Compare boat & marine insurance quotes for your watercraft for free.

Compare boat insurance quotes.

Get the best rates on boat insurance.

Whether it's water skiing, fishing, or just cruising around, nothing’s better than being out on the boat.

But before you get on the water, make sure your vessel is covered by a great boat insurance policy.

At LowestRates.ca, you can get the best boat insurance quotes from all the top watercraft insurance providers in your province.

Just contact us at [email protected] and we’ll help you compare rates from the Canadian boat insurance providers and find the right coverage for your craft. 

 

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What our users say:

April 15
Really good customer service
Really good customer service, flexibility and transparency of the process, frien...
Teodor Iurea
April 11
SARA WAS VERY HELPFUL AND VERY EFFICIENT
SARA WAS VERY HELPFUL AND VERY EFFICIENT
John Randle
April 11
its always people
its always people, and Erin Upsdell was knowledgeable, helpful and professional....
Antonio
April 11
Good Service.
Clear request of info.... fast results.... follow-up recommendation appreciated.
Myrna Hanna
April 10
Very fast easy-to-use.
Very fast easy-to-use.
ROBERT EDWARD BROWN
April 9
The broker made my transition from my…
The broker made my transition from my previous insurance to changing with you ve...
Christina Raposo
April 9
Convenient
Convenient, friendly and efficient. Good price too!
Uwe Stueckmann
April 8
agent was direct and professional
agent was direct and professional
Steven Olson
April 7
hell yes
hell yes, this is the way to do it. was dreading shopping around for insurance -...
Rok
April 6
JEREMY HAS BEEN great so far waiting to…
JEREMY HAS BEEN great so far waiting to review complete coverage details and wil...
Ray Curry
April 5
Great
The rep was professional or so it seemed Thanks
Terry Esau
April 5
Great service
Great service , very courteous
lucie belzile
April 3
Wow so helpful & quick
Wow so helpful & quick! Saved alot of money w/out sacrificing on services!
Tamara
April 3
Professional and efficient
They were persistent to get hold of me. Once they did, we’re very professional...
Carolyn Arthur
April 3
The following up with the clients and…
The following up with the clients and trying to satisfy them and finding the dif...
Roudy Sanders

Your questions about boat insurance in Canada, answered.

Why do I need boat insurance?

For many Canadians, boating is a chance to escape everyday life, relax, and have fun. Boat insurance lets you do all those activities with some added peace of mind. Depending on the level of coverage you choose, your boat insurance policy will offer protection against liability, collisions, fire, theft, and other unexpected accidents.

Boat insurance also safeguards you against risks that only present themselves when you’re out on the water: sinking, capsizing, stranding — even explosions. And with a good boat insurance policy, you’ll also get coverage for your marine equipment, which may include radios, GPS units, electric trolling motors, and tools.

How much is boat insurance?

The cost of boat insurance varies based on the boat you’re looking to insure as well as the amount of insurance you wish to purchase. Rates for boat insurance are on the rise, as many insurers report higher claims costs. As a result, insurance companies have reduced boat insurance coverage — meaning some consumers have not been able to secure a policy for their personal craft.

Why shop for boat insurance online?

Boat insurance rates can vary a lot from insurer to insurer. Shopping online for your boat insurance helps you compare quotes quickly and get the coverage you need (at the cheapest rate possible).

What factors affect my boat insurance policy?

Many factors — like vessel length, value, the location of your boat, and the motor’s horsepower — will affect your boat insurance policy.

Is boat insurance required in Canada?

No. Insurance isn’t legally required for boats or personal watercraft under Canadian law, so there are no boat insurance requirements. it’s highly recommended for boat owners. Remember: your boat, along with other marine equipment, like your trailer, fish-finders, and trolling motors, will all be covered under a good boat insurance policy.

Are there age restrictions for operating a boat in Canada?

Yes. If you are 16 or younger, you can only operate boats with certain levels of horsepower:

AgePower restrictions
Under 16 years of ageCannot operate a pleasure craft above specific horsepower (hp) limits. See below.
Under 12 years of age and not directly supervisedCan operate a pleasure craft under 10hp
Between 12 and 16 years of age and not directly supervisedCan operate a pleasure craft under 40hp
16 years of age and olderNo power restrictions

What types of boats can I insure through LowestRates.ca?

Here are some of the different types of boat insurance available on our site:

  • Small boat insurance
  • Bass boat insurance
  • Bowrider boat insurance
  • Pontoon boat insurance
  • Sailboat insurance
  • Personal watercraft insurance (PWC insurance)
  • Yacht insurance
  • Runabout boat insurance

Do I need a licence to operate a boat in Canada?

Yes. According to Transport Canada, anyone operating a pleasure craft must have an up-to-date Pleasure Craft Operator Card (PCOC). Luckily, your PCOC is valid in every province, just like your driver's licence is.

What’s the difference between a Pleasure Craft Operator Card and a Pleasure Craft Licence?

The actual operator of the boat needs a Pleasure Craft Operator Card, but a Pleasure Craft Licence applies to the boat itself. If your boat has more than 10 hp, you must keep a valid Pleasure Craft licence on board at all times.

What’s the difference between agreed value and actual cash value boat insurance?

Agreed value and actual cash value are the main types of coverage available to boat insurance shoppers. Here’s how they work:

Agreed value policies: These policies are popular because you know ahead of time exactly how much money you’ll receive if your boat is written off or stolen. For example, if your agreed value policy states that the value of your boat is $20,000, that’s the amount your insurer will pay out to you if you need to replace your vessel.

The downside of this type of policy is that not all damages or incidents are covered, so ask insurance providers what range of coverage their agreed value boat insurance plans offer.

Actual cash value policies: With this policy, insurers consider the value of your boat at the time you make a claim. That means they factor in your boat’s depreciation and ‘wear and tear’, so the money you receive from your insurance claim will most likely be less than the amount you originally spent to buy the boat. The upside: actual value policies usually have cheaper premiums, and many boat owners report a smoother claims process with this type of coverage.