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Boat Insurance

There is nothing better than being out on the water. People love their toys and they are great fun but they can pose significant risks for their owners. When it comes to your toys, it is important to purchase boat insurance for specialized coverage that goes beyond the standard coverage offered by your home insurance policy. Your pull trailer will require insurance as well and will fall under Manitoba Public Insurance.

You may not think you need boat insurance. But if you own a boat it’s in your best interest to prepare for any unforeseen accidents by making sure your boat has insurance coverage. When you’re looking for worry-free boat insurance, be sure that the insurance broker has a long history of providing boat insurance for the best coverage and peace of mind.

Boat insurance can cover what is needed both on and off the water. Before selecting an insurance broker, it’s important to research a variety of quotes, since rates and coverage on boat insurance can vary.

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Is My Boat Covered Under My Home Insurance Policy?

Many believe that a home insurance policy will cover their boat as well. Unfortunately, that is often not the case. You may have some coverage under your home insurance policy, but typically it provides very limited coverage.


What Does Boat Insurance Cover?

Boat insurance not only covers physical damage to your watercraft in and out of the water, but it also gives you liability protection in case you are responsible for injury to swimmers, water skiers or other boaters or you damage another boat, dock or the environment. A boat insurance policy can come with various different coverages. All boat insurance policies are different in what they provide, here are some coverages you can expect. These include; accidental damage, fire, emergency towing, liability, theft or attempted theft, vandalism or malicious act.

Emergency towing, loss of use, agreed to value coverage, year-round protection to ensure you are covered for losses even when your boat is not in use.

What determines the cost of boat insurance?


Factors like the cost of your boat, the type of boat, the amount of use, the type of use all come into play when determining Boat Insurance cost. Various discounts and rewards programs can be available for boat insurance users. For example, some insurance companies are now offering a no claims bonus (which could be up to 20% off your premium) for those that have had no claims in a specific amount of time. There are a couple of different factors that play into the cost of your boat insurance policy. Generally, the main factors behind the cost are:

  • The Size Of The Watercraft
  • The Value Of The Boat
  • The Type Of Boat
  • How Frequently The Boat Is Used
  • The Condition Of The Boat
  • Claims History Of The Owner

How Can I Minimize My Premium?

To save money on your boat insurance, get the proper coverage limits. Note the coverage limits being offered to you. In regards to the cost and size of your boat, make sure your insurance broker has all the right details. Discuss the appropriate coverage limits with your insurance broker and make sure you ask questions.

Finally, do your research by getting a quote from several boat insurance providers to find out what rates they can offer. Many offer competitively lower rates to get your business but may not offer the coverage you’re looking for.

On the Water:

  • Navigate and operate your watercraft safely to avoid accidents, never while impaired
  • Never leave valuables on-board
  • Carry safety and emergency equipment
  • Wear approved Personal Floatation Devices (PFD)
  • Know your boat
  • Follow markers and the rules of the water
  • Give large watercraft extra room

In Storage:

  • Consider locking devices to immobilize boats stored on a trailer
  • Always cover your boat
  • Winterize and store your boat in a safe place
  • Install satellite monitoring systems to track whereabouts of the watercraft.
  • Clear snow and ice to prevent damage

Questions for Your Broker?

As with all insurance policies, you need to make sure you are getting the right boat insurance for your needs. Talk with your insurance broker about total loss & replacement cost, liability coverage and other situations that may pertain to you (such as racing or other uses for your boat.) In addition to this, talk with your insurance broker about what is not covered. Most of the policies might have some exclusions that could range from no coverage for accidents or loss that occurs when you have too many people on your boat (define what that number is) to providing no coverage to you when your boat is being transported by a commercial carrier.

You need to have a full understanding of what is available to you and what is included in your plan. Check to make sure all the information is correct and that you fully understand the policy before signing.


Our team of insurance professionals are always here to help find the right insurance for you. Send us an email, check out “The Blog”, or give us a call to chat with one of our professionals.