Boat Insurance for the Waters of Ontario
What is boat insurance in Ontario?
Having boat insurance just makes sense when you consider how much goes into purchasing, maintaining, and storing your watercraft. If something happens to your vessel or you and your passengers, marine insurance will help cover any associated costs, including watercraft removal and emergency towing.
Boat insurance is also required if you’re looking to finance a boat purchase, or looking to store your watercraft at a marina.
Coverage options include:
Third Party Liability
This coverage will protect you if you are responsible for an at-fault boating accident and will help pay for medical expenses, repair bills and legal fees.
Replacement Coverage
This is the only type of boat insurance coverage that will pay you to repair or replace your boat if it is lost or damaged while parked. Especially recommended for any boater putting their vessel in storage.
Property Damage
Property damage coverage will protect you if you get into a boat accident that causes property damage. If you collide with another watercraft or even a dock, you can file a property damage claim, and your insurance will help cover the cost of repairing or replacing your vessel.
Agreed Value Coverage
A policy in which you and the insurer agree upon the value of your boat when your policy is written. This agreed-upon amount will be paid out if your vessel is a total loss due to covered events like fire, storms, theft, etc.
Rental Coverage
This protection will pay for your boat rental if your boat is being repaired or damaged and is temporarily unusable.
Collision Coverage
If your boat is damaged in an accident, this will help pay for the repairs or replace the damaged vessel.
Boating and Marine Insurance FAQs
Do you have to have a boat license in Ontario to operate a boat?
Yes, it is mandatory to have a Pleasure Craft Operator Card (PCOC), also called a boat license, to operate a power-driven boat. Learn more about getting a boating license in Ontario by visiting Destination Ontario.
Is boat insurance required in Ontario?
You are not legally obligated to purchase boat insurance if you operate a recreational watercraft. However, if you get into an accident and don’t have insurance, you will be responsible for any associated costs. With marine insurance, your insurer will help pay to repair or replace your damaged boat.