Summer is here, and boat owners are thrilled because it means they can enjoy the Ontario boating season. We’ve provided insightful information regarding boat insurance.
If you are like us, you get excited about the Ontario boat season. As boat insurance experts we’ve noticed that a lot of people are unaware of how boat insurance works in Ontario, that’s why we’ve shared helpful details below.
Everything You Need to Know About Boat Insurance in Ontario
Is Boat Insurance Mandatory?
In Ontario, boat insurance is not legally required for private vessels, but this doesn’t mean you shouldn’t get insurance. There are, however, some instances where insurance is required:
- Your marina may require you to have insurance and may need to see proof of liability insurance.
- If you have a bank loan on your vessel, your bank will most likely require insurance.
Why Boat Insurance is Essential.
There are so many what-ifs in life, and the same is true when you own a boat. What if you crash into another vessel? What if you injure someone? What if it gets vandalized or stolen? As a boat owner, you’ll want to be protected against any type of loss.
What Does Ontario Boat Insurance Cover?
There are several important benefits to obtaining insurance and your insurance policy could vary depending on your individual requirements. Here is a general idea of what boat insurance could potentially cover:
- Your insurance policy can protect you from any damage you cause to another vessel, person, or property - having the right liability coverage is crucial.
- Repair costs can be excessive; in case of an accident, your insurance policy may protect you from financial losses.
- An insurance policy can also protect against weather-related issues and damage, even when it's docked.