Facts You Never Knew About Boat Insurance

Boating experience is thrilling. There’s something about the wind, the thrum and the snap that a lot of people in Canada participate in any recreational boating activities. Of course, if there are boaters, there are also insurers who will follow them. Several companies offer boat insurance in Canada.

But do you need a boat insurance?

If you have homeowners insurance, you may think that it covers your boat. In most cases, however, it won’t. It’s especially true if your boat is worth more than $10,000. Your homeowner’s policy won’t cover you and your riders for your needs. Because boats are unique, they need their own policy. That said, you’ll need to have a separate insurance for your boat.

Is it different from auto or home insurance?

Boat insurance covers for liability if a person gets injured in your craft. You can choose between replacement cost or cash value. It may also cover a bodily injury that ship causes on others. It also includes protection against property damage that your ship causes on other boats or docks. Some insurance companies offer a comprehensive boat coverage against vandalism, fire, flood, and theft. But you can suspend your coverage for a particular period when you’re not using it. This kind of policy isn’t available on home and auto insurance.

Facts You Never Knew About Boat Insurance

What if the boat is out of the water? Is it covered?

It’s covered but not by a boat policy. Rather, it’s covered by an auto policy, if you chose to attach it. Unfortunately, the coverage is limited. That is, it may not pay for the loss of life or property damage that arises when the insured boat is on land. If you park the boat on your property, your homeowner’s insurance may cover it, but the coverage is also limited. It doesn’t cover vandalism or theft.

Are there navigational limits?

Yes, there are limits on the boat insurance policy. For smaller boats, the limits are within the inland waters of Canada and the US. Boat insurance policy for large craft may cover 22 territories. That said, make sure that your insurance covers the areas where you want to travel.

Do I need vessel documentation when purchasing a boat insurance policy?

Most boat insurance providers require their applicants to submit a ship documentation to approve its application. But don’t worry about it.It’s now easy to apply for a vessel documentation. You can even apply for it online without any hassle. Just head over to Canadian Vessel Registry page and choose the services that you need. For more inquiries, please contact us at info@canadianvesselregistry.ca