Boat Insurance in New Brunswick
Just like houses, boats are a big investment in somebody’s life; and you wouldn’t dream of leaving your house uninsured. So why is your boat uninsured? While boat insurance isn’t legally required in Canada, it is a very good idea. The rule of thumb in Canada tends to be that if your vessel is valued at $5,000 or higher, it is recommended you insure it. Whether your boat is valued higher or lower than that, you should always at least consider insurance and think about the potential benefits it could have for you.
Many insurance policies taken out on boats will not only cover the boat, but all associated equipment you have with the vessel. This can include things such as the trailer you use to tow your boat, and onboard equipment such as GPS. In case of an accident a policy will financially cover you and protect you, and will often cover damages done to your boat and other properties. Many boaters also choose to add ‘protection and indemnity’ to their policies which will also cover legal fees, wreck removal/towing, and pollution damages. Marine insurance policies also offer liability coverage for injury to passengers who are being towed or are onboard the boat.
The core of many boat insurance policies remain the same, however there are many aspects of an individual’s insurance policy that may be different from the next. Variables such as your boat’s size, the lake you are boating on, and the performance of your boat may affect your policy. Boat insurance policies also have restrictions for how far from your home lake you can travel and remain covered; this will also differ from policy to policy. Since all boat insurance policies have the opportunity to be different, it is crucial that the captain knows and understands their own.
Getting caught in a boating accident while in violation of the insurance policy may lead to the coverage being void. This is one of the main reasons why it is a captain’s responsibility to know their policy! Being in a boating accident is bad enough, but getting into an accident only to realize that you won’t be covered either is even more stressful. Another instance where an operator’s insurance may become void is if they are in a boating accident but do not have their proof of competency, or Pleasure Craft Operator Card. It is required by law in Canada that if you are operating a boat, you must have your proof of competency that proves that you have passed a boating safety course. Boating without it will land you a $250 fine, and if you are in an accident without one, your policy may become void as well.
Boat insurance is just as important as car insurance or home insurance. You wouldn’t risk losing your house in the event of an accident, so why risk losing your boat? Boat insurance gives you peace of mind knowing that you are covered for the unexpected events in your boating life. You can gain extra peace of mind knowing you’re saving money, too! If you’ve taken a Transport Canada approved boating safety course – which you should have if you want to boat in Canada – then you could save on your monthly premium. Be a smart boater and get your vessel insured today.