Why is boat insurance important?

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 to your policy when you buy a boat.

What insurance does a boat need?

The amount of boat insurance you will need depends on a number of factors such as the value of the boat, the motor size, the age and how you use it (speed boat vs a pleasure cruiser). For example, if you bought a new high-performance speed boat, you will need more coverage for bodily injury and property damage liability than you would if you had a pleasure cruiser.

How much is boat insurance per year?

The 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. Typically it will cost $200-$500 per year

What information should I have when getting boat insurance?

This is similar to the information you would give out when getting auto insurance, here is the information you would need to provide: The length, type and value of your boat The condition of the boat and the market value How often the boat is used, what it is used for and where you store it The waters you take the boat out on and if you ever charter your boat The experience, loss and claims history of the owners and/or operators Any clubs the owners are members of (Sail Canada, or Canadian Power and Sail Squadrons)

Who has the best boat insurance rates?

It's best to shop around and compare, and that's exactly what we do for you at Surex! We work with the top insurance companies in Canada to provide you with the best rates for your situation. We can find the right boat insurance in Red Deer for you!

Do I need a separate policy for my boat?

It is important that boat owners get a separate boat policy to cover their liability in the event of a gas/oil spill. Also, if injuries are incurred in a boating accident, the home policy offers no accident benefit coverage for this either.

What is a major claim category for boats?

The biggest claim category for boats is environmental contamination lawsuits coming from leaking boats and contaminating water systems. If a boat is insured on a home policy - most policies will not cover environmental contamination losses.

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Our Reviews

Starleigh Taylor

Sep 28, 2026

5

You're new Insurance Advisor!!

I can’t say enough good things about my experience working with Ben Beazer. He is incredibly professional, knowledgeable, efficient, and genuinely puts his clients first. I needed insurance for a new vehicle on a tight timeline, and Ben worked incredibly quickly to get everything taken care of. He searched for the best rates and coverage options, explained everything clearly, and was completely transparent throughout the entire process. I never felt pressured or rushed into a decision, just well informed and taken care of. Since moving to Alberta from BC several years ago, navigating private insurance has definitely been an adjustment. I’m also an AMA member, but with the recent changes to their appointment system, I couldn’t get an appointment for nearly a week, which simply didn’t work when I needed my vehicle insured right away. I’m so glad that situation led me to Ben. I have honestly never dealt with an insurance advisor who works as quickly and efficiently as he does while still providing such excellent, personalized service. I would highly recommend Ben for any of your insurance needs, auto, home, recreational vehicles, and more. By far one of the best insurance professionals I’ve dealt with in Alberta. I’ll absolutely be using him again!

Kyle Hoetmer

Sep 25, 2026

5

10/10 service!

Dealing with Nikki at Surex has been a delight. She is responsive, professional, and very helpful! Would highly recommend them for all things insurance!

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Sep 25, 2026

5

Amazing and speedy responses

Amazing and speedy responses, from me checking a new vehicle out or going through a problem with my own. Veronique has been the best adviser I’ve ever had and never felt abandoned or without help at all !!

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Sep 25, 2026

5

Above and beyond expectations

Nila is whom I deal with and will continue to deal with. She is responsive, energetic and very friendly. Her knowledge of the insurance loops and hoops is helpful. Thank you Nila!

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Sep 23, 2026

5

Megan is totally awesome she went above…

Megan is totally awesome she went above and beyond with the service I received from her the last couple days I would recommend her to everyone

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Boat Insurance in Red Deer

A popular and fun summertime activity is boating, even though in most provinces you only use your boat for a few months out of the year, it is still important to have it insured all year round.

Red Deer is a city in Alberta, Canada, about halfway between Calgary and Edmonton. It is located on the Red Deer River from which it derives its name, and is easily referred to as "a little slice of heaven". People can enjoy canoeing and kayaking on the Red Deer River as well as the white sandy beach perfect for lounging on those long summer days. It is also a great fishing spot, with a diverse number of game fish to be caught. Just 15-minutes away is Sylvan lake, a little tourist town, known as one of Alberta's boating paradises, where over 1-million visitors go to enjoy boating and enjoy other water activities!

No two boats are alike so make sure you speak with one of our Advisors to get the best advice. We'll provide you up to 10+ quotes from Canada's top boat insurance providers, getting you the coverage you need, for the best price possible.