Victoria Boat Insurance
Trusted provider of boat insurance in Victoria for decades
Our dedicated marine insurance department in Victoria ensures that you receive exceptional service from our experienced team, committed to protecting your boat and marine assets. Each client is assigned a knowledgeable marine broker who is familiar with the unique challenges of marine insurance in the Victoria region. By partnering with insurers known for their outstanding customer service, we create comprehensive boat and marine insurance policies designed to meet your specific requirements in Victoria.
Types of boats covered by marine insurance in Victoria
Boat and marine insurance covers vessels of all types, including runabouts, cruisers, yachts, sailboats, inboards & outboards. Below are some of the most common types of vessels insured in Victoria:
- Personal watercraft (PWC)
- Pontoons
- Cruisers
- Yachts
- Mega yachts
- Sailboats
- Jet boats
- Deck boats
- Sport boats
- Ski boats
Whether it is a small personal watercraft, high performance vessel or anything in between, a boat insurance policy will help ensure smooth sailing. Connect with one of our dedicated marine insurance experts to discover how we can protect your vessel from the unexpected, or continue reading to learn more about your comprehensive coverage options.
Victoria Boat Insurance Coverage Options
Coverage for Electronic Navigational Equipment
This protection ensures that electronic devices such as GPS systems, radar, depth sounders, VHF radios, and AIS transponders are covered in the event of loss, damage, or malfunction.
Mechanical Breakdown Coverage
This option provides financial support for the repair or replacement of specific parts, including the lower unit for outboard motors and both upper and lower units for stern drive motors, helping you get back on the water faster.
Coverage for Tenders, Auxiliary Motors, and Accessories
Protects your boat’s tenders, auxiliary motors, trailers, boathouses, and personal effects from covered losses, ensuring all your essential equipment is safeguarded.
On-Water Towing Services
Receive assistance with on-water towing, fuel delivery, or jump starts if your boat becomes disabled while out on the water, ensuring you’re never stranded.
Wreckage Removal
If your boat sinks, this coverage assists with the costs of removing the wreckage, helping you comply with legal requirements and environmental responsibilities.
Loss of Use Protection
This coverage provides for a temporary replacement vessel if your boat is unusable due to a covered loss, so you can continue enjoying your time on the water.
Water Sports Coverage
Protects you and your passengers against injuries sustained during water activities such as water skiing, tubing, and wakeboarding.
Coverage for Underinsured Boaters
Pays for injuries or damages if you are struck by a boater who does not have sufficient insurance, offering added protection on the water.
Medical Payment Coverage
Covers medical payments for injuries suffered while boarding, travelling on, or leaving your boat, or in the event of a collision with another vessel.
Accidental Death Benefits
Provides financial support to your beneficiaries in the unfortunate event of accidental death related to boating activities.
Replacement coverage options available for boats in Victoria
There are three main types of replacement coverage options available for boats:
- Guaranteed Replacement Cost: This coverage typically applies to vessels within their first three years. If your boat is declared a total loss, the insurer will replace it with a brand-new equivalent model, regardless of depreciation
- Agreed Value Coverage: Once the Guaranteed Replacement Cost (RC) expires after 3 years, Agreed Value coverage is available for vessels aged 3 years up to 50 years, provided they are well surveyed. Under this option, the insurance company will pay the pre-determined, appraised value of your boat in the event of a total loss.
- Actual Cash Value Coverage: Typically available for boats starting at 15 to 20 years of age (depending on the vessel type and survey valuation), this coverage pays out the current market value of your vessel at the time of loss, minus depreciation, if your boat is lost or damaged.
Boat insurance cost in Victoria, BC: What you need to know
Searching for affordable boat insurance in Victoria, BC? Understanding the factors that affect marine insurance rates can help you find the best coverage for your vessel at a competitive price. Key factors influencing boat insurance premiums include:
- Age of the boat
- Boat length and type
- Insured value
- Maximum speed
- Overall condition
- Ownership details
- Usual operation area
Boat insurance rates in Victoria typically range from $500 to $2,000 annually, depending on your vessel and coverage needs. Below are a couple of examples to help illustrate how the above factors impact your premiums.
Boat & marine insurance premium costs: Real-world examples of policy rates
Example 1:
20-Year-Old Runabout
A client with over 15 years of boating experience, no additional educational credits, no claims, and continuous insurance coverage. The vessel is a 2006 Double Eagle, 21’ runabout, with an outboard engine, constructed of fiberglass, used for coastal pleasure trips, and valued at $45,000 (including hull, engine, auxiliary equipment, and trailer). Marine insurance quotes from $840 to $1,180, depending on the underwriter.
Example 2:
Six-Year-Old Cruiser
A client with 35 years of boating experience and a history of claims-free insurance coverage owns a 2020 Boston Whaler, 34’ cruiser, equipped with twin outboard engines. The vessel is used for coastal trips and is valued at $650,000, including the engines. The policy includes $3 million Protection & Indemnity (P&I) coverage. The quoted annual premium is $7,380.
For a personalized quote based on your boat’s specifications, contact Acera Insurance for a free, no-obligation boat insurance quote. Our knowledgeable marine insurance experts are here to help you get started.
How to save on boat or marine insurance in Victoria
If you are looking to lower your boat insurance costs in Victoria an Acera Insurance can help you secure discounts on marine insurance. Our experienced marine insurance brokers assess factors such as boating experience, safety education, claims-free history, and inland water-only usage to find savings on your policy. Speak with one of our local marine insurance specialists to discover all available discounts and get expert advice on protecting your boat at the best price.
Understanding how marine surveys impact boat insurance in Victoria
A marine survey is essentially a thorough check-up for your boat, carried out by a licensed, independent surveyor. Insurance companies will require the completion of a marine survey in order for you to obtain boat insurance if your vessel is of a certain age or size.
For more information on insurance surveys for boats and other vessels, please review some of our most frequently asked marine survey questions.
Victoria marine insurance: Commonly asked questions
A marine survey is a detailed inspection performed by an independent, licensed professional to confirm the condition and value of a vessel. Both the boat’s interior and exterior are thoroughly examined by the surveyor. After the inspection is complete, the surveyor will provide you with an appraisal document. This comprehensive report will note the seaworthiness of the vessel, along with any potential safety concerns or maintenance items to be addressed.
Insurance companies will ask for a marine survey to determine the current value of your boat, along with how well it operates. This information helps insurance companies assess the risk and safety of your vessel. Survey requirements can differ depending on the underwriter, with some insurers needing surveys for boats that are 15 to 20+ years old, valued over $50,000, or based on the size of the vessel. Some specify 21 feet while others require a survey for boats 30 feet and over. Since vessels of a certain vintage tend to experience more operational problems than newer boats, insurance companies will typically ask for a survey on used boats that meet these criteria.
Yes, in some scenarios. The size or age of your boat most commonly determines whether a survey needs to be completed. For example, boats under 21 feet do not typically require an insurance survey. If you are only looking to obtain dock liability, you will also not need a survey. However, for vessels that are over 15 years old and over 21 feet long, an insurance survey will be requested.
The cost of a marine survey – performed by an accredited or licensed surveyor – will vary based on age and size of your vessel, as well as the type of survey conducted. For insurance purposes, you will want to request a “Condition and Valuation” survey, also commonly referred to as an “Insurance Survey”.
In Victoria, most marine surveyors typically charge between $20 to $28 per foot for a boat insurance survey.
Many surveyors can also offer pre-purchase surveys, appraisal surveys, engine surveys and damage surveys as well. While pre-purchase and insurance surveys are typically conducted based on a rate per foot, other reports, such as appraisal or engine surveys, may be billed at a set rate or fee. Surveyors may charge other additional fees for specific services, such as consultations or corrosion testing, depending on what is requested or required.
Marine surveys offer peace of mind by providing you with assurance that your boat is in proper operating condition and allows us to protect your asset to its full value. If any concerns are identified, it also gives you an opportunity to make the repairs or upgrades required to get you safely sailing again.
If you have any questions about whether you need an insurance survey to secure your boat insurance coverage in Victoria, please contact an Acera marine insurance specialist.
Why choose Acera Insurance as your boat insurance broker in Victoria?
For more than 50 years, we have served as a local option for individuals and businesses to secure their comprehensive and competitive marine insurance coverage.
Our independence and global market access are our unique advantages. When you work with Acera Insurance, you can rest assured knowing we have compared across the entire market to secure you the most thorough coverage at the best available rate.
Here is what makes Acera Insurance your best choice for marine insurance in Victoria:
- Direct Service Broker: You will receive support and service from a knowledgeable, marine insurance expert, who personally oversees and understands the complexities of boat insurance.
- Convenient Locations: We offer service to all of Vancouver Island with several offices located across Victoria.
- Yearly Renewal Reviews: We review your policies each year to ensure you have the best coverage and rates available
- Market Availability: We have access to several carriers that specialize in a variety of vessel types and offer products unique to your usage
- In-House Claims: Should you experience a claim, your advisors and our experienced in-house claims team will walk you through the process and advocate on your behalf.
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