Alberta Watercraft & Boat Insurance
What is boat insurance?
Boat insurance in Alberta is a form of protection for your watercraft. Water vessels, such as boats, can be insured with a standalone policy or they can be insured under a home insurance policy — but many home insurance providers have restrictions for what type of boat can be included in a policy. Plus, submitting a claim for your boat that is insured under your homeowners policy will affect your home insurance rates.
Having a separate boat insurance policy can offer enhanced coverage that you otherwise would not receive under your home insurance policy. If your boat is important to you, and it’s worth a bit more than your average kayak, you’ll be relieved to know it is properly insured in the event of an accident.
Boat Insurance for Albertans
The exact kind of coverage you’ll get from a boat insurance policy can vary between policies and insurers. Our expert boat insurance brokers in Alberta will help you understand what your policy includes to avoid any unnecessary surprises if you ever need to make a claim.
- Repair and replacement costs for direct physical loss if your boat collides with an object in the water, such as a rock, buoy, trash or even another watercraft.
- Coverage for bodily injury if the operation of your boat injures someone else.
- Coverage for property damage if the operation of your boat causes damage to someone’s physical property.
- Theft, vandalism, fire, flooding, and other non-collision related damages that result in your boat needing repairs.
Some watercraft insurers may offer add-on coverage for such things as vermin and original equipment, but this shouldn’t be expected as every insurance provider’s plans vary.
The exact extent of your policy’s coverage needs will vary. When you work with an Acera Insurance boat insurance broker in Alberta, they will help break down any of the nuances surrounding your coverage and assist you in better understanding your protection. This way, you can have peace of mind when you’re boating out on the water.
Key Alberta Boat Insurance Coverages
Liability: When driving, you’ll want to financially protect yourself in case you’re responsible for injuring a person or damaging their boat (or other property).
Hulls & Motors: Get coverage for your whole boat, including the hulls and motors.
Accessories: From depth finders and GPS units to water skis and wakeboards, you can cover your boating accessories.
Alberta Boat Insurance Add-Ons
Expanded Navigation Limits: Traveling far? Make sure your policy covers any special conditions beyond your baseline policy, including expanded navigation limits, crewed vessels, and chartering.
Guaranteed Replacement Cost: Instead of reimbursing your boat’s current value, this depreciation-free coverage pays for a brand-new, comparable boat.
Unlimited Land Transportation: Get unlimited overland transportation coverage wherever you travel in the continental US and Canada.
Working with an Alberta boat insurance broker
We’ll help you through any choppy water. Our boat insurance provides the coverage you need — at a price you can afford.
- Agreed Value Coverage: Instead of depreciating your boat’s value over time, you’ll be set with an agreed-upon value.
- Zero Trailing Distance Limits: Planning a trip? Get coverage for boating in waters both in and outside Canada.
- Free Personalized Policy Review: Since every policy is different—with different limits—our review ensures you have the right coverage at the right price.
Talk to one of our Alberta boat insurance experts today to learn more about how we can find the best insurance for you and your needs.
Information needed to purchase boat insurance in Alberta
The process of buying boat insurance in Alberta is no different than purchasing an auto or home policy. You’ll be asked to provide some key information when buying boat insurance so that your provider can insure you sufficiently and calculate your premium. As such, you may be asked to share the following information:
- How often your boat is used
- Where your boat is used
- Where your boat is usually stored
- Your boat’s overall value, including its market value and condition
- The type and length of your boat
- Which waters you take your boat out on and if you charter your boat
- Your insurance history, including previous claims and losses
- If you are part of any boating clubs (some clubs offer insurance discounts to their members)
Alberta Boat Insurance FAQs
We’ve compiled some of our most frequently asked questions about boat insurance in Alberta:
No, boat insurance is not legally required in Alberta; however, there are some circumstances where you may be asked to provide proof of insurance, such as if you finance your boat or if you dock it in a marina. But, even if you’ve bought your boat outright and store it privately, it’s highly recommended you get boat insurance.
In Alberta’s waters, you never know what might happen! Investing in boat insurance can offer a lot of things: peace-of-mind, financial security and a way to recover after an accident.
Life happens, and it often does when we least expect it. Your boat could very well be your pride and joy, and it might be the thing that your family looks forward to enjoying all year! Protect it from damages and accidents — both on and off the water in Alberta.
Like with any insurance policy, the cost of boat insurance in Alberta will vary based on some key factors about your boat and how you use. Consider, first, if your boat will be added to your home policy or insured standalone.
Sometimes, adding your boat to your home insurance can be less expensive, but the coverage will also be limited.
Your insurance will also vary based on the overall value of your boat, its horsepower, length, top speed, how it will be used, where it will be stored and more. The frequency of use will also be considered.
All these factors, taken together, will be used to calculate your premium. Your costs will vary further if you yourself have an insurance history where you’ve made several claims. You may see even more variation based on how much insurance you’ve bought, as rates will increase based on higher limits and any added endorsements.
Acera Insurance has access to over 100 top insurance companies. You can count on our brokers in Alberta to shop around on your behalf and compare quotes to find you the most comprehensive boat insurance at a competitive price.
There’s no one best boat insurance company, since what’s best for someone else might not be best for you. But there’s “the right fit for you” and we intend to find that.
We believe that your boat insurance should be tailored your watercraft and lifestyle.
It really depends on your circumstances, as well as the provider that you’re currently with for your home. Many home insurance providers will extend their coverage plans to watercrafts, but some have limitations as to what watercrafts can be covered and some may exclude watercraft coverage altogether.
It boils down to the kind of boat you want to insure. Your home insurer may have limitations when it comes to the boat’s overall value, horsepower and so on. And, even if your boat can be insured, you will want to ask yourself if you’re OK with the possible limits that come with your home insurance coverage, and if they’re well enough to protect your peace of mind and your boat. Are you also OK with the potential impact on your home insurance if you need to make a boat claim?
If you are uncertain which option is best for you, work with an Acera Insurance broker. They will be able to answer your questions and provide you with deeper insights on which option is best: to insure your boat with standalone policy or under your home policy.
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Simply complete our online form to receive free, no obligation quotes and advice from a boat insurance broker in Alberta.