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

Tiffany

Nov 2, 2026

5

I have been with Surex for quite a few…

I have been with Surex for quite a few years now and anytime I need something changed or even simple explained my insurance advisor is always there to help fast and efficiently! Would 100% recommend to anyone

Joe

Oct 29, 2026

5

Matthew Gill

My representative, Matthew Gill, went above and beyond for me time and again. I could've been looked at as a nuisance these past few weeks looking at buying a new vehicle, and combining my insurance policies. But with patience and professionalism, Matthew sorted out all my needs and even saved me some money. Thanks Surex and Matthew.

DIEGO MATALLANA

Oct 28, 2026

5

Great advice

Since day one, when contacting Dayana Nunez, we received all the information requested with all pros and cons. Thanks to her services we took the policy for our cars and tenant’s insurance. Thanks!!

R E

Oct 28, 2026

5

Very satisfied

I'm very happy with the service and my policy. Devlin was quick to respond and answered all my questions clearly. He made the insurance process easy and straightforward. I’m happy with my rate and the overall customer experience, and I really appreciated his helpful, professional service.

Sam

Oct 23, 2026

5

Lisa Clark helped me with my insurance

Lisa Clark helped me with my insurance! It was so easy and fast to get a quote and set it up. Super appreciative of Lisa and her hard work right when I needed it most. Got approved for insurance and am now driving my first car :)

10/10 service all the way around

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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.