We want to protect the things we love and when you love boating as much as Albertans, protecting your boat and its passengers with boat insurance is a must.
While not legally required, it is recommended that if your boat’s value exceeds $5,000 you get it insured. When deciding how much you should be insuring your vessel for, consult the stated or agreed value. This value represents how much it would cost you to replace it fully in case of an accident.
Most boat insurance policies will be classified as “all risk” meaning, you guessed it, you are covered for all risks. But don’t let the name fool you, there are certain types of damages that all risk policies will not cover. It is important to know your policy so that you fully understand what you are covered for when out on the water. Some of the damages not typically included in all risk policies are:
- Freezing damage
- Ordinary wear and tear
As the captain, you should always know and be familiar with your policy since every policy is different. Depending on the type of boat you operate (high vs low performance) a policy may disallow any boater other than the captain from operating the vessel. Make sure you know the details of your policy because if you are in a boating accident when in violation of your policy, it may become void. Know your policy and avoid any surprises.
Not only does boat insurance allow you to protect the things you love in life, it also helps to keep you prepared the unexpected. Freak storm caused a tree to fall on your boat? Boat insurance has got you covered. Someone stole your brand new jet ski right from the dock? Your policy will take care of it. You can also add other handy services to your boat policy that help to further prepare you for the unpredictable events in a boater’s life. Many boaters add ‘protection and indemnity’ to their policies, which covers accidental damage, legal fees, pollution damage, wreck removal and towing. You can even opt for additional coverage on top of that such as personal effects, death benefits, and medical payments.
Gain even more peace of mind on the water by preparing yourself for the unexpected with boat insurance. You will gain peace of mind knowing you’re prepared and saving money at the same time. If you get into a boating accident and are covered with boat insurance, you could save thousands of dollars on fees and services. You can save even more money on your premium if you have taken a Transport Canada approved boating safety course – just bring your Pleasure Craft Operator Card to your insurance brokerage.