Protecting Your Investment with Boat Insurance
by adminWe take out insurance policies for our cars, home, and valuables to provide peace of mind that our priciest investments are guarded against theft, loss, or damage so why should your recreational boat be any different?
While boat insurance isn’t required of recreational vessels in Canada, it is highly recommended that even small fishing boat owners take out coverage to protect their assets.
What Types of Boat Insurance Policies Are Available?
There are many types of recreational boat insurance policies available in Canada, so regardless of whether you are looking to get boat insurance for a fishing boat or a sailboat, there are suitable coverage options for just about every situation.
Fishing Boat Insurance
Whether you are a recreation fisherman or fish competitively, you’ve invested heavily in your boat and gear, and that investment deserves to be protected.
A comprehensive fishing boat insurance policy provides ample protection against the most common threats to your vessel, like damage, theft, and accident, regardless of whether your boat is in the water, on the road, or in storage. Fishing boat insurance covers you and your vessel against damage caused by fire, storm damage, vermin damage, theft, vandalism, and collision. Some policies will also include coverage for loss of use and liability coverage for medical expenses and accidental death.
Other options worth discussing with your boat insurance broker include coverage for trailering, equipment, emergency towing, agreed-on value, guaranteed replacement value, or actual cash value payout.
Small Boat and Pontoon Boat Insurance
Don’t let the worry of an accident ruin your fun. Small boat insurance provides peace of mind for long days playing on the water while transporting your boat by the trailer, or when it’s in storage during winter.
In addition to basic collision coverage, comprehensive boat insurance can protect things like fire, storm damage, vermin damage, theft, and vandalism. You can also discuss policy inclusion like water sports liability, medical payment and accidental death coverage, loss of use, emergency towing, and agreed upon replacement value, guaranteed replacement value, or actual cash value payout with your boat insurance broker.
Sailboat Insurance
Sail away to destinations near or far, but make sure you have sufficient boat insurance for wherever your travels take you.
Sailboat insurance can be tailored to your specific needs, protecting against common perils such as fire, storm damage, vermin damage, theft, vandalism, and collision, regardless of whether your boat is on the water, traveling by trailer, or in storage. And like other types of boat insurance coverage, you can add liability, medical payment and accidental death coverage, loss of use, emergency towing, and agreed upon replacement value, guaranteed replacement value, or actual cash value payout with comprehensive boat insurance options.
Additionally, sailboat owners may wish to add supplementary protection for electronic navigational equipment and mechanical breakdown, tender, auxiliary motor, boat trailer, boathouse, personal effects coverage, and underinsured boaters’ coverage. Your sailboat insurance costs will vary based on the coverage options you choose and factors such as the vessel’s size, age, value, condition, and location of use.
Personal Watercraft Insurance
Did you know you can also get insurance protection for your watercraft?
Like your small boat, owning a personal watercraft comes with risks. Comprehensive personal watercraft insurance can protect you from loss due to fire, storm damage, vermin damage, theft, vandalism, accident, and collision. You can also add protection for accidental ingestion of seaweed or other debris, watersports liability, and your choice of guaranteed, actual cash value, or agreed value replacement payout options.
To learn more about boat insurance for any type of vessel, your best resource is always a boat insurance broker.