Benefits of boat insurance
The right boat insurance policy can provide the right liability and hull and machinery coverage for your boat. For small, non-motorized crafts like canoes, kayaks, and paddleboards, and even a small motorized boat, a home insurance policy may be enough. But a pleasure craft boat policy is highly recommended for any motorized watercraft with a significant investment.
Boat insurance is not the law in Canada, and many boat owners assume that their house insurance covers their boat, but specific marine insurance has many more benefits regarding damage claims and liability.
What affects coverage and costs?
Reliance Insurance has agents who specialize in pleasure craft insurance. We can help you find affordable insurance for all sizes: run about, high-end cruisers, jet skis, sailboats, yachts or specialty boats. Many factors affect the type of policy required and ultimately what the insurance premium will be:
- Size of boat
- Age of boat
- Value of boat
- Experience of the primary operator
- Location of where the boat is operated
- Size of the motor(s)
Insurance within hours
BC boat owners can buy an “Express Policy” from Reliance Insurance. This makes insuring certain kinds of boats easy and fast, same-day policy coverage – no photos, survey or signature required. Express policies can be issued if you qualify:
- Must be a resident of BC aged 20 or older
- Must have 2+ years’ experience operating boats and a valid PCOC
- Have less than 2 boat claims in the past 5 years
- The boat is max. length 30′, max. value $50K (boat/trailer), max. speed 60 mph
- Boat construction is fiberglass, aluminum or fabric
- Boat is for pleasure use only
Benefits of pleasure craft insurance
- A boat-only insurance policy keeps your home insurance free from claims and eliminates the risk of increased premiums on your home, or worse, a cancelled homeowners policy.
- Boat insurance has many advantages over a home policy.
- A home policy may only cover the boat when it’s stored at home but not when it leaves the property.
- Your liability coverage under a home policy may not be enough in the event of a boating accident when injuries occur.
- Most home policies are very restrictive on the size and horsepower covered.
- Boat insurance is based on agreed value, actual cash value or replacement cost.
- If there are any injuries to passengers, water-skiers or tubers, pleasure craft insurance covers the liability.
BC boat insurance coverage
Boat insurance has many different elements related to boating activity and storage of the vessel.
- Liability insurance that also includes a waterskiing liability
- Agreed valued coverage
- Personal effects coverage
- Reimbursement of emergency expenses
- Express policies may have very low insurance deductibles
- In some circumstances, deductibles are waived in no-fault accidents
- Emergency towing
- Damage by vermin is not excluded
- Loss of use coverage
- Coverage for trailers, GPS systems and other equipment.
Boating is a big financial commitment. Insure your boat for the correct coverage, and make claims easy and hassle free.
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