There are three types of boat insurance available in Canada. They are:
Property coverage: Covers the physical boat and anything permanently attached to it. Amongst other things, this includes the boat motor, fuel tank, oars, and anchors.
Risk coverage: Coverage from theft, capsizing, fire and collision are found here. For other queries, speak to your broker.
Liability insurance coverage: similar to liability auto insurance, liability boat insurance protects you if you injury someone or cause damage to their property.
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Boat insurance covers you in the event of a loss or damage to your watercraft. It covers most watercraft with motors, including fishing boats, paddle boats, leisure crafts, even yachts (for you high rollers!). For smaller boats, you may find some limited coverage under your homeowner's policy, so it's best to chat with your Surex Advisor about what you're covered for and what you need to add onto your policy when you buy a boat.
Ontario does not have a law that requires you to carry insurance on your boat or power watercraft. There might be a time when you have no choice but to purchase insurance. However, marinas in Ontario will require proof of boat insurance before they will allow you do use the marina or store your boat on their property so always best to be covered.
General rule when it comes to figuring out the average boat insurance prices is that you'll pay about 1.5% of the value of your boat in annual rates. So to insure a boat worth around $50,000, it would cost you only about $750 per year to have it fully insured.