Boat insurance costs vary widely, and the honest answer starts with your boat. A small fishing boat and a 40-foot sailboat sit at opposite ends of the range. Here is what drives the price, and what you can do about it.
How Much Does Boat Insurance Cost in Canada?
The average boat insurance policy costs about $650 a year, though your price depends on your boat, where it’s used and your history. The only way to know your number is a quote based on your boat.
That average is a general guide and not a quote. Some boats cost less to insure and others cost much more. Your premium is set by the insurer after reviewing your boat and your details.
What Affects the Cost of Boat Insurance
- The boat’s value, age and condition
- Type and size: sailboat, runabout, pontoon, fishing boat or PWC
- Engine horsepower and top speed
- Where you boat: inland lakes, the Great Lakes or open coast
- Where it’s stored in summer and winter
- Your boating experience and claims history
- How you use it: personal, racing, chartering or fishing tournaments
Boat Type and Value
Value drives the cost of repair or replacement, so it has the biggest effect. Faster, more powerful boats also tend to cost more to insure, because speed raises the odds and the cost of an accident.
Where and How You Boat
Open water, tidal coasts and long trips carry more risk than a quiet inland lake. Tell your broker how far you travel from shore and whether you cross into US waters, because navigation limits affect both price and coverage.
Storage and Security
A boat in heated indoor storage is exposed to less theft and weather damage than one on a driveway or a mooring. How the boat is secured can change your premium.
Experience and Claims History
Insurers look at how long you’ve been boating and whether you’ve made claims. A clean record usually helps, and boating safety training can too.
How to Lower Your Boat Insurance Cost
- Insure the boat for its actual value, not more.
- Store it indoors or in a secure yard.
- Add security: trailer locks, motor locks, a hitch lock.
- Take a recognized boating safety course.
- Ask about a higher deductible, and weigh what you’d pay out of pocket.
- Keep your claims record clean and your maintenance up to date.
- Compare quotes on the same coverage, not only the price.
What “Cheap Boat Insurance” Can Cost You
The lowest price isn’t always the best deal. A cheap policy may exclude your equipment, limit where you can boat or carry low liability limits. Compare what’s covered before you compare prices.
Ask about the deductible, the navigation limits, how total losses are settled and whether your trailer and electronics are included. A licensed broker can walk you through the differences.
Boat Insurance Cost by Boat Type
Each type has its own considerations. See our guides to sailboat insurance, runabout insurance, pontoon boat insurance, fishing boat insurance and PWC insurance. For personal watercraft, see how much PWC insurance costs in Canada.
How to Get a Boat Insurance Quote
Have your boat’s make, model, year, length and value ready, plus the engine details and where you keep it. Your claims history and boating experience help too. With those in hand, a quote takes a few minutes.
Ready to see your price? Get a boat insurance quote. If you want local detail first, read about boat insurance in Ontario, boat insurance in British Columbia or boat insurance in Quebec.
Boat Insurance Cost FAQ
Is boat insurance expensive?
It depends on the boat. Smaller, lower-value boats usually cost less to insure than large, fast or high-value ones. A quote shows your actual price.
Why do two quotes for the same boat differ?
Coverage, deductibles, navigation limits and equipment included can all differ. Compare the details, not just the premium.
Does the price change if I boat in more than one province?
It can. Navigation limits and where the boat is kept both affect the policy, so tell your broker about trips outside your home waters.
Can I get a discount?
Some insurers offer credits for safety training, security devices and a clean claims history. Ask what applies to you.
