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Do you need insurance on a boat in Canada?
Although it is not mandated by law in Ontario, there is clearly a need for boat insurance to protect yourself, your family, and your property/assets in the event of a boating injury or accident.
How much does boat insurance cost in Ontario?
On average, boat insurance in Ontario will cost between $300 and $600/year. This means you will only have to pay between $29 and $50/month.
Is a boat trailer covered by car insurance?
Your car insurance will usually provide liability coverage for your boat trailer or any other trailer you might use. That means that if you cause damage to another person, or vehicle, or to property, your car insurance will pay for that damage. However, car insurance rarely covers any damage done to your trailer.
Do you have to have boat insurance in Ontario?
Is boat insurance mandatory in Ontario? Boat insurance is not mandatory in Ontario. Also, if you are mooring at a marina, you may be required to carry a certain amount of liability insurance.
Ontario does not have a law that requires you to carry insurance on your boat or PWC. This is why you don’t get a liability (pink) slip with your boat insurance policy as you do with your auto insurance. Even though boat insurance is not required, you may still be asked for proof of insurance if you are stopped by the police.
What’s the minimum liability limit for a boat in Canada?
Property Coverage – for certain risks such as collision, theft and vandalism. Due to increasing legal costs and lawsuit settlements in Canada, the minimum amount of coverage typically recommended by insurance professionals is $1,000,000. It is advisable to carry even higher liability limits up to $2,000,000 to properly protect yourself.
How much does it cost to insure a boat?
Starting at just $300 per year. Purchase your insurance coverage online for Protection & Indemnity – the most important aspect of protecting you your marine vessel. We offer standard liability insurance for your boat; however, you may also get a quote for the potential pollution risk that operating your boat entails.
When do you need insurance for a marina?
Marinas may require you to have year-round insurance in the event your boat causes damage to the marina or other boats. Depending where you keep your boat in the off-season, there may be insurance requirements for these storage facilities as well.