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Do You Need Boat Insurance in Ontario?

If you own a boat and live in Ontario, insurance is not required by law in the province. Typically, your homeowner’s insurance policy will cover damages to the boat while it’s stored on your property, but limits may apply. For example, when it’s out on the water, you could be left out of pocket for any damages or losses as a result of an accident or theft. By insuring your watercraft year-round, you are protecting not only your investment but also your personal finances and wellbeing.

What Is Included in Boat Insurance?

With the Boat insurance, it would typically include an all risks coverage that provides adequate protection from damage, theft and vandalism when on the water and stored at home or at the marina. If you are at fault in a collision when out on the water and another has suffered bodily injuries, the boat insurance would also cover the legal fees, medical expenses, and other costs. If the other boat was at fault and uninsured, your insurance policy would pay for the damages. Any personal effects that you have onboard would also be covered.

Liability for Property and Bodily Injuries

Boat insurance also includes liability coverage for damages caused to another’s property and expenses incurred when injured on or by your boat.

Add-on Options

Enhanced coverage options are also available if you require more protection than the standard insurance provides. Some endorsements available include emergency towing services, loss of use coverage to rent a boat while yours is being repaired, navigation equipment coverage, and extra indemnity coverage, for example.

What Is Not Covered?

Boat insurance does not cover everything. Any usual wear and tear will not be insured for, and any loss due to depreciation, illegal activity or misconduct are not covered either.

Are All the Policies the Same?

Different insurance companies offer different coverage options, inclusions, deductibles, and rates, so it’s important to shop around before deciding. To ensure you get the best rate and terms for your unique needs, it’s wise to talk to an insurance broker who can help you find the right policy. Boat insurance is not mandatory, but it’s a necessity if you want to protect your assets and finances. Get peace of mind when shopping around by speaking with one of our MLS Insurance Brokers. We have decades of experience finding boaters the right amount of coverage at the best rates.
  • We came back from London last Thursday night. Our daughter Anna had settled in London now and very anxious about her new school life. I want to thank you for introducing Fred to us for Anna's insurance. He was super helpful (day and night) that made me feel so easy to get things going as we travel.