What are my insurance obligations? (Ontario, Canada)

[skategoat]

Canadians, especially those in Ontario:<br /><br />Am I legally obligated to hold insurance on a boat - ie. like a car? Are the requirements based on length and/or horsepower? I owned a 12 foot aluminum with 9.9hp motor for years without insurance. The thing was only worth $500. <br /><br />I also heard that a boat with an outboard can be covered on household insurance whereas a I/O or inboard must be insured seperately.<br /><br />Thnkx,<br /><br />HK

 

[Boatin Bob]

Re: What are my insurance obligations? (Ontario, Canada)

I don't believe there is any legal obligation to have insurance on a boat unlike a car and even that is debatable (I got hit by an uninsured motorist last year, pretty tough to get blood from a stone), anyway most household policies will attach a rider to your policy (for a fee), we had our 20ft I/O on ours but once we went to a small cruiser their policy just didn't cut it anymore. So best advise is to talk with your insurance company.

 

[tommy c]

Re: What are my insurance obligations? (Ontario, Canada)

Skategoat<br /> I have heard many people who KNOW boating here in Ontario say "yes" you need it.I have a 26' cruiser and my Marina ask for proof of insurance,besides i would'nt think of travelling through a lock or narrow river without it.But to answer your question i would say yes and get it,it's not that costly and could make the world of differance and piece of mind.

 

[steam_mill]

Re: What are my insurance obligations? (Ontario, Canada)

In 2000, when purchasing my first boat I called the coast guard. They stated that insurance in NOT necessary. There is no burden to prove that you are insured.<br /><br />Now, I did not feel comfortable not having liability insurance on my first boat thinking of what ridiculous trouble I could get into. It was a '72 15' boat with a 50 hp on it. <br /><br />My insurance company (Bel Air) refused to insure it due to age. They do not insure boats more than 15 years old.<br /><br />After numerous phone calls, I threatened to leave their company after being insured by them since the age of 17! I have everything insured with them: 2 Cars, house, cottage and boat.<br /><br />Well they insured the boat. Are you ready for how much?<br /><br />A whole $17 dollars per year. I think $17 is a small price to pay for peace of mind.<br /><br />They now have a new policy with and '04 bowrider!<br /><br />I think you should have insurance just in case. Remember, if the boat sinks, you may be on the hook for cleanup costs.<br /><br />Just a thought...<br /><br />Where do you go boating?

 

[skategoat]

Re: What are my insurance obligations? (Ontario, Canada)

I boat on Lake Muskoka, near Gravenhurst. I just bought a 155 Scout Dorada with 50hp 4-stroke Mariner. I just got my insurance through my home owner policy. The cost is $216/year. <br /><br />My homeowner policy will cover any boat less than 18 feet and 150hp. Otherwise, I have to get separate insurance through a marine specialist.<br /><br />What are you paying for your '04 bowrider and how big is it?

 

[Boatin Bob]

Re: What are my insurance obligations? (Ontario, Canada)

I bought a 2003 Cutter 16' bowrider last year with a 2003 115hp Merc and trailer, total package cost was $23k, my insurance is with Marine Expert as is our 35' Thundercraft however at the time I got a quote from our home ins State Farm and they wanted $550, Marine Expert was $400, boat is primarily used for water skiing, wakeboard and tubing. But again to answer your question I could find nothing anywhere that says you legally MUST have ins, most people wouldn't be foolish enough not to and as someone else says their marina asks for, I can vouch for that to be true.

 

[steam_mill]

Re: What are my insurance obligations? (Ontario, Canada)

I'm running a 16.5 foot bowrider with a 90 hp. Insurance is about 500 a year against all perils. I think it is a bit high.<br /><br />I've shopped around and that is the best deal with cars/cottage/house.<br /><br />Tx.<br /><br />Joe