Why Boat Insurance is a Good Investment
Do you want to take the risk of a mishap, an injury, or an accident while boating without insurance? Boat insurance protects you, your passengers, and your financial investment in your boat.
Can you afford any potential costs that would be associated with boating without insurance?
How boat insurance protects your boat
When you get boat insurance, it helps financially protect your boat and its motor, boating equipment, and some boating accessories such as seat cushions, life jackets, and oars.
Marine insurance typically includes towing coverage for situations where your boat becomes disabled or stranded on the water. It typically includes the cost of towing your boat to the nearest marina or repair facility. Whether it's due to engine failure, fuel issues, or mechanical problems, emergency towing coverage means that you won't be left stranded out on the water.
It also covers the loss of use of your boat and helps cover the cost of a replacement boat.
Boat insurance also covers:
- Rodent damage
- Pollution and wreck removal
- Lightning strikes
Make sure you understand exactly what is covered and at what limit in your boat insurance policy.
How boat insurance protects your belongings
Boat insurance helps protect your (and your passengers) personal items and sports equipment while you’re on board against insured risks such as damage and theft. It typically covers the cost of replacing any personal items that are damaged or lost during a boat outing.
Even though marine insurance isn’t legally required in Canada, it helps financially protect your boat.
Lenders can require boat insurance as a condition of financing.
Liability (Legal responsibility)
Liability insurance for your boat helps protect you financially if you injure or cause the death of someone or cause damage to another person’s boat or property while you’re operating your boat.
It’s recommended that you have $2.5 million to $3 million in liability insurance for your boat.
Uninsured/underinsured boater coverage: If another boater without insurance or with little boat insurance coverage causes an accident that injures your passengers, your boat insurance's uninsured/underinsured boater coverage may come into play, helping cover your passengers' medical expenses.
Boat insurance can help cover veterinary expenses related to a pet injury while on board. It may include compensation for accidental death or loss of your pet while on the water. Ask your Western Financial Group marine expert about pet protection.
Boating safety
Follow these guidelines to protect your passengers, other boaters, and yourself by staying safe on the water.
Know the weather: Be aware of the local weather before you head out in your boat to avoid a storm or potential lightning strikes.
Life jackets: Always wear an approved life jacket when you're on a boat.
Boat maintenance: Regularly inspect and maintain your boat, including the engine, navigation lights, and safety equipment like fire extinguishers and distress signals.
Speed limits: Follow speed limits and safe operating speeds for different water conditions and areas.
Alcohol and drugs: Avoid alcohol and drugs impair judgment and coordination, increasing the risk of accidents.
Navigation rules: Know the right-of-way rules, navigation markers, and signaling.
Have a plan: Let someone on shore know your boating plans, including your destination, expected return time, and contact information.
Emergency equipment: Carry essential safety equipment such as a first aid kit, fire extinguisher, whistle, flashlight, and a throwable flotation device.
Person overboard: Develop and practice a plan for recovering someone who falls overboard.
Emergency procedures: Know how to respond to a capsizing, fire, or medical incidents. Carry a VHF marine radio or a reliable means of communication.
Switching is easy! Save up to 30% on your car and home insurance when you switch to Western Financial Group.
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