How boat insurance works?


Disclaimer: This article is intended for information purposes, with the sole objective of providing food for thought. Under no circumstances should it be construed as advice regarding insurance solutions. Only a duly certified insurance professional is qualified to analyze your personal situation, discuss your needs with you and advise you on insurance solutions.

Insurance to keep your boat afloat

You’ve been dreaming about buying that first boat for years and the time has finally come. You’ve undertaken important work on your sailboat. A friend is loaning you his two jet skis for the summer while he’s away in Barcelona. What do you need to know about these situations, and what’s out there in terms of coverage?

A separate policy may be required

Boats are usually insured on your standard homeowner’s insurance policy, just make sure it covers your basics needs. Generally, for the boat to be eligible, it must have less than 50 HP or less than 25 feet in length. For bigger boats, you’ll need to get a distinct policy, the most popular being the All-Risks formula. As for jet skis, it’s better to insure them separately for optimal coverage, but in this case, they don’t belong to you and should be covered by your friend’s insurance (it doesn’t hurt to ask him though).

What does your boat and its equipment cost to replace?

Find out! You need to know what your boat’s current value is, factoring in depreciation and any improvements you have made over time. This will help you decide how much insurance you’ll need. Your evaluation should cover the cost of any fixed equipment; anything else is usually covered by your home insurance policy.

Area of effect

Your policy will cover the main waterways of your province and adjoining areas, like the Great lakes or the Saint Lawrence. Your coverage may be limited to this range or partial beyond it, so make sure that the areas you are indeed covered for are the ones where you plan to go boating. If your needs change, tell your insurer immediately.

Safe and save with ClickInsurance

Boating license, docking rights, gas and food for two days… What’s missing? Going online to ClickInsurance to make sure to increase your chances of getting the best price on that insurance. No more filling in ten forms and calling ten different agents and brokers, ClickInsurance is here. In a few clicks, you’ll get quotes from some our partners. 

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Beneva inc.
Lapointe & Coulombe Assurances, cabinet affilié à Beneva
Boilard Assurances inc
ROK Assurances inc., cabinet affilié à Beneva
Assurances Raby & Bernard, cabinet affilié à Beneva
Amr Assurances Multi-Risques
Racine & Chamberland.