Boat Insurance

There’s nothing quite like being on the water, enjoying the connection with nature and the fresh breeze. Many marinas require boat owners to maintain year-round insurance to cover any potential damage to the marina or other boats. Additionally, depending on where your boat is stored during the off-season, certain insurance requirements may apply to storage facilities as well.

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What Does Boat Insurance Cover?

Boat insurance protects you from unexpected events and accidents. It typically includes coverage for:

* Damage to your boat, its motor(s), equipment, and accessories from incidents like collisions, theft, or vandalism.
* Loss or damage** to personal items like apparel, sports equipment, and other belongings onboard.
* Liability protection** if you cause harm to someone or damage someone else’s property or boat while operating your boat or another watercraft.

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Types of Boat Insurance Coverage

Your insurance needs will vary based on the age of your boat and how you use it. Here are some common coverages offered in boat insurance, along with some additional options:

* Property Coverage – Covers risks such as collisions, theft, and vandalism.
* Liability Coverage – Provides protection in case of lawsuits or claims due to accidents involving your boat.
* Temporary Replacement Coverage – Offers a rental boat while yours is being repaired or replaced.
* Agreed Value Coverage – Ensures full compensation for your boat’s value if it’s totaled.
* Navigational Extension Coverage – Allows you to operate your boat outside normal navigational limits.

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Recommended Liability Coverage for Boat Insurance

Due to increasing legal costs in Canada, it’s generally recommended to have a minimum of \$1,000,000 in liability coverage. If you plan to use your boat in more busy or high-traffic areas, increasing your coverage to **\$2,000,000** is advisable. When choosing the right liability limit, consider these factors:

* The liability limit required by your marina.
* The type of water you’re using your boat on—whether it’s a busy lake or a more private, low-traffic area.
* Whether you travel with your boat, such as through locks or on a trailer.

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Benefits of Boat Insurance

Boat insurance provides financial protection in case of:

* Collision
* Theft
* Vandalism

It also covers you if you:

* Injure someone
* Damage another person’s property or boat** while operating your watercraft.

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What Information Is Needed for Boat Insurance?

When applying for boat insurance, you will need to provide some key details, including:

* Boat’slength, type, and value
* Current condition and market value
* Frequency and purpose of usage
* Storage method
* Condition of waters where you operate the boat
* Owner’s experience, along with any loss or claims history**

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Factors Affecting Your Boat Insurance Policy

Several factors can influence your boat insurance policy:

* Storage Location
* Area of Navigation
* Driving Record
* Boat Inspection Survey
* Experience as a Boat Owner

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Safety Tips for Boating

Here are some helpful safety tips to keep in mind while boating:

* Operate your boat safely and avoid boating under the influence.
* Don’t leave valuables on board when you’re not around.
* Keep emergency and safety equipment on board at all times.
* Ensure your boat is properly lit if you’re out at night.
* Always wear a certified PFD (Personal Flotation Device).
* Inform a friend of your trip plan and destination.
* Obey all waterway markers and regulations.
* Give large vessels plenty of room when passing.

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Storage Safety Tips for Your Boat

When storing your boat, take extra precautions to ensure its safety:

* Use lock devices to immobilize your watercraft when it’s on a trailer.
* Consider installing satellite monitoring to track the boat’s location.
* Clear snow and ice to avoid potential damage during the winter.
* Install an alarm system for added security.

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Get Boat Insurance from Solutions Insurance

For reliable boat insurance, contact Solutions Insurance today. Whether you need advice or a custom quote, we’re here to help you secure the right coverage to protect your boat. Reach out to us and let us guide you in choosing the best insurance for your needs, so you can enjoy your time on the water with peace of mind.