Just wondering if insurance is needed for a boat ? I would assume so but just wanted some clarification...
thanks
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Just wondering if insurance is needed for a boat ? I would assume so but just wanted some clarification...
thanks
Generally not required.
If you rent a slip at some marina's they may require it.
Still a good idea to have it though.
You should get insurance, if not for the boat itself (theft) then get it for liability reasons.....
Most home insurance plans cover the boat while on your driveway/garage etc... (theft/vandalism)......
Most car insurance covers your liability issues when towing..
But boat insurance covers theft all other times (docked on the water) and the liability portion of the boat insurance covers you while on the water.....
This is my basic understanding on how it works.... you should get it, its pretty cheap and can save your way of life if something should go wrong.
Insurance for my boat is only $138 per year which covers PL & PD while on the water. Motor vehicle insurance covers while hooked to the truck and house insurance covers while in the driveway or in winter storage. If you think about how quickly things can "go south" while launching or docking at busy ramps,it's worth the money.
It depends a lot on the value of the boat. I have a couple used tin boats with inexpensive used outboards that I don't insure as the deductible would be more than the value of the boat. However I have 2 bass boats worth many thousands that are covered with theft, collision, fire and liability. The expensive fish finders and equipment have separate riders. Once I had the theft of all my fishing gear locked inside the cabin and it was all covered by insurance. Another time I hit a rock and severely damaged the out drive and it was covered. A third time I had an engine fire on a boat with an in board out board engine and it was also covered. On each claim I was glad that I had gone to the trouble of getting proper insurance. Some of my boats have had separate independent policies but right now they are added as riders to my home owners policies. Talk to your broker and get his/her opinion.
Rick in Muskoka.
I never new that I thought if you put it on public water you needed insurance ,I have always had mine insured .Dutch
Boat insurance not required but a good idea to have it, just add it on to your house policy. I have had two events over the last 30 yrs. where the insurance paid off, 1st was around 1988, I had my boat at the local marina for the fishing derby and went down one morning to go fishing and all 4 electric downriggers were gone plus a fishfinder and some misc. items, called insurance co. and no problem I was reimbursed for my loss, still a po not being able to go fishing for a few days. Other event last march when my boat storage shed collapsed from snow load, had checked it the day before and everything looked alright but we got about 8" of wet heavy snow in a 2 hour period overnite, went out the next day and found the damage, boat was a write off plus a fishfinder, several fishing rods, swivel seats etc. called insurance co. and no problem, paid replacement value on boat and contents plus a new shed. So in my opinion insurance is a must especially with all this liability crap anymore.
I added it while I still owed money on it. Now I keep it just for oopsies and theft, etc. I pay about $200 pl/pd, fire, theft, liability with replacement value, not book value.
Having the boat insured wouldn't be a bad idea. There can arise a situation where in your boat might get stolen or perhaps it meets with an accident(just saying) that could take a huge hit on your wallet. In order to prevent that from happening, it would be wise to insure. I store my boat at a facility( http://www.migsonstorage.com/ ) in Toronto because of a lack of space in my backyard. I have insured it just in case if it gets stolen although I strongly believe it wont.
when i called about it for me i found out that i had coverage through my house insurance no extra charge
old thread, but found it a very valuable read :)
i'll give my broker a call Monday morning, thanx guys!!
My wife has insurance with Avia (Nautical) out of Bracebridge. The Personal (everything else)does have boat coverage but this is a marine policy which has more specific coverage's...and higher price $60.00 per month. We have never used it, but it is a comfort for a 50K pontoon boat.
I have insurance through Aviva (Nautical) as well. Broker was Northstar Marine out of Barrie. My uncle has the same and clued me in. WAY LESS EXPENSIVE compared to State Farm and more coverage...
You should have it for liability reasons ... not sure if it is law.
If you slip at any marina (even for an emergency) you need to present insurance papers.
I'm with AVIVA as well. Have an awesome broker.
Jennifer Eaton R.I.B.O.
Account Executive
[email protected]
Tel: 705 325 4461
Fax: 705 325 9974
Toll: 877 627 4633
[QUOTE=MarkB;973924]You should have it for liability reasons ... not sure if it is law.
If you slip at any marina (even for an emergency) you need to present insurance papers.
there is no law requiring boat insurance, we all get it for piece of mind. As for the other statement , I've never heard of such a thing.
[QUOTE=OUTCAST;973929]OUTCAST - I've slipped as a transient at many different marinas (Ontario Place, Dalousey, etc.) and yes they want to see insurance with liability. Most want to see $2 million liability. In my marina, Bronte Outer Harbor, you need to present insurance papers with $2 million liability to be allowed a transient slip. It's very real.Quote:
Originally Posted by MarkB
I have an environmental ryder on my boat too, so if it goes down and leaves say a huge gas-slick on the lake, it covers recovery and clean-up. I think it was an extra $10.
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Thanks for the spam.