6 reasons why watercraft insurance is essential for boat owners
7 Jun, 2023
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6 Reasons Why Watercraft Insurance Is Essential for Boat Owners

The day has finally arrived, and you pick up your new boat. It doesn’t matter if it’s a canoe, a small fishing boat, or a pontoon–this is your dream boat, and you are just itching to take it out on the water.

While some home insurance policies will offer coverage for a watercraft smaller than a sailboat or yacht (which require their own policy), you might not get everything covered that you want, can think of, or haven’t even thought about.

Regardless of size, you should invest in a separate watercraft insurance policy to protect your investment, the people on board, third parties, and your finances.

In this article, we will look at the top six reasons why you should take out watercraft insurance to ensure smooth sailing.

Understanding the Benefits of Watercraft Insurance

Watercraft insurance is not mandatory like car insurance is, but it makes life easier when the unthinkable happens.

Let’s take a good look at the essentials, and some additions, to help you enjoy your time on the lake or river without worrying about what could happen if there was an accident.

Having separate, specialized, and tailored watercraft insurance will help to keep your other insurance premiums down, while catering to your boat and its use. It also helps to have separate boat insurance from your auto or home policy in case of a claim.

1. Liability protection

The water is unpredictable at best and can be more so in rough weather or with many other boats around. This can lead to accidents. Thus, liability coverage ensures that any damages or injuries to you or a third party are covered.

Depending on the nature of the accident, there can be legal ramifications, which liability insurance can help protect you against.

2. Physical injuries and medical bills

Aside from falling overboard, there are other dangers on a boat and on the water that have the potential to lead to a physical injury. Most of us take every precaution to ensure that our passengers, as well as ourselves, come to no harm.

Still, unfortunate events can happen. Whether it’s a fish hook to the hand, an anchor dropped on the foot, or an unexpected accident during a swimming lesson, making sure you are covered should someone get hurt will be a comfort.

In the event of a collision where another person and their boat are affected, this form of liability coverage will help to protect you.

3. Personal effects

Imagine that you are cruising down the river, taking in the sights, or maybe just sitting on the lake fishing, and you pull out your phone to take a picture of the breathtaking scenery. A sudden wave then knocks the phone out of your hand, and it falls overboard.

This is one of many scenarios in which our personal effects can be damaged or lost. Talk to your broker about the right coverage that will also cover your personal items or a third party’s items.

4. Protecting your investment and fun

It may have taken a while to save up for your dream boat, and maybe you have financing for it. However, you were able to finally get the boat of your dreams. Now, you want to ensure that your investment and finances are protected.

You likely have a lot of money tied up with your boat. With cost-effective policies and making sure that the agreed value of the boat is reflected in the coverage, you will be in a better position should you need to make a claim.

When you are looking for watercraft insurance in Oshawa, W.B. White Insurance can take care of all your boating needs, from canoes to kayaks and fishing boats to pontoons, so you can put the fun back into summer.

5. Fire and theft

Your boat won’t always be on the water. Depending on where it is stored when on land.

While we take precautions to ensure safety on land, watercraft insurance can protect you if the boat is stolen or if there is a fire and the boat is damaged or destroyed.

6. In need of a tow

Even a master sailor can’t prevent or predict engine failure. Despite care and regular maintenance, things can still fail without warning. The best of us can get caught off-guard and left floating in the middle of the lake.

While you can simply paddle home, if you are really far out from shore, then you may need to call for a tow. As with roadside assistance, there could be a fee that your watercraft insurance will cover for you.

Additional Coverage

Like all insurance policies, there are the standard must-haves of coverage, such as liability, personal injury, and legal protection. However, what about other things you may need coverage for? For example, talk to your broker about pest infestation coverage or pet protection.

Depending on where your boat is stored, certainly during the winter months, there may be an increased risk of parts of your boat becoming a winter retreat for mice or other pests.

Additionally, if your dog loves being on the water, but you forgot their life vest, ask about what type of coverage extends to protect them from injury while on the boat.

Sailing off Into the Sunset

When looking for the best coverage and dedicated care in creating your ideal policy, W.B. White Insurance is the broker for you.

We have a dedicated team with years of experience and are leading the way in insurance coverage suited for your needs. Whether you are sailing off into the sunset chasing that dream walleye, or just taking in Ontario’s breathtaking scenery along its many rivers and lakes, you can be confident in your policy.

Start by calling us at 1-877-727-0757 today, or contact us here to request a quote, and we can be part of the emergency kit on board your luxury boat.

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Oshawa Office 110 King Street East
Oshawa, Ontario, L1H 1B6

Lindsay Virtual Office