Boat Insurance
A policy to ensure smooth sailing.
Our dedicated marine insurance department works with you to protect one of your most valued assets. At Acera Insurance, you will have your own designated, experienced marine broker who personally oversees and understands the complexities of marine insurance.
Your guide to boat insurance.
Whether you have a small personal watercraft, a high-performance vessel or anything in between, we have a policy for you.
Some of the most common watercrafts we cover include:
- Personal watercraft (PWC)
- Cruisers
- Yachts
- Sailboats
- Jet boats
- Deck boats
- Sport boats
- Ski boats
- Recreational fishing boats
- Small charter boats
Coverage across Canada.
Get boat insurance by phone or in person at your nearest location.
Navigating common boat insurance coverage types.
There are a variety of ways to be covered when it comes to marine and boat insurance. Explore some of the most common that we have to offer.
Electronic Navigational Equipment
This offers coverage for essential devices used to enhance safety and improve navigation such as GPS systems, radar, depth sounders, VHF radios, AIS transponders and more.
Mechanical Breakdown Coverage
This pays for repairs or replacement of specific parts in the event of a mechanical breakdown. It also includes the lower unit for outboard motors, and both the upper and lower units for stern drive motors.
On-water Towing
This covers the cost of on-water towing in the event your boat breaks down or is disabled on the water. It can also include fuel delivery and jump starts.
Wreckage Removal
In the event your boat sinks, this covers the cost of removing your vessel from the water.
Water Sports Coverage
This provides compensation for any injuries sustained while participating in water activities such as water skiing, tubing, wakeboarding and other similar activities.
Underinsured Boaters Coverage
In the event you are hit by a boater who does not have enough insurance coverage, this coverage will pay for your injuries or damages.
Medical Payment Coverage
This offers compensation for medical expenses relating to injuries sustained by people while boarding, travelling on or leaving a boat, as well as if a collision occurs with another boat.
Signature by Acera Insurance.
When you need more than your average insurance coverage for high-value assets, we can help. Learn more about our specialized coverage solutions.
Why choose Acera Insurance for boat coverage?
We work with industry-leading marine and boat insurance companies to craft comprehensive insurance policies customized to you and your insurance needs.
Direct Service Broker
You‘ll receive support and service from a knowledgeable, marine insurance expert, who personally oversees and understands the complexities of boat insurance.
Market Availability
We have access to several boat and marine insurance carriers that specialize in a variety of vessel types and offer products unique to your usage.
Yearly Renewal Reviews
We review your boat insurance policy every year to ensure you have the best coverage and rates available.
Helpful tips from our advisors.
Our team prioritizes delivering quality coverage with exceptional service experiences for all our customers.
Answering your most common questions.
Why do you need boat insurance?
Boat insurance is not required by law on most bodies of water but is a very valuable coverage considering the high costs which can be associated with boat repairs. Boat coverage also provides extremely important liability insurance that protects you from claims related to injuries or damages caused by your vessel. Also, marine mortgage companies will often mandate you have insurance coverage as part of their lending process.
What replacement coverage options are available for boats and vessels?
There are three types of replacement coverage options available: guaranteed replacement cost, agreed value coverage and actual cash value coverage.
- Guaranteed Replacement Cost – this coverage most often applies to the first three years of your vessel’s life. If there is a total loss, the insurance company will replace old with new.
- Agreed Value Coverage – this coverage is usually applicable to the first 15 to 30 years of your vessel’s life. The insurance company agrees to pay the appraised value of the vessel.
- Actual Cash Value Coverage – this coverage applies to most vessels older than 30 years. In the event of a loss, the insurance company would pay for the value of your vessel minus depreciation.
How much is boat insurance?
There are many factors which influence your boat insurance premium. These typically relate to the boat itself and include the type, age, length, value, condition, and speed of your boat. Other determining factors also include the ownership status and overall operational area.
How can I save money on my boat insurance?
There are several ways to help save money on your boat insurance policy. Here are some cost-saving tips from Acera’s marine insurance experts:
- Maintain a clean boating record – always use safety equipment and observe the rules and regulations of the water.
- Take a boating safety course – improving your boating skills demonstrates to insurers you have more knowledge about the hazards of the water and are less likely to get into an accident.
- Increase your insurance deductible – paying a higher deductible decreases your monthly payments. A deductible is the amount you pay to settle a claim before your insurance company covers the remaining amount.
- Work with a marine insurance expert – our marine and boat insurance specialists have access to multiple carriers and can help you find the best deals possible for your vessel.
What is a marine insurance survey?
A marine survey is a comprehensive inspection which confirms the condition and value of your vessel and is performed by an independent, licensed surveyor. During the inspection, both the interior and exterior of the vessel are thoroughly examined and documented. The surveyor will provide you with a detailed report that outlines items related to the maintenance, safety, and seaworthiness of the vessel.
Why do I need a marine survey to get boat insurance?
Boat insurance companies ask for marine insurance surveys in order to best determine the value and condition of your boat. These details help inform the safety of your watercraft, in addition to the anticipated level of risk associated with operating it. Since vintage vessels are more inclined to experience more problems, insurance companies will typically ask for a survey on boats that are more than 15 years old.
Is it possible to get boat insurance without a survey?
Yes, there are some scenarios in which you do not need a survey to get your boat insurance. Newer vessels that are under 15 years old may not require a survey. Shorter vessels under 21 feet also do not always require one as well. If you are not certain if you require a survey to obtain your boat insurance coverage, contact one of our marine insurance specialists.
How much does a marine survey cost?
The cost of marine surveys will vary based on both the age and size of your specific vessel. These will need to be performed by a licensed surveyor, who will typically charge a set rate per foot. Other appraisals, such as engine surveys are often billed for a set cost or fee.
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