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Boat Insurance Ontario

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Affordable Boat Insurance in Ontario

Boat insurance is essential for all boat owners. It protects your investment and provides you with peace of mind.  

Watercrafts are expensive, depending on what kind of boat you get or whether you buy new or used. Check out DiscoverBoating’s Boat Selector Tool for help in choosing a new vessel! 

Having insurance to protect your boat, as well as your family and liability, can go a long way when you’re just trying to enjoy some fun on the water. Boat insurance in Ontario can give you that protection. 

This guide will explain the various types of coverage that exist and give a breakdown of the cost of boat insurance in Ontario. 

Do You Need Boat Insurance in Ontario? 

Boat insurance covers you and your watercraft against liability damages if you cause bodily injury or damage to another person’s property. It also covers any damage to your boat after a boating accident or insured risk like fire or theft. Although you are not required to have boat insurance by law, it is a smart idea to cover your investment as well as yourself against theft, vandalism and liability. You should also be aware that insurance is required for boat financing or mooring. Furthermore, you’ll need to be aware of vessel licensing and registration rules. 

Although you can insure your boat with your home insurance, this is not recommended. The coverage offered in a home insurance policy is typically not as comprehensive as that offered by a standalone boat insurance policy. Plus, if you insure your boat through your home insurance and make a boat-related claim, you will likely see your home insurance premium increase. To properly protect your boat, you should consider a boat insurance policy. Additional coverage is available to protect your boat from further damage. 


Boat Insurance in Ontario vs. Yacht Insurance 

What is the difference between a boat and a yacht? The general rule is that “boats” can be less than 26 feet and while “yachts” are more than 27 feet. Insurance coverage for yachts tends to be more comprehensive and specialized, as larger boats are more likely to travel farther and have unique exposures.  

Boat insurance coverage can vary depending on the length of your boat, the type of boat, the price of the boat and what level of insurance you require. For quotes and online comparisons, consult our expert boat insurance brokers.  


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What Does Boat Insurance in Ontario Cover? 

Where auto insurance in Ontario is standarized, and consequently has minimum coverages, boat insurance is not. However, you will find that most policies for boat insurance in Ontario tend to include the following: 


Hull & Machinery  

After an accident— such as scraping your boat’s hull on a rock or removing it from a tree — hull and machinery coverage can  pay to replace or repair the damaged parts. 

Boat Liability Insurance  

This coverage provides protection and indemnity if you cause damage to other person’s property (e.g., boat, dock) or injure another person. 

Medical Expense 

Your rehabilitation after an accident is covered by this coverage. It may also cover expenses related to accidental death. 

You can also choose optional coverage depending on what type of boat you have to get the best boat insurance coverage in Ontario, such as: 

Emergency Towing 

The cost of towing to a marina or back from your dock can be covered by emergency boat insurance.

Watersports Liability 

Watersports liability insurance is required for any ski boat you own, whether for wakeboarders or barefooters. Watersports liability insurance is available to pay for the medical costs of someone who is seriously hurt while you are pulling them. Our insurance agents recommend $2 million in liability, as $1 million likely won’t be enough to cover your expenses if you go to court. 

Personal Effects 

Any item on the boat — including life jackets, skis, GPS systems and fishing rods — can be covered if it is listed on your policy. Personal effects coverage is mandatory if you own a bass or general fishing boat. 


You will need to protect your boat when it is on a trailer. This coverage may be included in your basic coverage. Sometimes, however, it is included with specific rules and regulations. Exclusions may also apply in certain circumstances. Speak with one of CCV Insurance’s expert boat insurance brokers today to learn more. 

Navigation Extensions 

You can get affordable marine extension insurance that will cover valuable navigational, GPS or fish finding systems in addition to your boat insurance. 


A personal watercraft, such as a  Jet Ski, is great fun. But they are much easier to steal than larger vessels, which is why some insurers don’t include theft coverage for these devices. Other insurers have restrictions on personal watercraft coverage, such as the requirement to store it in a locked container or on a trailer. 

Ingestion Coverage 

Jet Skis inhale water and then spew it out; but any watercraft operator will know the water is not always clear and pristine. Personal watercrafts can collect weeds, ropes and other debris, which can cause engine damage. This coverage is mandatory if you own a Jet Ski. 

Loss of Use 

It’s always fun to invite friends and family to join you for a weekend of fishing or waterskiing. If your boat doesn’t work, it can ruin the mood. With loss of use coverage, your insurance company can cover the cost of renting a boat while you wait for your boat to be repaired. This allows you to enjoy your weekend worry-free. 

Storm Damage 

A boat insurance policy often provides coverage for damage caused by lightning, wind, hailstorms and floods — but it’s wise to double-check the amount of coverage you have. For example, make sure you have adequate coverage for lightweight boats, such as a pontoon, which can easily be knocked about in high winds.  

Wreck Removal and Accidental Pollution 

Environmental cleanup after an accident can be very costly, especially if oil or gas has leaked into the water. Coverage for such a cleanup is sometimes, but not always, included in a standard boat insurance policy. Our brokers recommend having at least $1 million or $2 million in coverage in case of an environmental emergency. 

Find out more about Ontario boat insurance coverage options. Get your free boat insurance quote today. 


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What Doesn’t Boat Insurance in Ontario Cover? 

In general, boat insurance policies do not cover things that can be prevented or anticipated. This is why things such as wear and tear, gradual degradation and faulty parts are typically excluded in boat insurance. 


How Much Does Boat Insurance in Ontario Cost? 

Personal watercraft insurance will cost you approximately 1.5% of the boat’s total value. This number can fluctuate depending on what type of coverage you choose and several other factors, including: 

  • Your boating experience 
  • The age of boat 
  • The type of boat 
  • The intended use of the boat 
  • Where the boat will be used 
  • Where the boat will be stored (e.g., marina, dock, boatyard, on a trailer, personal property) 
  • Where the boat will be stored during the off-season 

Our expert boat insurance brokers will work with you to ensure you have the coverage you need to enjoy the water. 

Want a detailed estimate for how much boat insurance will cost you in Ontario? Get your free quote today. 


How to Save Money on Boat Insurance in Ontario: 

  1. Compare and shop around

Compare which company offers the lowest rates and best value for your boat and personal watercraft. Although rates can change up to 4 times per year, CCV offers a free comparison of boat insurance. 

  1. Bundle your policies

Your insurer will be grateful if you use the same company to insure your boat and home insurance needs. 

  1. Increase your deductible 

Your deductible is the amount you pay to settle a claim before your insurance company will cover the remainder. It could help you save money if you double your deductible. 

  1. Maintain a clean record

Safe operation is key to avoiding accidents. Always use safety equipment and observe the rules and regulations of the water. To prevent any damage, lock your boat and install alarm systems. 

  1. Take a course in marine training

Your insurance company might offer a discount if you take a course that teaches water safety and navigation. You’ll be safer and more likely to avoid claims. 

  1. Try to pay your premium annually

Your insurer will charge administrative costs for monthly payments. If you are able to pay your entire annual premium, you’ll save on the administrative costs. 

Start a conversation with one of our expert brokers today to determine the right coverage for you.
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Rogers Insurance and CapriCMW Merge to Become Acera Insurance.

CCV Insurance, as part of the Rogers Insurance Group, is now Acera Insurance.

As one unified company, we are now one of Canada's largest independent and employee-controlled brokerages.