Boat
Insurance
Let's dig further into Boat insurance
Regardless if it’s an ocean vessel, lake or river boat, your coverages start with any physical damage, including fire, theft or vandalism. Then your marine protection further extends to third-party liability.
- Your coverage depends on boat size, the type of vessel you’ve purchased, how powerful the motor is, how you’ll use the boat and where it’ll be stored.
- Unlike other coverages, boat insurance is not automatic — it works on an application basis. We’ll consider your boating experience, any past claims, watercraft choice and if you’ve taken any boater’s education courses.
- Boats are often insured to the price you paid. Third-party valuation reports, appraisals or professional marine surveys can be used if you know your boat is worth more.
- A Pleasure Craft Operators Card (PCOC) is needed with an online test available if you want to own or operate a motorized pleasure craft (regardless of horsepower).
- Keep boat photographs when seeking insurance and retain updated images.
What does boat insurance include?
- You’ll purchase your boat insurance policy for a full year. Your policy covers your boat while it’s in the water or stored.
- Emergency towing back to safe harbour. Apply for loss of use and rent another boat — up to a policy limit — after an insured loss makes your boat inoperable.
- Boats — 15 years or older — typically require surveys every 5 years. Wooden boat? Our team requires one every three years. This keeps our experts informed of the condition and value of your boat.
- Your policy also covers personal items onboard that you wouldn’t sell with your boat, including clothing, dishes, gear for inclement weather etc.
- Through pet companion coverage, if something were to happen to your dog on your boat, you may be able to claim that expense under your boat insurance policy.
Specialty offshore policies for adventurers
We have a history of insuring boats worldwide — thanks to our insurance partnerships, we have specialty offshore policies for adventurers preparing for sailing voyages.
For these, we need advanced vetting and a separate application process — qualifications, experience and whether your boat is equipped for anything offshore use throws at you.
Know that if you’re sailing on open seas and wish to operate in tropical zones, we offer coverage for named windstorms — we will need to submit your hurricane plans for approval.
Boat Insurance FAQs
No, boat insurance is not mandatory in B.C. Your lender may ask that your boat be insured as a condition of financing your boat. If you are mooring at a marina, you may be required to carry a certain amount of liability insurance.
Yes, you do. If you operate a power-driven boat in Canada, you need proof of competency to show you understand the basic rules of boating and how to safely operate a boat. The most common proof of competency is the Pleasure Craft Operator Card (PCOC). You can get the card by taking a boating safety course in-person or online and passing the test at the end of the course.
Most boat insurance policies require winterization as a condition of coverage. Failing to winterize your boat may result in a loss of coverage or denial of claims related to damage that could have been prevented through proper winterization.
If you choose an agreed value policy, your boat insurance provider agrees to honour the value of your boat at the time the boat policy was written. That is the amount you will receive if you have a total loss. There is usually a time limit for agreed value coverage.
An actual cash value policy on your B.C. boat insurance will pay you the replacement cost of the boat in the event of a loss. Depreciation, damage, and wear and tear are factored into the actual cash value you will receive.
Typically, a marine insurance policy will cover physical damage to your boat while it’s being trailered and your car insurance policy will cover liability losses. For example, if you are trailering your boat and a vehicle rear-ends your boat and damages it, the marine policy will respond. If your trailer side swipes a motorist, causing damage to their vehicle, your car policy would typically deal with it.
You can choose a higher deductible for your B.C. boat insurance. When you choose a higher deductible, though, you are accepting more risk and will be covering more of a loss yourself.
Stay claim-free. Take boating courses.
It’s recommended that you have a minimum $3 million in liability coverage for your boat.
Year-round insurance is recommended because over the winter there can be rodent damage, snow-load damage or storm damage, or theft and vandalism.
Many marinas and storage facilities require boat owners to have insurance coverage to allow them to dock or store their boats on their premises.
No, because it is not required by law. Motorized boat operators of all ages in British Columbia are required to obtain and carry a B.C. boating license (officially known as a Pleasure Craft Operator Card or PCOC).
It would not provide sufficient coverage for your boat. Your B.C. home insurance policy typically offers limited coverage for small boats, such as canoes or rowboats, but this coverage can be subject to specific conditions.
- Wear and tear
- Racing and competitions
- Specialized accessories such as GPS, radar, fish finders
- Search and rescue and fire department charges
Western Coast Insurance Services Ltd. is a wholly-owned division of Western Financial Group Ltd. Insurance products are underwritten by certain licensed insurance companies and are only available throughout British Columbia, Canada.