Friday, November 18, 2022

How Much Is Boat Insurance In Ontario

Progressive: Best For Cheap Boat Insurance

Why Do I Need Boat Insurance?
  • Rates as low as $100 per year

  • Wide array of coverage

  • Restrictions on types of boats covered

  • Strict coverage limitations in areas with hurricane risk

Coverage

As expected from one of the industry leaders in personal property insurance, Progressive offers all of the major coverage and more, including:

  • Bodily injury and property damage liability
  • Comprehensive coverage
  • Propulsion Plus mechanical breakdown coverage
  • Sign & Glide on-water towing
  • Fishing equipment or carry-on items
  • Water sports injury coverage
  • Fuel spills and wreckage removal
  • Roadside assistance and trip interruption
  • Full replacement cost

Discounts

You can potentially save even more with Progressive by qualifying for some of the following discounts:

Additionally, Progressive offers these perks that help customers save on their boat insurance over time:

  • Small Accident Forgiveness This prevents your rates from increasing if you end up in a boating accident with a claim under $500.
  • Large Accident Forgiveness This prevents your rates from increasing after an accident if youve previously remained accident free for three years.
  • Disappearing Deductible Your deductible lowers by 25% for each period you remain claim free until it finally reaches zero.

Limitations

Progressive boat insurance is only available for boats up to 50 feet in length, and in some states that experience higher hurricane risks, the limitations are 35 feet and $175,000 in value.

Additional Perks

Nationwide: Best For Policy Bundling

  • Multi-policy discount for those who bundle boat insurance and at least one other policy with Nationwide

  • Boat insurance packages to help customers save money

  • Not all coverages and discounts available in all states

  • Cant manage boat policy on the mobile app

Nationwide offers lots of options for boat insurance coverage, including:

  • Bodily injury and property damage liability
  • Collision coverage
  • Roadside assistance
  • On-water boat towing and labor
  • Fishing equipment insurance
  • Personal effects insurance

Furthermore, there may be additional savings on your boat insurance when you select one of Nationwides boat insurance packages. The company offers a wide range of packages for different types of boaters, such as:

  • Weekenders For those who simply take gear onto their boat and remove it when theyre done, Nationwide offers an affordable package that includes up to $1,000 for fishing equipment, $3,000 for personal effects, and $500 for towing.
  • Overnighters For those who take short boating trips, Nationwide offers up to $2,500 for fishing equipment, $5,000 for personal effects, and $2,500 for towing.
  • Light Tackle Anglers For customers who own a bass boat or smaller fishing boat, Nationwide offers up to $5,000 for fishing equipment, $2,000 for personal effects, and $2,500 for towing.
  • Deep Water Pros For those who fish big waters, gulfs, bays, and oceans, Nationwide offers up to $10,000 for fishing equipment, $5,000 for personal effects, and $2,500 for towing.

Discounts

Limitations

Does Homeowners Insurance Cover My Boat

Although some homeowners insurance policies cover boats, these typically come with several limitations. In most cases homeowners policies treat your boat like any other household possession , meaning that your policy will only cover the boat up to a certain value . Whats more, liability insurance for your boat isnt typically included under your homeowner’s insurance. This means youd be out any liability or injury costs in the event of a boating accident.

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What Does Boat Insurance Typically Not Cover

What a boat insurance policy does not cover in relation to a boat is generally called an exclusion. These exclusions almost always include:

  • Wear and tear of the boat
  • Damage done by marine life such as sharks
  • Faulty machinery such as an engine going out
  • Infestations with bugs or rodents
  • Accessories that break

Best Boat Insurance Of 2021

Boat Insurance in Ontario  What You Should Know
  • Rates starting at around $21 per month

  • Great coverage including many extras

  • Limited info on restrictions and exclusions to coverage

Coverage

Allstate offers a very comprehensive lineup of options for boat coverage, including:

  • Watercraft liability coverage
  • Additional equipment and personal effects
  • Trailer coverage
  • Emergency services
  • Agreed value

Discounts

Even though Allstate offers boat coverage starting at about $21 per month, it doesnt shy away from discounts. You may qualify for the following when you insure your boat with Allstate:

  • Multiple Policy Discount Up to 20% off when you combine your boat insurance with an Allstate homeowners policy
  • Full-Pay Discount 10% off for paying your full premium upfront
  • Homeownership Discount 10% off for owning a home
  • Boat Education Discount 5% off when you take an approved boater safety class
  • Easy Pay Plan Discount 5% off when you enroll in automatic payments

Limitations

Unlike other insurance companies, Allstate places very few limitations on its boat coverage. However, some types of coverage and discounts are not to be had in all states, so its best to contact a local Allstate agent to verify the availability of coverage and discounts before switching over to Allstate for your boat insurance.

Additional Perks

Allstate offers the best of both worlds to its customers: local agents to help you with your insurance needs, as well as online tools and an 800 number to get questions answered anytime.

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Are discounts available?

Discounts are available after you have responsibly owned your boat for three to five years, for being claims free, and if you have taken courses at Canadian Power and Sail Squadron or Sail Canada. Discounts are not available for holding the required Pleasure Craft Operator Cardthats like asking for a discount because you have a drivers license.

Is my boat insured even when Im not using it?

Yes, when you buy a years policy, your boat is covered in storage, in transit, on the water and over the winter. The risks dont stop when youre not using your boat – its more likely to sink when you are not there, and more electrical fires start in the cold months.

Can my insurance be voided?

Yes, if you are involved in any criminal act such as drinking illegally on your boat – your insurance is void.

What about my trailer?

ICBC requires a license plate, and liability insurance. Physical damage can be added to your boat policy for Agreed Value.

Take time to choose your insurance, Paul advises, to make sure you get everything you need.

He asks, Whats peace of mind worth to you?

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How Much Does Boat Insurance Cost

The average annual cost of boat insurance is a few hundred dollars, though it can run over $1,000 per year, depending on the type of boat and your personal profile.

The type of boat, its length, and its expected use will largely dictate your boat insurance rates. Whether you have a speed boat, a small fishing boat, or a yacht will make a big difference in what you pay.

In general, boat insurance costs typically range from $200 to $500 per year, on average.

Claims Service Satisfaction Guarantee

How Much Does a Boat Cost to Buy?

You can count on 24/7 claims service from experienced insurance specialists, backed by a Claims Service Satisfaction Guarantee. This is an industry-leading promise that guarantees a cheque for the full amount of your current premium if youâre not happy with the claims service for your covered claimDisclaimer3.

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Progressive Simplifies Boat Insurance

We give you the freedom to boat wherever you’d like on any lake or river in the U.S., plus ocean waters within 75 miles of the coast. And, we drop the common requirements and restrictions other insurers may force on you, so you get the protection you need to get on the water right away. For example, we dont require a navigation plan or marine survey, which could cost around $600 for a 30-foot boat.

We Insure Over 1 Million Watercraft And We Can Help Insure Yours Too

With over 35 years of boat insurance experience, we know how to keep you afloat. So, as long as your boat or personal watercraft is valued at no more than $500,000 and is up to 50 feet long, well most likely insure it. Dont see your watercraft listed here? Call us at and well do what we can to get you covered.

Some of our coverages

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Uninsured Or Underinsured Boater

If you are in an accident with another boater and they have either no insurance or not enough, this optional coverage can pay for damages and injuries up to your policys stated limits.

You can start on getting the best boat insurance in Ontario by acquiring a free quote online today. We love our boats and our recreational vehicles just as much as any other hobbyist in Ontario so we understand personally how much yours means to you and your family. Insurance can sometimes be overcomplicated you dont have the time to waste answering hundreds of questions just to secure your coverage. So, we have invented a way for you to get coverage quicker than ever. Buy it, Insure it, and Enjoy it immediately.

Get A Boat Insurance Quote Today

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At ThinkInsure, we know you want to spend your time enjoying the open water. Well help you get the policy you need to protect you and your watercraft.

  • All types of watercrafts : We can help you get insured for many types including speedboats, sailboats, yachts and more.
  • Affordable rates : As a comparison site, helping you save money is our main goal.
  • Exceptional customer service : We have your best interests in mind. We can help you with all your needs. Have questions? Just give us a call. Were always available to help.
  • Top companies : We work with the leading insurers to find you the best premium.

Save on boat insurance

  • Monday – Friday : 8 am – 6 pm
  • Saturday : 9 am – 5 pm

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Best For Individualized Customer Service: United Marine Underwriters

United Marine Underwriters

  • No. of Policy Types: 4
  • Coverage Limit: $1 million

The provider offers personal attention to its customers, doesnt make them feel like a number, and each customer gets assigned a primary customer service agent.

  • Discounts for boat safety courses

  • Knowledgeable agents

  • Cant buy other types of insurance from them

  • Contact for pricing and policy details

As it emphasizes on its website, United Marine Underwriters is a specialty insurance company that writes insurance for just boats. It has been in business since 1990 and provides boat insurance in all U.S. states except New Mexico. Boat insurance navigation is also available to Canada, the Bahamas, and Mexico. Liability limits are available up to $1,000,000, with discounts available for completing one of several boating safety courses approved by the Coast Guard Auxiliary and Power Squadron and the National Association of State Boating Law Administrators, among others, according to its website.

One of the more unique things about United Marine Underwriters is its policy service. When you purchase a boat insurance policy through United Marine Underwriters, you are assigned a primary service person who takes care of all of your servicing needs. This company really cares about its customer service.

Best For Emergency Services Coverage: State Farm

State Farm

  • No. of Policy Types: 1
  • Coverage Limit: Varies

State Farm is a well-known insurance provider that offers additional coverages including emergency services reimbursement.

  • Coverage for houseboats and jet-skis

  • No online quotes for boat insurance

  • Website needs more detailed information

  • Need to contact agent for policy details

In business since 1922, State Farm is one of the best-known names in insurance in the United States. They offer boat liability and property damage insurance for common risks like storms, collision, theft, and more, with add-on coverage options available . Their property damage coverage extends protection not only to equipment permanently attached to your boat but also to accessories such as detachable canopies, life preservers, and seat cushions. State Farm has resources available for boat owners including articles on boat trailer safety tips, boat safety, and water safety. Boat insurance is available for a multitude of watercraft: runabout/sport boats, cruisers/yachts, sailboats, bass boats, jet skis, houseboats, and kayak/canoes.

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Where To Buy A Boat In Ontario

If you are purchasing a new or pre-owned boat, we strongly recommend you use a dealer or certified broker. They will walk you through the process step-by-step, ensure the vessel has been properly maintained and surveyed and can also assist with marine financing, insurance and offer ongoing support once youre off using your boat on your own.

Of course, many pre-owned boats are also available for a private sale, which is another option. Most used boats have some imperfections, and youll want to be fully informed before you make your decision. Have the boat pulled out of the water, and a surveyor inspect the hull. If the boat has an engine other than a small outboard, a mechanical survey should also be done.

If you choose to purchase a boat privately, make sure you get a receipt in writing that you can keep as a proof of purchase and ownership for licensing purposes.

How Much Is Boat Insurance In Ontario

Is there tax on boats in Ontario
  • How Much Is Boat Insurance in Ontario?
  • There is no one-size-fits-all when it comes to boat insurance in Ontario. Prices can rise and fall like the waves depending on the client, and it isnt just about whether or not theyre capable on the water. Different factors affect the price you pay for your coverage. Portside Insurance wants to help you avoid bloated prices, so weve put together a list of things that will affect the cost of your insurance. Lets get started!

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    Why Do I Need High Performance Boat Insurance

    If you have a high performance boat, you’re most likely carrying some kind of insurance on it. But is it the right kind of insurance from the right kind of insurance provider?

    Here are just a few of the advantages of insuring your high performance boat with Markel Specialty:

    • Customizable coverage to suit your boating style
    • Discounts and cost-effective coverage options to save you money
    • Flexible payment options
    • Experienced high performance boat underwriters and marine claims specialists who provide prompt, responsive service

    Don’t wait until you file a claim to find out if you have the proper insurance protection for your high performance boat. Find a Markel Specialty marine agent and get a free, no-obligation quote today.

    Best For Safe Boat Drivers: Progressive

    Progressive

    Progressive offers a variety of comprehensive boat insurance policies and offers discounts for safe boat drivers.

    • Need to contact for pricing

    • New boaters may be overwhelmed with choices

    • Dont insure houseboats

    Progressive Insurance is well-known throughout the United States and has an excellent reputation for providing comprehensive coverage at competitive prices. Progressive has been writing boat policies for over 35 years and now insures more than one million watercraft. You can buy a boat policy for several types of personal watercraft vessels up to 50 feet long and up to $500,000 in value.

    There are several attractive discounts to reward safe boat owners, including a decreasing deductible, in which your policy deductible will decrease for each policy period you remain accident-free, and a safety course discount for anyone who completes a state-approved safety course. New policyholders will enjoy small accident forgiveness for claims of $500 or less, while customers who have insured their watercraft through Progressive for at least four years and been accident-free for the past three years are awarded large accident forgiveness that ensures no increase in rates for any accident.

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    Best For Additional Coverage Options: Foremost

    Foremost

    • No. of Policy Types: 3
    • Coverage Limit: Varies

    Foremost offers various boat insurance packages with unique add-ons including trip interruption services.

    • Unique add ons like onboard pet coverage

    • Trailer coverage

    • Contact agent for specific coverage maximums

    • Website could give more details

    Foremost is a part of the Farmers Insurance Group of companies. It is a specialty insurance company that has been in business since 1952, and it’s known for providing affordable coverage for boat insurance in all 50 U.S. states. Foremost offers some unique coverage options for an additional premium, including hurricane haul-out, enhanced towing services, fishing tournament fee reimbursement, additional pollution liability coverage, pet coverage and trip interruption service.

    There are several discounts available through Foremost that are designed to save you money on your premium. This includes a lay-up discount, paid-in-full discount, boating safety course, protective device discount, multi-policy discount, multi-unit discount, loss-free renewal discount, prior insurance, insured age , and affinity and alliance discounts for boat operators who are a part of an approved affinity group or alliance organization. Coverage is also available for classic boats over 25 years old.

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    While insurance for your boat is not a legal requirement, a wise boater takes the time to get educated on the benefits of a policy that protects not only property but liability too. So we turned to a marine insurance veteran and former Boating BC board member Paul Mendham, CIP, President of Navis Marine Insurance, to teach us the basics.

    Ive seen lots of crazy things, says Paul. Boats sunk and docks collapsed by a big wake, or damaged in heavy snowstorms. Many people think they dont need insurance because they are careful, or that nothing will happen to them. Well, stuff happens and then youre the one writing the cheque!

    According to Paul there are two good reasons to insure your boat: to protect your asset, and your net worth arising from liability. If you get into an accident, and cause property damage or hurt someone, without insurance everything you own can be at risk.

    What kind of insurance do I need?

    That depends on what kind of boat you have. A canoe or kayak low value, no horsepower and little liability – can be easily added to your home insurance policy. But if you have a powerboat, or a larger sailboat you need a dedicated marine insurance policy. All risk policies cover you for most types of losses, but there are exceptions, so be sure to read the fine print.

    Where should I buy my insurance?

    What should I ask my broker?

    Its great to be prepared, so heres what I would ask:

    Why is liability insurance important?

    When should I buy my insurance?

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