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Do You Need Boat Insurance?

Posted in Benefits of Marine Insurance, MD Advantage on Sep 27, 2022.

Do You Need Boat Insurance?

If you are like most boat owners, then you know that boat insurance is a critical part of owning a boat. But what exactly does boat insurance cover? And why is it so important? In this blog post, we will explore these questions and more. We will discuss the benefits of having boat insurance and help you decide whether or not it is right for you. So, read on to learn more about boat insurance and whether or not you need it.

What is Boat Insurance?

Boat insurance is a type of insurance that covers your boat in the event of an accident, theft, or other damage. It's crucial to have boat insurance because it can help you cover the costs of repairs or replacement if your boat is damaged. Boat insurance can also provide liability coverage if someone is injured while on your boat.

Is Boat Insurance Required In Ontario?

No, boat insurance is not required in Ontario. However, it is highly recommended. If you are financing your boat, your lender will likely require you to have boat insurance. Even if you are not required to have boat insurance, it is still a good idea to have it.

Is Boat Insurance Expensive?

Boat insurance rates vary depending on a number of factors, including the type of boat, the value of the boat, where you live, and more. However, boat insurance is typically very affordable. In fact, it is often less expensive than people think.

Benefits of Having Boat Insurance

One of the most important benefits is that it will help protect your investment. Your boat is a big investment, and you want to make sure that it is protected in case of an accident or other damage. Boat insurance can also provide liability coverage if someone is injured while on your boat. This coverage can help protect you financially if you are sued. Another benefit of boat insurance is that it can give you peace of mind. Knowing that your boat is protected can help you relax and enjoy your time on the water.

What Is Covered With Boat Insurance?

When it comes to what is covered with boat insurance, it will depend on what insurance company you choose, so let's go through what you are covered when choosing MD Marine.

Vermin Coverage

This coverage means that if your boat is damaged by birds, rodents, or other vermin, then your insurance policy will cover the cost of repairs.

Theft - No Locks Required

If your boat is stolen, then your insurance policy will cover the cost of replacing it. You do not have to have any locks on your boat in order for this coverage to apply.

Agreed Value

With this type of coverage, you and your insurance company will agree on a value for your boat. In the event that your boat is totalled, you will receive the agreed-upon amount.

Personal Effects

If you keep any personal belongings on your boat, this coverage will protect them in the event of an accident or theft. This includes items such as fishing gear, life jackets, and more.

Emergency Towing

Getting stranded on the water is never fun. Fortunately, boat insurance can help. If your boat breaks down, your insurance policy will cover the cost of towing it to safety.

Pet Coverage

Your pets are a part of your family, which means that protecting them while on the water is important. If your pet is injured while on your boat, boat insurance can help you cover the cost of veterinary care.

Liability Coverage

Liability coverage is one of the most significant types of boat insurance. This coverage will protect you if someone is injured while on your boat. It can also help you cover the cost of damage to another boat or property.

Dock Links

Dock links are the one thing that is unique to MD Marine. It's a membership discount program that gives you benefits across Canada by giving you discounts at over 3000 participating locations like restaurants, local marinas, and more! Perfect for when you're on the road and want to explore.

So, as you can see, boat insurance provides a lot of coverage and benefits. Whether or not you need boat insurance is up to you, but it is definitely something to consider if you are planning to get a boat. If you have any questions about boat insurance or would like a quote, please contact MD Marine today. We would be happy to help you!