Canadians (ON here) and boat insurance... what are your thoughts.

[REN3G8]

Where's all the Ontarians in the group?? So we're getting ready to launch ours within the next couple of weeks, what are your thoughts/advice on boat insurance?? I know it's not a requirement like car insurance is, so would like to hear your thoughts, good/bad stories, and possible advice on what companies would be the better ones to go with.

thanks!

 

[88 Doral]

I'm from New Brunswick. Not legally obligated to have insurance in this province either, but I do. Small piece of mind if its stolen or sinks.

 

[jkust]

Are their liability laws in Canada? In other words, should you cause an unfortunate accident, can you be sued and your personal assets be taken from you?

 

[roffey]

Are their liability laws in Canada? In other words, should you cause an unfortunate accident, can you be sued and your personal assets be taken from you?

I am in Ontario to answer your question, yes... if your boat sinks, you pay. If your outdrive leaks oil, you pay. To answer the OP, I use Harbor Insurance and after checking around I found they were very competitive. You can get just liability or you can go all the way and get insured for everything up to and including "misadventure insurance", I will cover if you do something stupid like run into the bottom of the lake or leave the plug out or... well you get it.

 

[rallyart]

My boat is insured through Meloche Monex, along with my house and my cars. It's now 10 years old and they have dropped the replacement value clause this year and set an 'agreed upon value' which sets my rate. It's easy for me to deal with them as I have everything on so I get an acceptable rate.
For liability insurance I have a $1,000,000 rider which adds that much PL to everything. So my car has an extra on it, my boat has that much, my bicycle has that much, and my house has that much extra. It's a cheap way to get PL for your boat, which I think is important. I am sure you can get this added to most company's policies but it was what they suggested several years ago as the most cost effective method to get PL on the boat.

 

[Scotvl]

Where's all the Ontarians in the group?? So we're getting ready to launch ours within the next couple of weeks, what are your thoughts/advice on boat insurance?? I know it's not a requirement like car insurance is, so would like to hear your thoughts, good/bad stories, and possible advice on what companies would be the better ones to go with.

thanks!

Buy the insurance, we pay $350.00 a year for our 99 crownline 225 from a BC insurer here in ontario..

 

[roffey]

just to to compare... I pay $650 for a 2014 Stingray, replacement value at this point.

 

[jkust]

just to to compare... I pay $650 for a 2014 Stingray, replacement value at this point.

I pay about half that for my boat at a 25k agreed value plus 100/300 liability insurance as well with a 500$ deductible. The 25k is nothing to replace versus an accident where multiple fatalities occur and it is your fault. Gotta protect your assets and legacy. It's cheap here as it should be because most people can't use their boat often in the three months of summer and you pay an annual premium while it sits.

 

[dmanmtl]

For comparison - here in Quebec, I pay $380 with 1Mil liability and 500 deductible on most things - boat is valued at 18k by the insurance company (more than I paid).

I would absolutely NOT be without liability at an absolute minimum.

D

 

[jkust]

For comparison - here in Quebec, I pay $380 with 1Mil liability and 500 deductible on most things - boat is valued at 18k by the insurance company (more than I paid).

I would absolutely NOT be without liability at an absolute minimum.

D

We don't have an option up to $1M as you need an umbrella policy for that which makes sense if you have assets and/or don't want a judgement following you around for the rest of your life.

 

[REN3G8]

I do have Car/Home insurance with State Farm (aka Certas in Canada), which also carries an Umbrella policy for all my policies... will have to check into it and see how much would cost me to add the boat.

thanks for the replies everyone, we put it in the water this weekend for the Victoria Day holiday... boat did really well.

 

[Scotvl]

I think ours is from Harbour insurance out of BC, $20000.00 coverage for our boat and $1000.00 tow and I think a million liability is cheap peace of mind for $350.00 a year.

 

[jimmbo]

Anyone who doesn't have PLPD(personal liability, property damage) on their watercrafts either is very very well off, or very very stupid. But I'll bet very few PWC owners have it, at least in Alberta