Boat Insurance 101

Boat Insurance 101

Summer is almost here! Jumping in the boat and going for a nice cruse is one of the most popular leisure activities for the summer weather. Millions of Canadians take advantage of their local lakes, rivers and reservoirs. Taking precautions while you’re out on the water is highly recommended, we tend to protect our self with sunscreen, life jackets and protective gear. However, if you do not have boat insurance you might not be protecting your boat to the full extent.

Like many types of insurance, such as homeowner’s, auto, etc., your boat can be affected by various additional factors you may not be aware of. The size of the boat, the power of the motor, and the speed can determine the value and be a significant factor to your Billyard Insurance policy. Even the location of where it’s stored can have an impact on your costs.

There are 3 different ways to Insure your boat:

  1. Small boats such as kayaks, small fishing boats or canoes would be covered under your Billyard home insurance.
  2. Larger more expensive craft boats such as cabin cruisers, bowriders or pontoon boats can be insured under your Billyard home insurance as scheduled property. A separate rate will be charged and the boat will have to be at full value when insured.
  3. For the serious boaters like marine craft sailboats, yachts, speed boats or boats that travel into coastal waters should be covered under their own insurance policy.

So, what about motorized watercraft??

For motorized boats and personal watercraft such as jet-skis for instance, it is ideal to add it to your Billyard Insurance policy. Most insurance policies that are available can cover not just the boat, but also the equipment and systems associated with it. For example, the GPS system or trailer.

Many people believe that boat insurance is only for larger watercraft, but the fact is that the smaller boats such as paddleboats, canoes and kayaks, can be included in your homeowner’s insurance. This can often be free of charge to you if it is not motorized.

When you insure your boat or watercraft with your Billyard Insurance policy you will have protection in the case of an emergency such as an injury or accident.

Boat insurance is one of the most important investments you can make to protect your assets and ensure you have a worry-free summer of fun on the water. Talk to your Billyard Insurance broker to obtain a free no obligation quote.

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