Deciding to buy a boat is a big decision. It is a large investment that all boaters want to protect. That is why boaters in the province of British Columbia know that buying boat insurance is the smartest and safest thing you can do as a captain. If you love boating as much as we do here in BC, then you want to protect your vessel and your passengers at all costs.
When considering your need for boat insurance, there are a few things to consider. One thing boaters must understand that boat insurance is not legally required. That said, you should always consider boating insurance because accidents can happen, and if your boat’s value exceeds $5,000 insurance is highly recommended. When insuring the vessel, keep in mind your boats stated or agreed value. This value represents how much it would cost the captain to fully replace the boat in event of an accident.
Most basic boat insurance policies are “all risk” meaning that you are covered for most things. But don’t let the name fool you, there are certain accidents that these policies do not cover such as…
- Gradual wear and tear
- Freezing damage
- Deterioration over time
As the captain, you are responsible for knowing and fully understanding your policy. This is important since all policies are different and will have different conditions attached. Most policies will have differing stances on individuals other than the captain driving the boat. Depending on the type of boat you drive (high vs. low performance), certain policies may disallow persons other than the captain to drive. In other policies, provided the captain gives permission and the third-party boater is certified, they are allowed to drive the vessel. You should always review your policy to ensure you are boating within the limitations of your coverage. If you get into an accident while in violation of your policy, it may become void.
Part of being a smart and safe boater is always being prepared. With boat insurance, you can expect the unexpected with peace of mind knowing that you’re covered. You can’t predict someone stealing your brand new boat from your dock, but your insurance policy allows you to be prepared in case it does happen. In addition to death benefits and medical payments, many policies also offer “protection and indemnity” which will cover various fees in the event of an accident such as…
- Legal fees
- Accidental damage
- Wreck removal and towing
- Pollution damage
Would you gain more peace of mind if we told you that getting boat insurance will also save you money? If you are in a boating accident but are covered by boating insurance, you could save thousands of dollars on fees and damages. If you thought that boat insurance couldn’t possibly save you any more money, then you’d be wrong. If you have taken a Transport Canada approved boating safety course most brokerages will offer you a discount on your premium. Be prepared, and get your vessel insured today.