Boat insurance is comprehensive—it covers most types of boats, including fishing boats, paddle boats, personal watercraft (like Sea-Doos and Jet Skis), and leisure crafts—even yachts can be covered with boat insurance.
Generally, boat insurance policies offer different levels of coverage for each category—this means you will have a maximum payable for your vessel, another maximum for personal property in your vessel, and another maximum for liability.
You may also be able to increase the coverage limits for your liability insurance and the coverage for your personal property on the boat. Boats can have all kinds of valuable equipment on them, from fish finders to additional motors—talk to our insurance brokers to ensure that you have enough coverage for all of the equipment and sporting goods on your boat.
Your boat is protected from theft, vandalism, damage, and other hazards—you should review your insurance policy carefully to see which hazards are covered. Boat insurance policies often include limitations; theft, for example, may only be covered if your boat is stolen from a locked building.
Boat insurance also offers liability insurance coverage—this type of insurance protects you if you injure a person or damage a person’s property by accident while boating.
Your policy may also protect you if your boat is in a collision with an uninsured or underinsured boater. This coverage can help you cover medical expenses that you or your passengers might incur as a result of a collision with an uninsured or underinsured boater.
Boat insurance rates vary depending on the value of your boat—and the value of your policy. In Manitoba, the average cost of boat insurance—without any additional coverage—is about $200 to $500 a year. For higher-value boats, you may end up paying around 1% to 5% of the value of the boat in insurance each year.
The cost of your boat insurance will increase if you add extra liability coverage or coverage for personal property. To find the best price on boat insurance, you should work with an insurance broker. Brokers can help you find policies from the top insurance companies—at the best rates.
