If you’re looking for Ontario boat insurance, our independent insurance brokerage has you covered. Whether you have a sailboat, yacht, speedboat, or any other watercraft, you need a comprehensive boat insurance policy to cover you in case something unfortunate happens.
There are a number of different boat insurance coverages we can tailor to your specific situation.
The following is a list of some important factors that can influence the type of boat insurance coverage that best suits your needs, as well as what the final price could be.
PERSONAL AND COMMERCIAL USE
It’s a simple idea, but identifying whether your watercraft is for personal or commercial use will help guide the insurance policy you require.
Testimonial from Richard Howard
"We have been clients with Mumby Insurance since 1985, originally for apartment/office contents, and presently for both house and car insurance. We have always received prompt replies to our questions and best rates on our insurance needs."
IS IT A BOAT OR A YACHT?
For most cases, a boat is defined as a vessel that in 26′ or smaller while a yacht is classified as 27′ and larger. Policies vary between the two and clearly identifying what type of vessel you need coverage for will determine the specifics of your policy.
BOAT LIABILITY INSURANCE
Liability coverage helps protect you in the event you are responsible for property damage other than your own boat or bodily injury to someone other than a family member. The amount of liability coverage needed will depend on your specific situation.
What is the experience and history of the operators of the boat? This will be taken into account by boat insurers, and more experience will result in lower pricing.
Common Ontario Boat Insurance Coverages
BODILY INJURY LIABILITY & POLLUTION LIABILITY
Like auto insurance, personal liability coverage provides coverage to other boaters and boat owners in the event you are at-fault for an accident on the water. This coverage will pay to repair or replace the property of someone else as well as for their medical care, lost wages and other costs incurred as a result of a boating accident for which you are legally held responsible. It will also help pay for wreckage removal and fuel spill cleanup costs.
Helps pay for expenses like hospital bills and medical care that you may be held responsible to pay if you cause an accident that injures someone else. Watercraft medical payments coverage is available from $500 to $10,000 and covers you, your passengers and even your water skiers and tubers, no matter who is at fault.
Helps pays for the cost to repair or replace your watercraft, its motor, any permanently attached equipment, and your trailer, if it is stolen or damaged, up to the agreed value of your watercraft. Physical damage coverage also automatically includes coverage for unattached equipment, personal effects and emergency assistance. In some states, pet coverage is automatically included with physical damage coverage and additional fishing equipment is an option when at least one watercraft on your policy includes physical damage coverage.
UNINSURED/UNDERINSURED WATERCRAFT BODILY INJURY
If you are hit by an uninsured or underinsured boater, and you are injured, this coverage helps pay for medical treatment, lost wages and other costs associated with the accident.
This is not a complete list of insurance terminology or coverages, but a helpful reference for some of the more common terms you’ll encounter while shopping for right boat insurance protection.
The Mumby Insurance Brokers team can explain your various options, and find the best boat insurance protection from a top-notch company at the lowest possible price.
Mumby can also assist with your boat insurance needs. Whether a canoe, motorboat, sailboat, or luxury yacht, we can help. And remember, every boater must carry proof of competency. Don’t get caught without one!