Ontario's lakes and waterways offer some of the best boating in the world. From fishing trips and family outings to networking opportunities and romantic evenings on the water, the boating lifestyle can take your recreational time to the next level. However, unexpected events can cause damage or loss to even the most well-prepared watercraft, so it’s important to protect yourself with the right type of boat insurance in Ontario.
The Ontario boat insurance brokers from Morison Insurance are Ontario residents like you and have many years of experience in offering personal insurance for boats and watercraft of all types and sizes, from large cruisers to fishing boats and sailboats to power boats. We have well-trained, experienced and knowledgeable boat insurance brokers who will work with you to develop a personalized boat or watercraft policy so you can feel properly covered during boating season.
Ontario boat insurance is a type of personal insurance policy designed to help protect motorized watercraft, including leisure craft, yachts, pontoons, fishing boats and sailboats. By having boat or watercraft insurance in Ontario, you can ensure that you and your personal watercraft or its equipment have the financial coverage needed in the event of an accident, emergency or another unfortunate event that causes damage or loss.
Ontario boat insurance coverage can include collision damage, property damage (including damage done to another boat, dock or other structures), and personal injury. However, it can be customized based on your insurance needs. Make sure to speak to your Morison insurance broker about your boating activities to ensure you get the most comprehensive protection for boat insurance Ontario has to offer.
If you own a boat, it is highly recommended that you have the right boat insurance in Ontario due to the high value of boats. A small incident can lead to thousands of dollars worth of damages. If you take out a loan to purchase your boat or watercraft, many financial institutions will require an Ontario boat insurance policy. It is also common for marinas and storage facilities to require boat insurance in Ontario or other provinces in order for you to be able to dock and store your boat at their location.
Most importantly, you can rest easy knowing your investment is protected when you have the right boat insurance. Ontario boat enthusiasts often dream about their big purchase for years—maybe even decades—before pulling the trigger and getting the beautiful watercraft they've always wanted to spend time on the water with. Whether you have purchased a luxury yacht with all the bells and whistles or a little speedboat to zip around in, it would be absolutely heartbreaking to see it damaged or even destroyed beyond repair.
But life happens, even when you take all the right precautions, and that's why it's so important to have the right boat insurance. Ontario watercraft owners can get peace of mind knowing that they are backed by a comprehensive boat policy. Whatever life throws at you—and your boat—you won't have to worry about losing your investment and then some to recover property damage costs, medical bills, legal fees or replacement costs in the event of a disaster like theft, vandalism, accidental damage, wreck removal, third-party bodily injury, and more with the proper boat insurance. Ontario brokers at Morison Insurance will help you get the best protection for your watercraft. Just give us a call to get started.
No. It is not legally mandatory to have watercraft insurance in Ontario. However, operating without it is extremely risky, and just about every boating enthusiast will tell you that you should consider boat insurance.
Ontario insurance policies are designed to protect you should the worst-case scenario occur, and without a proper policy for your boat, you'll have to take on all the expenses yourself should any loss or damage occur to your boat. Also, while they’re not legally required to have boat insurance, Ontario boat owners should be aware that there are some situations in which it could be difficult to operate without it. For example, if you're financing your boat, the lender of your loan will require you to get the boat insured. Or, if you store your boat anywhere but your home, whether it's in or out of the water, that facility will require you to have liability coverage in case something happens. These situations often make it necessary to have some kind of boat insurance in Ontario.
A Morison Insurance broker can assess your situation, provide expert advice, and get you a competitive Ontario boat insurance quote that is suited to your boating insurance needs.
Most policies for boat insurance in Ontario will include property damage liability in a collision, replacement cost coverage, damage caused by your boat to someone else's property, medical expenses for bodily injury, theft and vandalism. It really depends on the insurance provider in terms of the details.
While a standard package often doesn't cover every risk that may concern you on your boat insurance, Ontario watercraft owners can choose to purchase extra coverages that you can purchase to ensure you are protected from bow to stern.
Some things that are commonly found in Ontario boat insurance quotes include:
Do you have an expensive upgrade that you added to your boat? Perhaps a high-end propeller or a state-of-the-art navigation system? Your boating equipment can be individually insured with additional coverage included in your boat insurance quote in Ontario. This way, you can know that the investments that you worked so hard to put into your boat are safe from potential loss or damage. You may also need additional coverage for expensive fishing equipment or other special equipment that is stored and used on your boat.
The cost of your boat is another factor that warrants consideration. If it's a high-end, luxury watercraft, you are likely going to need more than the standard coverage limits to ensure you are adequately protected against financial loss in the event that the boat suffers damage or is destroyed. Make sure to speak to your professional broker at Morison Insurance to ensure you have the protection you need in your policy for boat insurance in Ontario.
Breaking down on the side of the road is one thing, but having your boat motor stutter to a halt in the middle of Lake Ontario is even less ideal—you certainly won't be calling roadside assistance or hitchhiking to the nearest gas station. Emergency towing and assistance is a type of optional coverage for marine assistance that will help you get your boat back to safety when you are stuck out on the water. Towing coverage lets you go out onto the open water with the peace of mind that comes with knowing emergency services for water towing will respond should anything go wrong.
Ontario has numerous waterways filled with different obstacles and boating traffic, and as much as we may try to avoid them, boat accidents happen. Sometimes, a mishap may leave your boat damaged and stranded somewhere as a result. Having salvage coverage included in your Ontario boat insurance quote would protect you from the associated expenses of getting your boat out of the area where it was damaged. Protection of this sort will also help you get your boat out of the water if it were to ever sink or be so damaged to the point that you are unable to remove it yourself.
Sometimes it's not enough to have coverage for yourself, and you need to take other people's actions and decisions into account as well. If you are involved in a collision on the road, you can be reasonably certain that the other driver will have auto insurance. But boat insurance in Ontario isn't mandatory, unlike car insurance. Watercraft can collide while out on the water or at the port or dock. Although you're insured, the other boater might not be. What happens then?
Having uninsured watercraft coverage included in your overall insurance for your boat can help ensure that you're covered if you are in a collision with an uninsured or underinsured boater. That means if they are at fault, you won't be left with no way to receive compensation for the damage to your watercraft, and you can get back out on the water sooner with a lot less hassle, expense, and stress following the accident.
Ontario boat insurance policies can be customized depending on your boating needs, and the above coverages are some common policy inclusions that can be included in your boat insurance. Ontario insurance policies for boats also tend to include:
Is there a particular event or coverage you want included in your boat insurance? Ontario insurance experts at Morison Insurance will be happy to discuss different possibilities with you to help you find the right boat insurance quote.
Whether or not you need a marine survey to get insured depends on the boat insurers and the age of the watercraft that needs boat insurance. Ontario insurance companies will typically request a marine survey for a boat that is more than 10 to 15 years old, including vintage and antique boats. The process is carried out by an independent surveyor who will assess the value, condition and seaworthiness of your watercraft and identify potential safety or repair issues that need to be addressed. Even if your boat is newer but has been out on the water before, it can be advantageous to have a marine survey done for your own peace of mind. If you are unsure if you require a marine survey, speak to a Morison Insurance broker who will help ensure you have everything ready for a boat insurance quote.
Your home insurance policy will cover a small boat, but oftentimes, this is an additional type of coverage that you'll have to add to your existing homeowner's policy. This coverage, however, can be limited. Sometimes it only covers the boat while it is parked on your property, but not when you take it out on the water. This means that the loss would have to occur at your home for your boat to be covered.
That doesn't mean you can't include a small, inexpensive watercraft on your homeowner's insurance rather than getting a separate policy for boat insurance. Ontario insurance brokers at Morison Insurance will discuss your options and coverages with you to ensure that your boat is properly protected.
When it comes to specific eligibility requirements for those who can obtain boat insurance, Ontario insurance companies can vary a bit in their individual rules. That being said, the main things they are going to look at to determine eligibility are factors such as your driving record, including driving tickets, along with your boat ownership experience, previous boat insurance losses and overall insurance claims history. It may also depend somewhat on the type of watercraft, navigational limits and other factors.
The more your Ontario boat insurance broker knows about you and how you intend to use your watercraft, the better they will be able to tailor your policy to your unique needs. A Morison Insurance expert will be happy to go over all the information you need to provide in-depth, but generally speaking, you will need to provide information such as:
We don’t just ask these questions because we like asking questions. We want to have a better understanding of the type of boat you have and what your insurance needs are so we can find you the best possible boat insurance quote. Ontario waterways are filled with all types of watercraft, and to make sure you have the right amount of coverage, be prepared to be as detailed as possible when discussing your Ontario boat insurance needs with our licensed brokers.
The most heavily weighted factors when determining your boat insurance costs are the types of boats you own, engine size, speed capabilities, and how old they are. Some other factors that may also affect the cost of boat insurance are your boating experience, what type of water you will be using it on, how often you plan to use it, whether anyone other than you will be operating it, you claims history, types of coverages, storage, and what condition your boat is in.
Typically, the cost of your Ontario boat insurance premium is about 1.5% of the boat's value, although this can differ based on the factors listed above. It is always important to be as detailed and clear as possible when discussing your insurance coverage needs with your Morison Insurance broker to ensure you are getting the best possible deal for your watercraft insurance in Ontario.
Whether or not you are eligible for discounts on your Ontario boat insurance premiums does vary based on a number of factors, but some insurance providers do offer discounts for various reasons. It's fairly common to get a discount on your insurance premiums if you have a claims-free record, for example, and that's generally true for boat insurance in Ontario as well.
Some insurance companies may also offer discounts for taking an approved boating safety course, as this education can significantly lower your risk of needing to file a claim on your watercraft insurance. Ontario policyholders should speak to their brokers at Morison Insurance to find out more about potential discounts that they may be eligible to receive.
If you're ever in an accident and have resultant repairs, an Ontario boat insurance deductible is the amount of the cost that you've agreed to cover on your own before your insurance company covers the rest. Very often, a standard deductible is about $500. For example, if your boat requires $2,000 worth of repairs, you will have to cover $500, and your insurance policy will cover the remaining $1,500.
Keep in mind that the lower your deductible is, the higher your insurance premium will be. For example, a policy with a $1,000 deductible will cost less annually than if the deductible on the policy were $500. However, in the event of damage, you would need to pay $1,000 out of pocket. Make sure you understand your responsibilities in the event of an accident or damage when discussing deductible amounts with your broker for your boat insurance in Ontario.
There's no doubt that a boat can be a costly investment, especially for a recreational vehicle, but most watercraft enthusiasts find the pleasure of boating well worth the cost. But when boat owners purchase a brand-new watercraft that they may have spent quite some time saving for, it can be nerve-racking to actually get the boat out on the water and use it because that increases the risk of a total loss. With agreed-value coverage, you can enjoy your brand-new boat all you want without worrying about what would happen if your watercraft was destroyed.
Agreed value coverage is an optional addition to watercraft or boat insurance. Ontario policyholders can typically opt into agreed value coverage as long as it's a relatively new vessel. Most insurance companies will consider a boat eligible for agreed value coverage as long as it's under 10 years old and, in some cases, under 15 years old. Ultimately, if you are involved in a situation that ends in a total loss for your boat, you can expect to receive insurance compensation for the agreed value so you're able to replace it with the same or a similar model.
If you have a larger watercraft such as a yacht, it's likely necessary to have a small dinghy on board that you can use as a tender to transport crew and yachters to and from the boat when it is moored offshore and that your crew can use to carry out maintenance checks and other tasks while the larger boat is in the water. It may also be used as a lifeboat in a marine emergency. Some people consider this tender or dinghy to be basically an extension of the larger watercraft and, therefore, will assume that it will be covered under the larger craft's boat insurance. Ontario policyholders need to know that this is not the case. Your insurance company will consider the dinghy to be a separate watercraft, and it will not be automatically included in your Ontario boat insurance coverage for the yacht or other large watercraft.
That being said, you likely don't need an entirely separate policy to cover your dinghy with watercraft insurance. Ontario insurance companies, in most cases, can modify your existing insurance policy with an inclusion that extends the coverage to the dinghy or tender that goes with your larger watercraft. This way, you don’t need to worry about getting two separate policies.
A similar situation applies to boat trailers. Many people will need a boat trailer to transport their watercraft across land, so it's also worth noting that your boat trailer is likely not going to be automatically included in your policy for boat insurance. Ontario watercraft owners who rely on a trailer to get their boat to water should speak to their Morison Insurance broker to make sure they have coverage for trailers so they're protected against financial loss related to damage on that critical piece of equipment for their boat.
When considering this aspect of boat insurance, Ontario policyholders need to separate liability and property damage coverage in their minds. In most situations, the property damage coverage on your watercraft insurance will apply if your boat is damaged while on the trailer. However, liability concerns related to the boat on the trailer will be covered by the liability insurance portion of the auto insurance for the vehicle that is pulling the trailer.
For example, if you are using your truck to pull a trailer with your boat on it and you get in a collision that causes the trailer to tip sideways and partially crush another vehicle, the damage to the boat would fall under your Ontario boat insurance coverage, and you could get insurance compensation to deal with the cost of repairing or replacing it. However, the damage to the other vehicle that was partially crushed by your trailer and boat would be handled under the liability coverage of your auto insurance for your truck. Your Morison Insurance broker will be happy to discuss what type of damage or loss is covered under what policy in different situations and can help you figure out if you have the right insurance protection for the situation.
You can contact Morison Insurance today to get a boat insurance quote. Ontario insurance experts on our team are happy to help you get the best insurance policy that's right for your comprehensive coverage needs as well as your budget. We understand that your insurance needs are as unique as you are. That's why we're here to provide you with the best marine insurance products and help you through the process from start to finish so you can cruise the waterways knowing you're protected with the right insurance on your boat.
Contact us by calling 1-800-463-8074 or by filling out the contact form on this webpage. No matter your Ontario boat insurance needs, it will be smooth sailing when you choose Morison Insurance.
