Whether you are an amateur or seasoned boater, you probably know the risks of owning a watercraft. As a first-time boater, you need to be familiar with all the coverage options available to protect your watercraft. Having boat insurance is not mandatory in Canada but having one lets you avoid risks like damage to your motor, unforeseen events, and liability.
For example, imagine you are out sailing, and your boat hits a pile of rocks that weren’t visible. This causes a minor hole in the boat, and water fills in. Somehow, you make it to the shore before the engine stalls. Once on land, you inspect the boat and see a crack in the hull. It’s a major repair, which you can easily cover if you have boat insurance.
Now that you know why buying boat insurance is so important, let’s look at some of the factors you need to consider before browsing coverages:
Choose a Policy That Matches Your Needs
Did you know that some agencies offer auto and boat insurance policies? You can bundle the policies and get them at a discounted price. Your policy should be based on where you plan to boat, such as coastal or inland, saltwater (costlier), freshwater, out of the country or in-country, and any specific locations. You should also have a storm plan to store your boat in a secure location.
The Type of Boat You Own
The bigger your boat, the more coverage it will require. For example, let’s say you own a luxury yacht. A boat like this will have a heavy and expensive engine, for which the agency will charge a high premium. If you haven’t bought your boat yet, this is something you should think about.
Here’s some good news that will make you sigh in relief. In the off-seasons, such as winters, you do not need to maintain your boat insurance. You can suspend the policy and lower your monthly costs.
There are some ways to get discounts on your boat insurance:
- Having safety fixtures and equipment
- Good boating record
- Have a boating certification or take boating classes
Choose the Right Agent
It all comes down to choosing the right agent. If an agent cannot direct you to the right coverage, your insurance policy will be a waste. Here’s what you should look for in an agent:
- Make sure the agent is familiar with boating and boats
- Make sure the agent offers you advice on what policy you should purchase based on the boat you own
- Make sure the agent is connected to a well-respected boat insurer company
In conclusion, buying boat insurance is vital for your and your boat’s safety.
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