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Thread: Boat insurance a must?

  1. #1
    Getting the hang of it

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    Default Boat insurance a must?

    Do I have to have a boat insurance for the boat to use it? Or it's optional? Any laws about it?
    Thanks

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  3. #2
    Has too much time on their hands

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    None that I'm aware of for pleasure craft?
    Although care has been taken in preparing the information contained in the above post, the author does not and cannot guarantee its accuracy. All rights reserved.

  4. #3
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    Most guys have their boats under their homeowners policy.

    Lots of options :

    https://www.ona.ca/boat-insurance-ontario/#.XJNPErgpCM8
    Arte et marte (By Skill and by Fighting)...The RCEME motto

  5. #4
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    For the little money it cost.... you should really get the coverage just encase something awful (some sort of accident-personal or property) happens while you are on the water.....
    "Everything is easy when you know how"
    "Meat is not grown in stores"

  6. #5
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    Not required by law, no. But if you have a house policy already, you can add a rider for a boat for a couple of hundred bucks - as Mike has pointed out. Most of that is for fire/theft, but it also includes liability. Make sure you have 2M coverage - that's the maximum claim under marine law. If you have a big enough boat that you use it for tubing/wakeboarding/skiing and don't already have insurance - you really should think about this.

  7. #6
    Has too much time on their hands

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    I have never been asked for it when on the St Lawrence, when pulled over frequently during spot checks.

    IF you have a loan for a boat, banks require it to protect their investment.

    IF you have a valuable boat that is paid for, the peace of mind in case you rip off a lower end, fire, theft can ease in repair costs and well worth it. Example: my buddy with two 150HP outboards on his Boston Whaler got lower ends ripped of on a shallow shoal, 18K to replace........insurance paid.

    Buy a Marine GPS, with Navonics charts, it has saved me more then once when navigating channels and unfamiliar lakes and river systems (less $700) for the basic good model

    When our boat is towed behind my truck, it is covered by my truck insurance

    When our boat is parked in the driveway, it is covered by home insurance

    It is far better to make sure you are compliant in all safety gear that is required to be carried while on the water. NOTE: Ensure you waterproof flashlight have 1. batteries installed and 2. batteries not dead ($273.00 fine, my friend, who had them in a ziplock bag in original packaging, when installed in front of OPP they were dead)

    Last Year I got lucky about a fire extinguisher requirement for our new pontoon boat. The old one had an external gas tank, the new one has it in center hull, just that change required me to have a fire extinguisher (5lbs), on board. He let me off, two others that day on lake got $475.00 fines for expired and non functioning fire extinguishers.
    Mark Snow, Libertarian Nepean, for 2019, Chairman - Ontario Libertarian Party

  8. #7
    Has too much time on their hands

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    If you're running a tinner on back lakes or puttering around, then not a huge worry.

    Anything else? As already pointed out.....you don't need insurance until you really need insurance.......

    I sleep better at night knowing I'm covered.
    "Camo" is perfectly acceptable as a favorite colour.

    Proud member - Delta Waterfowl, CSSA, and OFAH

  9. #8
    Post-a-holic

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    Many marina's require insurance to rent a dock at them.




    _____________________________________
    Living proof that "beer builds better bellies".

  10. #9
    Getting the hang of it

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    Thanks for the answers! Really appreciate!
    I know most of the people here have real boats in their possession while I have a small boat - I even hesitate to describe it here. That's why I thought that it wouldn't be economically wise to pay for the insurance. But I'll check with my home insurance company.
    Thanks for the advises!
    One more question though. My understanding is that if you use your insurance to cover an accident then the premiums for the insurance go up. That's why some people do not report minor car accidents to insurance companies but try to negotiate it privately. I don't know if the same rules apply to home and boat insurance but I assume it.
    Any thoughts abut it?
    Thanks!

  11. #10
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    Quote Originally Posted by MarkD View Post
    My understanding is that if you use your insurance to cover an accident then the premiums for the insurance go up. That's why some people do not report minor car accidents to insurance companies but try to negotiate it privately.
    House insurance policies are a little more forgiving, rate increase aren't as common as Auto insurance where rates go up to cover claims.

    Set your deducible high enough to dissuade you putting in small claims and yes, if you can afford the damage, settling without putting in a claim is always a good option. Save it to cover the 'Holy Crap' stuff..
    Arte et marte (By Skill and by Fighting)...The RCEME motto

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