If you own a car, you need car insurance. But not everyone thinks about insurance for their boat or personal watercraft—whether it’s a power boat, sailboat, pontoon, canoe, kayak or Sea-Doo.

While it’s not mandatory to have boat insurance in Ontario, there are plenty of reasons to consider it. Having watercraft liability insurance means you’re protected in case there is damage to your boat or if someone is injured while using your watercraft.

Why you need boat insurance

If you’re borrowing money to buy a boat, you might need boat liability insurance. You’ll also need it if you’re mooring at a marina. Find out the liability limit so that you’re not under-insured.

If you own a cottage, check if your home insurance includes special coverage for watercraft—and if that excludes jet skis and jet-propelled boats. Your auto insurance might also provide coverage if an accident happens while you’re transporting your boat.

In case of a boating accident

If you’re in a boating accident, boat liability insurance can protect you. But you should also consider uninsured boat coverage. This ensures that you’re still protected if you’re in an accident on your boat with someone who doesn’t have insurance. You can also opt for medical coverage, water-skiing liability coverage or emergency services coverage, which provides towing services if your boat breaks down.

Consider year-round coverage

It’s worth covering your watercraft year-round, even while it’s in storage. After all, theft or storm-related damage can happen any time of year. Many claims are the result of hitting a submerged object, but it can be just as costly and damaging if a family of racoons moves into your boat while it’s in storage.

Your insurance needs will depend on several factors, from the type of watercraft you own to how often you use it and where you store it. So speak with your insurance expert to make sure you have the right coverage.

While there will always be risks when you’re out on the water—there’s no need to take risks with your insurance coverage.

Get the Right Coverage

Speak with a licensed CAA Insurance Agent to discuss what coverage you need for your watercraft.

Plus, get our tips for buying a canoe or kayak in the summer 2021 issue of CAA Magazine.

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