Boat insurance recommendations

[KraTToR]

I currently have my boat insured under my home owners policy which I believe isn't the best way to do it.

 

What's your recommendation and why? Also, who offers the best "boat only" coverage?

 

Thanks,

 

Patrick.

[Dan668]

April marine is who i use. They were the best priced when i called around. Been with them for 5 years. (used to be called marine experts)

 

I would separate your policies in case you file a claim. Insurance will most likely rise on both home/boat.

Edited April 14, 2015 by dan668

[DRIFTER_016]

When I lived in Ontario I had my boat insurance through Dominion of Canada.

Great rates and had full replacement value.

Had them on my boat for for 15 years before moving out of province.

My insurance agent @ the time hooked me up with them.

[Raf]

i'm with april marine (formerly marine experts) as well.

[John Bacon]

I don't have a specific company in mind. But if you use your boat from December 1st to March 31st make sure there is no lay up clause. Many policies restrict coverage during this time slot.

Edited April 14, 2015 by JohnBacon

[craigdritchie]

Do not insure your boat under your home policy, since that's the best way to guarantee you will have problems when you need to make a claim. When people scream that their insurance company screwed them over something, it usually comes down to this. A rider on your house policy is fine for a canoe or kayak, but for anything with an engine and a registration number, you're far, far better to take out a proper policy for the item itself. There is a reason we don't just insure our vehicles under the house policy - boats, snowmobiles, campers and ATVs are no different. They all need their own separate coverage.

 

The big problem with putting a boat on your home policy is that house insurance doesn't provide for things that can and do happen with boats - like get damaged while being towed, or break free of the dock during a storm and slam into another boat. These things don't generally happen to homes, but they happen to boats every year. The house policy won't cover liability if you damage something with your boat, or if someone gets hurt on it. A rider on your home policy won't cover the cost of an environmental cleanup if your boat sinks and spills fuel, nor will it cover the cost of salvage if it runs up on a rock. It won't even cover the cost of an emergency tow. Proper boat insurance will.

 

Your house insurance won't cover what's known as "vermin damage," where a proper boat policy will. Have you ever seen what a family of raccoons can do to a boat in just one night? If your deck carpet smells like fish, they will rip right through it thinking there's a treat underneath. God help you if they move in over the winter.

 

So get a proper boat policy and be done with it. The cost difference is minimal, but it can save you thousands.

 

When you shop for a boat policy, make sure you get full replacement cost coverage for all parts and labour. Actual cash value policies only insure the depreciated value of the boat. If the boat is five years old when you hit a rock and wipe out the lower unit, an actual cash value policy will only cover the cost of a five-year-old replacement. Good luck finding those five year-old parts. In reality, you'll replace it with a new lower unit, and you will have to pay the difference. That can be a lot of money out of your pocket.

 

Also - cover your butt and insist on "all perils" coverage. With policies that cover named perils only, you could be out of luck if something happens that isn't specifically listed on the policy.

 

There are many good boat insurers in Ontario. MD Marine Insurance, Northstar Marine Insurance, Ogilvie & Ogilvie, McMichael Davis and Skipper's Plan all exhibit at the Toronto Boat Show. Google them for contact info.

 

Cheers

Edited April 14, 2015 by Craig_Ritchie

[Roy]

Good stuff, Craig. Thanks for taking the time to share that.

[spooner_jr]

 

 

Your house insurance won't cover what's known as "vermin damage," where a proper boat policy will. Have you ever seen what a family of raccoons can do to a boat in just one night? If your deck carpet smells like fish, they will rip right through it thinking there's a treat underneath. God help you if they move in over the winter.

 

 

 

Most boat policies don't cover damage by vermin (or rodents or insects), but raccoons are not vermin; they are considered part of the bear family.

[spincast]

pacific marine - 375 bucks up to 30k. no layup, includes navigation equipment if listed

475 bucks - 40k

25 bucks additional gets 1000 rescue, 500 loss of use and

1000 for personal effects.

includes liability and recovery if needed for environmental reason

also provides coverage for the insured to these amounts if operating someone elses vessel

just got my renewal today

whatever route you choose be sure to look at the limitations / requirements for theft and where you park it/ how it is secured.

 

edited - #s were slightly off -

Edited April 15, 2015 by spincast

[craigdritchie]

 

Most boat policies don't cover damage by vermin (or rodents or insects), but raccoons are not vermin; they are considered part of the bear family.

 

Whether it's included or not depends partly on the insurer and partly on the broker. Ask. At least it is commonly available with boat policies. Good luck running that one through the rider on a house policy, especially if it happens while you're staying at a cottage somewhere.

[KLINKER]

I consider the racoon to be the North American rat, not a bear.

[callatis]

Thanks Craig_Ritchie for sharing the info with us. I got my home and car insurance under the same policy as this way I felt I got a better deal from State Farm. For liability they offered me an umbrella of 2 mil$, no matter where the claim is from, from the house or from the car.

For the boat they got me in the same package, total replacement of the boat (declared value) and liability. It doesn't matter who's fault it is.

[Lunkerhunter]

one more important thing to check out if you use your boat early or late in the season is to confirm if you have a lay up period.

 

many insurance companies will not cover you on the water during certain times of the year. for example I had a policy once with Intact Insurance and they would not cover me on the water before April 1 and after Nov 15.

 

I found the best coverage with Optimum insurance. full replacement cost and coverage year round is a must for me while on the water.

 

best of luck on the search

[Lape0019]

My boat is covered under my home policy. I pray I never need to you it but after shopping around last year, I could not find the level of coverage I have for near the same amount I pay. Even if it was a $100 more, I would have taken it.

 

The one thing that really bother me was all of the other policies I found would onlyminsure me in the province I reside in. We have a family cottage on Lake St. Francis and it borders Ontario, Quebec and the United States. When I told the brokers that, I typically got the "can't help you" line.

 

I one day want to go over to lake Champlain for their C&R bass season so until I find an insurance broker that will cover me year around and in other provinces/countries, I am sticking with who I have. Oh, and I don't have a lay up period.

[KraTToR]

Fantastic information and advise everyone. And Craig, excellent insight. I'm in the process of getting quotes now and I'll definitely be looking into the fine print.

 

Cheers!

 

Patrick.