Boat insurance is not legally required in Manitoba, but it’s definitely recommended.– particularly if the value of your boat exceeds $5000. Relaxing on the lake with your family, fishing with the kids in tow or going on a cruise with friends are fun experiences made better when you have peace of mind. Sharing experiences with the confidence of knowing that you’re covered.
Boats should always be insured for at least its agreed or stated value, which is the cost that it would take to fully replace the vessel in likeness and quality. Relaxing on the lake with your family, fishing with the kids in tow or going on a cruise with friends are fun experiences made better when you have peace of mind. Sharing experiences with the confidence of knowing that you’re covered.
With your boat insured with a typical “All Risk” policy, you are covered from all types of losses, but there are a few things that are usually exempt in most policies. Damages such as freezing damage, deterioration and gradual wear and tear are not usually included, but you should check your policy to be sure.
You should always make a point of reading over your boat insurance policy to make sure that you understand what you are covered for. There are many things that can vary from policy to policy and one of them is who is allowed to drive your boat. Most policies allow anyone to drive your boat so long as they have been given permission by you, but this can change if the boat is high performance.
Boating insurance is a smart buy for any boater, and usually includes features such as premium coverage, emergency towing and “Protection and Indemnity”. This will cover covers legal fees, wreck removal and towing, and pollution damage in addition to damage your boat may cause in an accident. Many policies may offer additional coverage such as medical payments, personal effects, and additional death benefits.
The average cottage boater will save up to $125 per year – 25% off of your annual premium – with boat insurance from BOATsmart! Assure. Additionally, if you’ve taken a Transport Canada approved boating course, many brokerages will offer you a discount on your insurance.