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Do I need Boat Insurance in Vancouver?

by admin

With the high cost of living in Vancouver, no one wants to pay for services they don’t absolutely need, and that includes paying for additional insurance coverage. Unlike car insurance, you are not legally required to hold a Vancouver boat insurance policy for most leisure boats, however most marine experts would highly recommend taking out a policy for your boat regardless.  

By definition, insurance is an agreement for financial compensation in the event of a specified loss. While this protection isn’t free, the potentially devastating costs of not getting insurance typically far outweigh the premiums paid. We don’t plan for accidents to happen, but even when we are careful, accidents do occur; boat insurance can help ensure that in the event the unexpected happens, you are not left covering the costs.

Similar Post: Why North Vancouver Auto Insurance is So Expensive

In Vancouver, a good “all risk” boat insurance policy can protect you against many of the most common causes of loss or damage. The following are some of the most frequently filed insurance claims, and what you can do to help lessen the potential for serious losses.

Weather Damage

While we are fortunate to not have to deal with weather events such as tropical storms or hurricanes, Vancouver does receive its fair share of extreme weather. Wind storms in particular can wreak havoc on a boat. Ensuring that your boat is properly secured and that there is adequate bumper protection   between your boat and the dock can help reduce the risk of damage in the event of bad weather. During periods of prolonged severe weather, it may be wise to remove your boat from the water.

Submerged Objects

Unseen underwater rock formations, trees, sunken objects, and venturing outside of marked channels, lead to some of the most frequent, and most costly, boat insurance claims.  Striking submerged underwater objects can lead to extensive damage to your boats’ hull, propellers, or rudders, and in some cases even cause a boat to sink. Education and vigilance are the best tools to combat this type of damage, as often it is user inexperience that leads to trouble. However even the most seasoned captain can have a worst case scenario occur, and boat insurance ensures the financial costs are covered.

Collision

Collision coverage covers a wide variety of common accidents, from damage caused while docking, to damage caused by colliding with another boat or object. While damage sustained while docking is often minimal, damaged sustained in a high speed collision could be extensive.  Most accidents of this type are a direct result of user oversight, either because they were not paying attention or because they were operating the watercraft at excessive speeds. Simply paying attention to your surroundings, respecting speed limits in applicable zones, and using common sense otherwise can help avoid most collisions.

Theft

While not as common as car theft, boat theft, particularly when boats are stored in residential areas on trailers, does occur. And while they may not be the most common insurance claim, they are definitely among the largest payouts. To help protect your boat against theft, it is recommend to lock your trailer hitch, and wheels. If you are storing your boat for the season you may even wish to remove the trailer wheels and replace them with cement blocks.

Vandalism

Even in a well monitored marina, or winter storage facility, vandalism is an unfortunate risk you take when your boat is not in your immediate possession and this mischievous behaviour can actually lead to significant damage. To help reduce your risk, dock your boat with a boat cover and choose storage facilities that are regularly monitored.

As with any contract, the details are all covered in the fine print, so make sure you are dealing with a trusted insurance broker or a well-regarded marine insurance provider for Vancouver boat insurance.

Also Read: Tips on Choosing the Right Boat Insurance in Surrey