Boat insurance in Ontario, Canada

[Trixie]

Curious to hear from other boaters in Ontario, Canada where you have found the best boat insurance. Thank you.

 

[Luc Lafreniere]

I'm with Northstar Marine Insurance. They had the best price at the time for my boat.

 

[Bohdiez]

Curious to hear from other boaters in Ontario, Canada where you have found the best boat insurance. Thank you.

So would I. I’m going to be doing most of my boating in the kawartha lakes area.
Be looking for insurance in next month or two.

 

[Miitch]

$513 per year from Safe Harbour Insurance. Boating in Lake Ontario and Niagara River.

 

[Canuckjetboater]

I pay $700.00 tax in with April Marine - through my broker - BUT I have some special riders: 2 million personal liability. Replacement costs of boat + trailer and all in boat items. That is full replacement cost of boat and trailer for five years from purchase date - so I'd get up to 2025 a new SX195 on a Yamaha trailer with trailering cover and snap on bow and cockpit covers plus AGM TPPL battery upgrades and all items inside boat at time. I have had Northstar Marine Insurance before and is also very good and has a great reputation for paying-up fast. Because I wanted some enhanced specialty insurance coverages - for example gas spill liability of 1 million - I went with April marine through my broker.

 

[Trixie]

I am getting high quotes from Northstar and April Marine for basic coverage. Close to a grand for a 2018 yamaha AR240. Ugh.

 

[Luc Lafreniere]

Ouch... are they high in that case if two (or more?) companies give the same amounts? lol Or is it standard for your boat because of x? Just wondering.... I have a small boat, not sure if it matters... but my costs are about $450/year with Northstar for decent coverage.

 

[Trixie]

Good point you have made above...where you say if two or more companies are giving the same amount. Perhaps I am just surprised. I could check what rate the company that provides my house and car ins may give however I was hoping to keep the boat with a different company.

 

[Luc Lafreniere]

Non marine insurance companies had high fees and significant trouble offering insurance in my case. Hence why I went to a marine specific company.

I mean, it does sound high to me as well.... may be related to where you keep the boat? aka geography? Higher risk of theft or something of the sort? You should ask them why it's much higher.

 

[Luc Lafreniere]

@Trixie ..... they base their quotes on the value of the boat, the number of engines, the onboard equipment, the number of passengers it is rated for and of course the liability coverage and deductibles you select. Our 38 foot cruiser was $2,000.00 per year. It adds-up fast.

Wow... noted if I ever get a bigger boat! lol

 

[tdonoughue]

Also a factor: the size of the engines (regardless of it being a jetboat or not).

I know when I got a quote from State Farm in the US, they took the HP of the combined engines (360) and gave me an outrageous quote.

 

[Miitch]

Im slowly realizing that my boat insurance is one of my smallest bills.. costs less than my car insurance, and i have a totally clean driving record! Heck, its costing my more to operate my cellphone for the year than it is to insure my boat! and im not paying off the phone!

 

[tdonoughue]

Ah, perspective... It is a good thing.

 

[Canuckjetboater]

I am getting high quotes from Northstar and April Marine for basic coverage. Close to a grand for a 2018 yamaha AR240. Ugh.

@Trixie ..... I'm guessing based on replacement cost and twin engines plus it can carry more people so more liability exposure. As my friend said there are expensive hobbies then there is boating!

 

[AZMark]

Also a factor: the size of the engines (regardless of it being a jetboat or not).

I know when I got a quote from State Farm in the US, they took the HP of the combined engines (360) and gave me an outrageous quote.

I have the same boat (engines) insured through them and I think it’s pretty reasonable for good limits, <$500/yr. Maybe the agent threw in a bunch you didn’t need.

 

[marcham]

Lucky. I'm looking at $1000 for an agreed value of $50 000. Unfortunately Northstar Marine only covers Ontario waters..... still shopping around.

 

[Trixie]

I have been speaking with safe harbour marine ins and have found their rates here in ontario to be better then other providers with good coverage.

 

[Trixie]

Safe harbour covers BC i believe. This is all kinda new for me but I am learning

 

[Canuckjetboater]

Lucky. I'm looking at $1000 for an agreed value of $50 000. Unfortunately Northstar Marine only covers Ontario waters..... still shopping around.

@marcham ..... Do you have a broker? Sometimes they can shop around and get a better deal for you. BTW - I learned something about insurance last year that I had never heard before - an insurance broker, I know personally as a friend, made an offhand remark that there was also the issue of reported thefts and vandalism to consider. I asked, "What?" He said "We keep statistics of thefts and damages via police reports and that also changes the insurance profile for any given area." Hadn't heard that one before.

 

[jeffrt]

I use a broker and pay $375/yr for mine. I have no idea what the details are though without looking up the policy.