Whether you have a sailboat, kayak or cruise, you must get Boat Insurance before you set your sails or hit the rogue waves.
Sea is unpredictable in terms of livelihood and business on the waters. Therefore, more people are now seeking Marine Insurance to keep their resources covered.
As per statistics, the marine insurance industry is expected to grow at 3.1% CAGR from 2021 to 2028.
So, if you are looking for boat insurance in BC, Canada, read on to know why it’s important and what coverage options you can get:
Why is Boat Insurance Important?
Boating is a relaxing escape from everyday life and to have some outdoor fun. With the right marine insurance, you can experience all forms of marine adventures without stopping.
On the flip side, if you have a cruise for international imports/exports, you must look for international boat insurance to enjoy peace of mind while your ship is on the water.
In fact, a robust Marine Insurance policy will cover you against theft, fire, collisions, liability and the unforeseen. Not only that, it will protect you against the risks involved in boating such as sinking, stranding, or maybe explosions.
In addition, you can get your marine equipment covered including radios, GPS units, and much more.
What’s Covered in Boat Insurance?
It covers a variety of personal or business owned water vessels against theft, vandalism, collision etc. You must get your boat insured if you own:
- Cruise
- Sailboat
- Jetboat
- Fishing boat
- Kayak or Canoe
- Inflatable sports/adventure boat
- Or more.
A comprehensive boat insurance can get you covered for:
1. Your Vessel/Boat
It will cover damage to your boat or loss due to theft, etc. Your boat equipment such as motor, oars, etc. will be covered too.
2. Your Belongings
It will protect your and your passenger’s belongings and sports equipment.
3. Liability
The liability insurance covers the damages done to another marine or injury to another person in case of collision.
The insurance value is determined mostly based on the condition of the boat at the time of insurance. For that, marine survey for boat insurance is conducted before the final deal. During the survey, you can discuss your personalized coverage options that you are looking for.
Get in touch with Choice Insurance to share your marine insurance needs and get personalized insurance options from the top boat insurance companies of Canada.
FAQs
How much is Boat Insurance in Canada?
The cost depends on various factors like the type of your boat, size of the boat, age of the boat, size of the engine, operating area and more. The rate also varies based on the coverage options you want to purchase.
However, to give you an estimate, you can get boat insurance in BC within a range of $500-2000.
Why shop for Boat Insurance online?
With an increase in global warming and growing unpredictability, the costs of marine insurance have risen. If you will get a boat insurance quote online in BC from different boat insurance brokers, you can have an idea about the average actual cost. However, beware of looking for the cheapest insurance for your asset as it may not provide you adequate coverage. Such insurance sometimes gets challenging to claim. Instead, look for the most transparent insurance provider to invest your hard-earned money more wisely. We, at Choice Insurance, are committed to providing the transparency you wish for.
Is Boat Insurance Necessary in Canada?
No, it is not legally a must under Canadian law. However, it is recommended to protect your assets, equipment, your customers/passengers belongings and more in case of the unforeseen.
What is the Agreed Value and Actual Cash Value in Marine Insurance?
Agreed Value or Actual Cash Value insurance will determine how much the insurance company will pay you in case of a loss.
Actual Cash Value: In case of a loss, your insurer will pay for the exact value of your boat when you make a claim. For example, if your boat is stolen, its model, age, and other factors will be considered to determine how much loss you had to bear. You will be compensated accordingly.
Agreed Value: The value of the boat is determined at the time you get it insured. For example, at the time of insurance, if your marine is new and worth $25,000, you will get this amount back in case the boat gets stolen 5 years later.
