance policy covers pleasure use only. If you are receiving money for the use of your boat such as renting it out, there is no coverage. This is considered commercial use.
Do I have coverage for rodents or vermin?
You pull your boat out of storage in the spring and discover that a family of raccoons have torn up the seats and made themselves a home in the winter. Most boat insurance policies will cover damage to your boat from rodents and vermin. Check your policy to make sure.
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.
Can I insure my boat on my home insurance policy?
Your home insurance policy may offer an easier and less expensive way of insuring your boat. However, that may not be an option because many insurance companies will only insure boats up to a certain length and horsepower. Some companies won’t even consider insuring a jetski. Also, a home insurance policy is not a boat insurance policy and does not cover emergency towing and loss of use among other boat specific coverages. If you have a claim on your boat, it will count as a claim against your home insurance. If you have too many claims, your insurer will cancel your home insurance policy.
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9 Things to Know About Boat Insurance in Ontario
Boat and PWC insurance is not mandatory in Ontario Ontario does not have a law that requires you to carry insurance on your boat or PWC. However, there may be times when you have no choice but to get insurance. For example, you will not be able to finance the...