Boat Insurance: Not Mandatory in Ontario but a Highly Worthwhile Investment
Most consumers would likely admit, even if somewhat reluctantly, that there are specific services or amenities that simply must be included in their monthly budget regardless of the actual/individual costs. Public utilities would conceivably be foremost on their minds, while many people might also include their vehicle operating and maintenance expenses within their list of necessities.
Recognizing that these costs are essentially inescapable, it should not come as a surprise that people will look to save money elsewhere, in an effort to stretch their budgets as far as possible and perhaps gain a little room for some of life’s pleasures. Quite often, these decisions will revolve around the costs associated with extras or optional considerations; viewed from a different perspective, are there any costs that they could avoid without surrendering any levels of service or having to abstain from any activity or activities?
That latter point is especially relevant for boating and personal watercraft enthusiasts in the province of Ontario, where it is not mandatory/law for owners of personal watercraft to have applicable insurance. This basically means that they can enjoy their time on the water without worrying about the added cost of boat insurance in their overall budget.
However, closer inspection would suggest that, while boat insurance is not a requirement in Ontario, this should not be one of those cases where people look to save some money. In fact, there are several valid reasons supporting the need for boat insurance, whether or not it is compulsory; these would include:
- To obtain storage privileges at a marina or other boating facility
- To provide coverage against physical damage, theft, or vandalism
- To secure financing if/as needed for the purchase of new watercraft
- Better coverage vs what may be covered under any home insurance
- To keep boat-related claims separate from that home insurance policy
- To delineate when and where any coverage would/would not be in effect
- To guarantee the seaworthiness, so to speak, of any boat over a certain age
- Liability coverage for injuries to people on the boat, in the water, on other boats
- Liability coverage for property damage as a result of operating the boat/watercraft
Although the prime reason for purchasing a boat or personal watercraft is usually related to recreation/entertainment, these assets are substantial financial investments, similar to a home or a vehicle. Consequently, it is incumbent upon any pleasure craft owner to safeguard such an asset, not to mention themselves, their friends and family, and the neighbouring properties against potential injury, damage, or loss.
As with other types of insurance coverage, the cost of boat insurance is certainly a highly worthwhile investment; the fact that such coverage is not mandatory in Ontario should not be a factor in the discussion/decision.
Address Your Need for Boat Insurance through Our Network of Marine Insurers
Addressing the need for boat insurance can be a particularly challenging endeavour as it will undoubtedly take an investment of time and effort in order to find the best coverage from the right provider at the most affordable rate.
To begin, there are numerous characteristics of any boat/personal watercraft that must be taken into consideration when determining the cost of a boat insurance policy; these elements can include most or all of the following:
- Motor Horsepower
- Principal Location of Use
- Additional Equipment (e.g. GPS, trailer)
Once the above information has been collected, there is the matter of contacting various insurance companies to request and obtain separate quotes for purposes of comparison; this will likely be further complicated by the fact that these companies will offer a variety of plans/coverage levels that will each have to be weighed on their own merit against the specific requirements of the pleasure craft owner.
The knowledgeable insurance brokers at Petley-Hare Limited can assist in alleviating this groundwork and subsequently help boat and watercraft owners make informed decisions on the insurance coverage that best satisfies their individual needs. The team at Petley-Hare Limited can collect and collate all of the pertinent information and, based on their extensive working relationships with the leading marine/boating insurers in Canada, act on behalf of their clients to help them find the best and most cost-effective type of boat insurance for their respective situations.
Furthermore, their network of contacts throughout the marine/boating insurance sector allows Petley-Hare Limited to incorporate many features not commonly included in other boat insurance policies, such as:
- Vermin damage
- Pollution/spill liability
- Coverage for vessels purchased abroad
- Protection against freezing/winter damage
- Water-ski liability for the full limits of the policy
To obtain further information on the boat insurance services offered by the professional insurance brokers at Petley-Hare Limited, including items/features not available through many other firms, please visit
Although it is not mandated by law in Ontario, there is clearly a need for boat insurance to protect yourself, your family, and your property/assets in the event of a boating injury or accident. Call Petley-Hare Limited today at 1-800-216-5324 to speak with one of our marine insurance specialists or contact us to schedule a no-obligation consultation.