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Basics of Boat Insurance in Alberta

Whether you fish are into water sports or just want to have some fun with friends and family on the water a boat lets you get the most out of Alberta’s lakes. Like other major purchases it can be protected by insurance.

What does basic boat insurance cover?

Most boat insurance policies will cover damage to or theft of the boat and its equipment as well as liability coverage in case someone gets injured while on your boat. It will also generally cover damages caused by your boat to other property. The exact extent of coverage will depend on where you use your boat how you use it and the individual policy options you choose.

Another extra that is offered by some boat insurance companies is essential roadside assistance but for boats. This service offers towing valuation trip planning and concierge services regarding everything you need to know about boats.

What are the add-on coverages available for boats in Alberta?

What you need will depend on the type of boat you own what you use it for where you store it and of course your budget. Here is a list of a few of the most popular endorsements for boat insurance:

  • Additional living expenses – if you are traveling or live on your boat this covers your accommodation and other costs while you wait for your boat to be repaired after an insured event
  • Agreed value coverage – is an agreement between you and your insurance company of how much your boat is worth; this will be what you will receive if your boat is written off after an insured loss.
  • Communication and navigational equipment – if your standard policy doesn’t cover your specialized equipment this add-on will make up the difference.
  • Emergency towing – if you’re stranded on the water and need a tow back to land.
  • Increased contents – increase the amount of coverage for your personal belongings and sports equipment on your boat
  • Loss of use – if your boat is involved in an insured incident you can get a temporary rental boat (similar to getting a rental car when your car is being repaired after an accident)
  • Restoration or repair coverage – if your boat is being repaired or restored it will be protected from things like fire theft vandalism and during transportation.
  • Security equipment – if you have expensive security equipment to keep your boat safe this endorsement will ensure it’s fully protected.
  • Trailer extension – extends protection to your boat trailer offering damage and liability coverage.

Are there any exclusions for boat insurance in Alberta?

There are a few scenarios that won’t be covered by your boat insurance:

  • Damage to machinery after a breakdown
  • Loss of value due to the age of the boat
  • Theft if security devices are not present
  • Wear and tear damage
  • Willful misconduct

How much does boat insurance cost in Alberta?

The price of boat insurance is determined by a number of factors including:

  • Type of boat
  • Length of boat
  • Age of boat
  • Where the boat will be stored and used
  • Your age
  • Your experience level (number of years you’ve had a license)
  • How you will be using the boat
  • Your insurance and claims history
  • How much the boat is worth

There are also a number of discounts available:

  • Bundling – insuring your boat with the same company as your home car et cetera
  • Claims Free – if you haven’t made a claim over a certain number of years you’re eligible for a discount
  • Dry Dock – if you’re storing your boat in a dry dock
  • Training Course – completing a certified boating training course

Navigating the waters of boat insurance with a broker is best to ensure you’re getting the coverage you need. Our brokers work with multiple companies to find the best protection and prices for you.