Boat Insurance Guide 2023: Costs, Coverage & Policies

Boat sailing in the waters of British Columbia, fully protected with boat insurance offered by InsureBC.
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Boat insurance is a must for anyone who owns a boat. It protects your investment and gives you peace of mind. Boat insurance can be expensive, but there are ways to reduce the cost. In this guide, we will discuss the different types of coverage available, how much boat insurance costs, and ways to save money on your policy.

Boat Insurance Explained?

Many people enjoy spending time on the water, whether it’s for fishing, swimming, or just cruising around. If you’re one of those people and you own a boat, it’s important to make sure you have the right insurance coverage in place.

Boat insurance is designed to protect you from financial losses due to damage to your boat, theft, or accidents. It can also provide liability coverage if someone is injured while on your boat. While your home insurance policy may provide some coverage for your boat, it’s usually not enough. That’s why it’s important to get a separate policy that specifically covers your boat.

How much does boat insurance cost and what factors influence the price?

The cost of boat insurance varies depending on a number of factors, including

  • the price of your boat
  • the type of insurance you purchase
  • the amount of liability coverage you select.

In general, the higher your boat’s price, the greater your insurance premium will be. Additionally, if you choose to purchase a policy with limited liability coverage, you can expect to pay less than if you select a policy with full coverage.

The best way to figure out how much your premium will cost is to start an online quote for boat insurance and choose your coverage options.

Types of Boat Insurance Coverage

When it comes to insurance, there’s no one-size-fits-all solution. The type of insurance you need will depend on a number of factors, including the type of boat you own, how often you use it, and where you keep it docked. However, below are some basic types of coverage that all boat owners should consider:

  • All Risks – Hull & Machinery
  • Agreed Value (current market value basis) which means the amount of coverage is agreed to at the beginning of the policy, and that amount will be paid out in the event of a total loss
  • Personal Effects Coverage (replacement cost basis)
  • Newly acquired vessel coverage
  • No sub-limits on wakeboarding, water skiing, and tubing
  • Sudden & Accidental Pollution (no sub-limit)
  • Additional Expenses including Rental Expense, Extra Expenses, Emergency Towing, and Fire Department Charges

Tips for reducing your boat insurance premiums?

Shopping for boat insurance can be a daunting task. There are so many different companies and coverage options to choose from, and it can be difficult to know where to start. However, there are a few things you can do to help reduce your premiums.

  • Type of boat: Insurance companies often offer discounts for certain types of boats, so it pays to do your research.
  • Compare Insurers: You may be surprised at how much rates can vary from one insurer to the next. So, it’s important to compare rates before you purchase a policy.
  • Ask for discounts: Many insurers offer discounts like taking a boating safety course or installing certain security features on your boat.

By following these tips, you can help ensure that you get the best possible rate on your boat insurance.

Learn about InsureBC's boat insurance and get a free quote today.

The program at InsureBC offers protection and indemnity up to $10 Million, which means that in addition to paying for damage you may cause to other boats and properties, it provides coverage for legal costs, wreck removal, salvage fees, and pollution damage caused by the boat.

We provide coverage as long as the insured property is operated within Canada and the Continental USA, limited to a 1500-mile radius of your address provided and with respect to:

  • Coastal waters of British Columbia, not North of Skagway, Alaska (60 degrees North Latitude), and not South of Westport, Washington (47 degrees North Latitude), in any event not exceeding 200 miles offshore, OR
  • Coastal waters of Eastern Canada, not North of Henley Harbour, Labrador (52 degrees North Latitude), and not South of Gloucester, Massachusetts (42.5 degrees North Latitude), in any event not exceeding 200 miles offshore.