Author: Stephanie Tanner

Five Tips on How to Get the Best Boat Insurance in Ontario

If you’re a boat owner in Ontario looking for the best insurance coverage to protect your investment, having the proper techniques under your belt when you’re shopping is essential. Whether you’re a seasoned boater or just starting out, it’s crucial to have insurance that will cover you in case of an accident or damage to your watercraft. But with so many options out there, it can be tough to know where to start.

We put together a guide with tips on how to get the best boat insurance in Ontario, covering everything from understanding your coverage options and the factors that affect your premium to getting quotes and working with the right experts.

1. Know Your Coverage Options

When it comes to boat insurance in Ontario, there are different options available to protect your investment. Understanding these choices is crucial to selecting the right one for your needs.

Most policies offer the following coverages and have customizations and add-ons:

Collision coverage: Covers damage to your boat in case of a collision with another vessel or object.
Liability: This can protect you if you’re found responsible for injuring someone or damaging their property while using your boat.
Comprehensive coverage: This covers non-collision incidents like theft, vandalism, or weather-related damage. This can also include emergency services, such as towing.
Other coverage: Other options may be available to add to your policy, like personal property coverage.

It’s essential to select the right coverage for your needs and budget. For example, if you keep many high-valuable items in your boat, personal property coverage may be a priority add-on.

2. Understand the Factors that Affect Your Premium

Understanding the factors that affect your boat insurance premium in Ontario can help you make informed decisions when shopping for coverage. Here are some key factors to consider:

Boat type: The type of boat you own can impact your insurance premium. Generally, larger and more powerful vessels cost more to insure than smaller ones.
Use purposes: The purpose of your boat use can impact how much you’ll pay in premiums. For example, you may face higher rates if you use your watercraft for commercial purposes.
Location: Local weather conditions and location-specific boating trends, like incident frequencies and crime rates, can affect your insurance rates.
Additional features: Other onboard features, like GPS devices, depth finders, and alarm systems, can reduce your insurance rates.
Claims history: If you have a paper trail of making claims on your boat insurance policy, you may face higher premiums.

Consider these factors when shopping for the best boat insurance in Ontario. If you’re getting quotes from different insurers, try to provide precise and detailed information about your boat, usage, and location. By doing so, you can get a more accurate picture of the insurance cost for your specific situation.

3. Get a Quote

Getting a quote is essential to understand the various boat insurance rates available. These estimates allow you to compare insurance coverage and pricing from different insurers. This can help you find the policy that offers the optimal value for your money. Additionally, getting a quote can give you a better idea of what to expect in terms of costs. Here are some tips to keep in mind when seeking estimates:

Provide detailed information about your situation, keeping in mind the factors that impact insurance premiums, as discussed above.
Ask questions — this can include asking about specific coverage, potential discounts, and the claims process.

4. Maintain a Good Boating Record

If you have a clean record, insurers will see you as “lower risk,” which often results in lower premiums. No claims or accidents in your name demonstrate that you’re a responsible boater and less likely to file a claim. Therefore, maintaining a good boating record can help you get the best boat insurance in Ontario. Here are some tips for safe boating:

Consider taking boating safety courses.
Check the weather conditions and water levels before setting sail.
Maintain and inspect your boat regularly.
Avoid operating your vessel under the influence.
Ensure you and all passengers wear proper safety gear, like life jackets.
Have a float plan and tell someone your intended route, destination, and estimated return time.

If you are involved in an accident or have to make a claim, reporting it as soon as possible is essential.

5. Work with an Experienced Insurance Broker

At Portside Marine Insurance, we work closely with local insurance brokers to help you get the policy you need for a stress-free boating experience. Enlisting the help of an experienced insurance broker who specializes in boat insurance can be highly beneficial. Here’s why:

They have a wealth of knowledge: Brokers specializing in boat insurance know the ins and outs of both the insurance and boating industries. They can help you navigate this complex world, understand your coverage options, and find the best policy for your needs and budget.
They offer personalized service: Brokers find the best options on your behalf. You can save time on personal research because they will make an effort to understand your situation and find policies that suit your unique needs.

When selecting an insurance broker, look for someone licensed with a good reputation. Consider asking for referrals from friends, family, or other boat owners. Additionally, ensure these experts have experience working with boat owners and understand the unique insurance needs of this industry. Insurance brokers that don’t specialize in boat policies may offer bundling options without the expertise to ensure you’re covered for all unique and complex scenarios.

Find the Best Boat Insurance in Ontario

While boat insurance is not legally required in Ontario, it’s essential for any watercraft owner because it provides peace of mind and coverage for accidents, theft, or other unexpected events. You can find the best policies for your unique circumstances by following these tips.

At Portside Marine Insurance, we offer customizable boat insurance policies to help you protect your precious investment. Get a quote or contact us today to get started and explore your options.

Common Types of Boat Claims in Winter

Even though you likely won’t spend time cruising on your boat during the cold Canadian winter months, you may not realize that there are winter risks that still require proper coverage to protect your investment. As a boat owner, it’s crucial to be aware of common boat insurance claims to help you prepare for unforeseen circumstances. Let’s explore these in more detail.

Why Boating Insurance is Important in the Winter

Boat insurance is essential throughout the year. Some risks and hazards in winter differ from those in the summer, leading to potential damages and losses. For example, winter weather conditions, like snow, hail, and ice, can cause significant damage to your watercraft, even if stored in a secure location.

Many marinas and storage facilities require boat owners to have insurance coverage before allowing them to dock or store their boats on their premises. Insurance coverage can bring you peace of mind, knowing you have protection against financial losses that may arise from incidents during the winter that may be out of your control.

6 Common Types of Boat Insurance Claims in the Winter

While most bodies of water are frozen during Canadian winters, some locations near the coast may prolong the season. If you happen to be out on the water during these traditionally colder months, you’re exposed to similar risks as in the summer. Many of the following common boat insurance claims apply specifically to watercraft hauled out for the season. Keep in mind that not all insurance companies will cover these claims, so it’s essential to check with them first before you submit:

1. Impact Damage

One of the most common boat insurance claims all-year round is impact damage caused by factors like rocks, deadheads, shoals, and other submerged objects. In areas of the country where boating can happen in the winter, you’re at risk of colliding with these objects, especially if there’s poor visibility and lots of debris from storms. No matter what season, it’s important to exercise caution when navigating waters and always keep a lookout for potential hazards.

2. Theft

Boats can be targets for theft, especially during the winter when they’re not in use. Thieves can steal specific parts or the entire vessel without proper security measures.

3. Vandalism

Watercraft stored in isolated or unsecured locations may also be vulnerable to vandalism. This includes graffiti, broken windows, and other acts that cause damage to the boat.

4. Fire

While uncommon, boats can catch fire during the winter for various reasons, including electrical issues, fuel leaks, or improper storage of flammable materials. Keep in mind that if you store your watercraft in an enclosed location, never use open flames nearby and ensure you remove all fuel or propane tanks before leaving it out of site for the season.

5. Freezing or Flood Damage

Boats that are not properly winterized can experience damage from freezing temperatures, ice, or heavy snow. The potential consequences of these events can include split pipes and cracked engine blocks. Additionally, melting snow or ice can lead to flooding and further issues for the structural integrity of your vessel.

It’s important to note that many boat policies exclude damage due to freezing, but it’s always a good idea to check with your insurance company for verification. Even then, you’ll likely need proof that you correctly winterized your boat for your claim to be successful.

6. Pest Damage

Boats stored in outdoor areas may be at risk for damage from rodents, birds, and other animals. This can include chewing through wires, nests made in engine compartments, or holes punctured in upholstery. During the winter, animals like mice or squirrels often look for warm shelters and may use your boat as an ideal nesting spot. Some steps to prevent critter damage include the following:

Store your watercraft in a location that’s less accessible to animals, like a secure indoor storage facility
Place traps or use repellents to keep animals away from the boat
Remove all food and trash from the vessel before storing it for the winter
Seal all openings or cracks and use tarps and covers to prevent pests from entering

Frequently Asked Questions

What should I do if my boat is damaged in the winter?

The first thing you should do is take steps to prevent further damage or loss. This may include moving the boat or covering it with more protective barriers. Then, contact your insurance provider to report the damage and begin the claims process. Keep in mind that not all situations are eligible for protection, so ensure you understand your unique policy limitations.

Do I need a separate winter insurance policy?

No, you do not need a separate insurance policy for the winter. However, reviewing your current coverage is vital to ensure it protects you from specific risks and hazards of the winter season.

How can I prevent my boat from winter damage?

Proper winterization and preventative measures are crucial to avoiding damage to your boat during winter. This includes draining the water systems, storing the vessel in a secure location, covering it properly, and maintaining the watercraft’s equipment and systems. Insurance providers are more likely to accept a claim if you can prove that you’ve done everything you can to prevent incidents in the winter.

Protect Your Watercraft with Boat Insurance

At Portside Marine Insurance, we have various customizable boat insurance policies to suit your budget and cruising style. If you want to learn more about our policies or need more information about insurance coverage in the winter, contact us today.

How Does Inflation Impact My Insurance?

As a boat owner, you may have noticed the increased cost of parts, fuel, maintenance, repairs, and even the entire vessel itself. This is likely due to inflation, an economic situation leading to higher living costs.

As inflation increases, so can the cost of boat insurance. This can significantly impact your premiums, coverage, and how much you must pay out of pocket. With that said, let’s take a closer look at the impact of inflation on insurance and what you can do to mitigate these concerns, so you can continue enjoying your time on the water.

What is Inflation?

Inflation measures the average increase in the prices of goods and services. This rise in prices goes hand-in-hand with declined consumer purchasing power. In other words, more inflation means our currency has less value and decreases the number of goods or services we can purchase. Rising prices can happen for various reasons, including higher production costs, increased demand, and changes in the money supply.

The Situation in Canada

The cost of living is rising in our country — we see it in the prices of groceries, gas, and other goods and services. Inflation in Canada impacts the boating industry in combination with other trends, like environmental changes and the pandemic. Here’s how:

Since Canadians could not travel during the pandemic, they spent more of their vacation time on the water, which led to an increase in the total number of claims, especially by new boaters with a lack of experience.
Climate change is leading to more extreme weather patterns and natural disasters. This trend impacts insurance because the increase in weather-related claims makes it more expensive for insurers. In an attempt to balance these expenses, they may raise their premiums.
Inflation itself increases the cost of repair services and boat replacement parts. This leads to more expensive claims, which may raise insurance providers’ premiums.

These current trends influence pricing and coverage amounts on your policy. Let’s look at why this is the case in more detail.

What is the Impact of Inflation on My Insurance?

Inflation can affect your boat insurance policy in different ways. Mainly, it impacts your costs, like insurance premiums and out-of-pocket expenses. If you’re looking for a new boat insurance policy or currently have one, here are some ways inflation in Canada can impact your coverage:

1. Premiums for New Policies Can Get More Expensive

As prices increase over time, so will insurance products and services. For example, inflation may lead to rising costs of repairs and replacements, which means that boat insurance premiums may become more expensive when you take out a new policy. These higher rates ensure insurance companies can cover the higher volume and cost of claims.

2. Potential for Insufficient Coverage Limits

Most insurance companies have coverage limits. This limit is the maximum amount they’ll pay out in case of a claim. As inflation increases the cost of goods and services, it raises the price for repair and replacement — professional services cost more, and so do boat parts. This means that your current policy limits may not be sufficient enough to cover these costs in full, resulting in the potential of you paying more out of pocket.

3. Increased Difficulty Paying Deductibles

Your insurance deductible is the amount you’re responsible for paying before your insurance company covers the rest of a claim. In times with rising costs of living, these deductibles can become less affordable to shoulder out of pocket as your budget gets tighter. If you find yourself in this situation while submitting a claim, this might mean that you’ll have to wait to file it until you’ve gathered the money to pay your deductible.

How to Deal with the Impact of Inflation on Insurance

With increasing costs impacting your insurance, there are a few things you can do to mitigate this impact and save money. For example:

Find a Marine Insurance Brokerage

You can ensure you get the best boat insurance policies and prices by specifically seeking out brokerages that specialize in marine insurance. Speaking to these experts can give you peace of mind knowing that your coverage options are tailored to your needs by people who know the ins and outs of the industry.

Review Your Coverage Regularly

Regular reviews of your boat insurance coverage can ensure it still meets your needs and provides adequate protection for your vessel throughout the year. This is an opportunity to make adjustments and remove certain parts of your policy, if necessary.

Save for Emergencies

As mentioned above, inflation can lead to higher expenses paid out of pocket. For this reason, if you’re able to, build up a savings buffer to help you prepare for unexpected costs related to your insurance coverage.

Consider Inflation-Protected Policies

Some insurance companies offer inflation-protected policies which automatically adjust to changes in the cost of living. The purpose of these specialized policies is to ensure the value of your coverage does not erode over time because of increased prices.

Adjust Coverage Limits and Deductibles

If you have an existing policy, you can reduce the impact of inflation by adjusting your coverage limits and deductibles. For example, increasing your deductible can decrease your premiums, but keep in mind that you’ll have to pay more out-of-pocket if you have to make a claim.

Customizable Boat Coverage Options for You

At Portside Marine Insurance, we understand that inflation can significantly impact the type of protection you can afford. That’s why we offer customizable coverage options to help you mitigate the impact of the rising cost of living while still being able to enjoy your time on the water. If you’re concerned about how inflation might impact your existing or future policies, we’re here to help. Get a quote or contact us today to learn more about how we can make your boat insurance work for your needs.

5 Common Boating Insurance Claims

We can’t think of a better pastime than breathing in the fresh outdoor air while riding the waves in your watercraft. However, as with any outdoor activity, there can be risks involved. Having the right insurance coverage can give you peace of mind and protect you from financial loss in the event of an accident or incident. In this blog post, we’ll take a look at common boat insurance claims and provide some advice on what you can do to prevent them.

Hitting an Object in the Water

One of the most common boating insurance claims is damage caused by hitting floating or submerged objects in the water. These objects can include logs, rocks, and other debris and can especially be a problem in low-visibility conditions and shallow water. While running into these objects can lead to minor scars on your watercraft, it can also cause mechanical failure, damage to the hull and propellers, or even sinking.

Even the most experienced boaters may run into this issue because floating or submerged rocks and logs can be challenging to locate. To prevent hitting these the next time you set sail, ensure you do the following:

Do your research before heading out: Research or ask around to find out if any known areas on the lake or body of water have lots of debris or objects. This way, you can stay clear of these spots.
Go boating with another person: Sometimes, catching everything with one set of eyes can be challenging. Bringing a second person with you can help point out anything in your path while you drive.
Get a marine radar: These are valuable tools that detect objects around you. They send out a radio wave and bounce back when it hits an object, giving you a rough estimate of where it is relative to your position.
Go slow in unfamiliar water: If you’re trying out a new spot, go slower than you usually would. This practice simply allows you to keep a closer eye on any objects that may obstruct your path.

Damage from the Dock

Damage from docking can happen to anyone, whether you come to shore during a strong wind storm or simply miscalculate your incoming speed on a calm day. If the force is great enough, you may see structural damage, like a hole in the hull, destruction to electrical wiring, or a bent propeller. Here are some ways you can prevent this incident from occurring:

Use bumpers or fenders to absorb the impact
Use a boat cover at your storage facility to cushion any movement
Practice docking in calm conditions before attempting in more intense weather

Weather-Related Damage

During boating season, extreme conditions like high winds, lightning, hail or heavy rain storms can shake up your watercraft, whether you’re out on the water or your vessel is tied to a dock. Weather-related damage can range from minor scratches to body destruction.

If you live in a particularly stormy area or know one is coming in the forecast, double-check that your boat is secured and covered. To avoid mishaps while on the water, check the forecast before you head out, including wind speeds, wave height, and any signs of storms. As a general rule of thumb, try to wait out the bad weather for the safety of you and your vessel.

Keep in mind that even during the off-season, you must protect your boat during the cold Canadian winters. Here are some situations that could lead to damage and insurance claims:

Improper boat covering: If you don’t protect your boat with a custom, quality cover, snow and ice can accumulate, and water can pool inside. Additionally, not allowing enough ventilation can cause mould growth.
Not draining the engine of water: Frozen or cracked engine blocks can happen due to improper winterizing practices. To prevent this, after draining, add antifreeze.
Storing your boat in the water: When water freezes around a vessel left in the water, the ice can grind against the hull and even crack and sink it. Ensure that your boat is entirely out of the water or stored on dry land to avoid this.

Theft

Theft of boats and belongings is also among common boating insurance claims. While not all thefts are predictable or preventable, your storage practices and security measures play a massive role in keeping your vessel safe. Here are some tips to help you prevent theft:

Lock your boat, including the steering wheel, and use heavy-duty locks on your outboard motor.
Install motion detectors and GPS tracking systems (At Portside Marine Insurance, we even offer a 10% discount on insurance for boats that have a GPS tracking system)
Store your watercraft in a secure place, such as behind a locked gate or in a trusted storage facility.
Detach outboard engines and store these indoors in a secure place.
If you store your boat at home or on a driveway, block it in with another vehicle or obstacle.
Keep an inventory of items on your boat so it’s easier to identify anything missing.

Collisions

Collisions with other vessels can cause more significant damage than when you hit fixed, submerged, or floating objects. This type of claim can be especially common in crowded boating areas like lakes and rivers. Accidents like this can happen if:

Operators on board are inexperienced or negligent while driving the boat.
Your vessel experiences a mechanical failure that’s out of your control, causing the inability to stop or steer in time.
You’re not paying attention to your surroundings.
You operate your watercraft at an unsafe speed. Pay attention to any posted speed regulations and use your judgment to ensure you’re not driving faster than you can react.
You drive while under the influence. Remember, this is both illegal and can cause severe injury or even death.

Helping You Get the Coverage You Need

At Portside Marine Insurance, we understand that accidents happen. That’s why we offer comprehensive coverage plans for your peace of mind so that you can continue enjoying your time on the water. If you’re ready to explore policies or need more advice on boat insurance claims, contact us today!

15 Gift Ideas for Boat Enthusiasts

They say the holiday season is all a-boat giving. Do you know a watercraft enthusiast, but you’re knot sure what to get them? Puns aside, boating is a niche that uses lots of valuable equipment and fun gadgets. There are many products for different purposes at various price points, so there is something for everyone to give. Anchor up! Here are 15 gift ideas for boat owners that will leave an impression.

Gifts for Practical Use

If you want to explore gift ideas for boat owners that add practical value, you’re in the right place. These are items that can make the experience on the water more convenient.

Waterproof Portable Charger

With technology being a staple in our everyday lives, having a consistent power supply, even when you’re on the water, can be necessary for charging electronics like smartphones. Stay connected with your boat enthusiast loved ones by ensuring they remain a quick phone call away. Some waterproof chargers are also solar-powered for convenient recharging.

Multipurpose Tool

When out on the water, you never know what situations may arise and require a handy tool. A multipurpose tool can be a practical way to save space while having all your essentials on hand, like a screwdriver, pliers, knives, files and bottle openers.

Boat Loop

A boat loop is used when leaving or coming back to the dock. This tool typically extends to avoid dangerous leaning over the boat when reaching for dock posts and cleats. Boat loops also provide a steady way to maneuver your watercraft near the dock without getting too close and risking damage from potential impacts.

Boat Cleaning Kit

If you have a boat enthusiast in your life, chances are they also care about the cleanliness and look of their watercraft. Cleaning kits can include soaps, polishers, waxes, all-purpose cleaners and scrubs. They may also have finishers for vinyl to ensure the seats stay in top shape.

Boat Radar

For all the captains out there, a marine radar can be a valuable tool to help with navigation. These radars detect the position of objects like other boats, birds and landmasses relative to the boat’s location.

Waterproof Floating Dry Bag

Items like keys, wallets, and cell phones often come aboard for a day on the water. In some accidents or emergencies, these belongings may go overboard. A waterproof floating dry bag can keep these valuables safe and easily retrievable from the water.

GPS Tracker

A GPS tracker ensures that you can keep an eye on your vessel when you’re not around. It protects your watercraft from theft and any unauthorized use. At Portside Marine Insurance, we offer a 10% insurance discount for all boats with a GPS device that can track location from a cell phone or laptop.

Monocular

Nature feels abundant when you’re out on the water. A monocular can be a nice gift for boat lovers who like to admire shorelines, far-off trees, or birdwatching. They can use this to spot wildlife on the shores or look closely at anything else that catches their eye.

Fenders

Also known as boat bumpers, fenders provide a cushion between your boat and other objects like another boat or dock. This gift will offer protection and bring boat owners peace of mind during minor run-ins to reduce the chance of making any insurance claims.

Gifts for Having Fun on the Water

Add-ons and cool gadgets make great gifts for boat owners that can enhance their experiences on the water. While not mandatory for driving a vessel, these items can make a good day great for everyone on board.

Boat Bar

When the summer sun is shining just right, boat enthusiasts may get together with their friends or family for a day of fun. A boat bar or drink caddy can attach to the watercraft and securely hold drinks (or food) to avoid spills as you ride the waves.

Waterproof Action Camera

Some of the greatest moments happen out on the water. That’s why a waterproof action camera may be the ideal gift for boat owners. Not only can you find cameras with incredible features and quality, but you can rest assured that even in an accident, these cameras will protect their memories.

Waterproof Speaker

If the person on your mind is a boat lover and a music fan, a waterproof speaker may be a good gift for them to experience the best of both worlds. They can jam out to their favourite tunes while also surrounded by the sounds of water without fear of getting the speaker wet.

Towable Tube

For the boaters who like even more action when they’re with their friends and family, consider gifting a towable tube. These inflatable items are a fun way to bring out smiles and catch a few waves of adrenaline.

Other Gift Ideas for Boat Enthusiasts

Some gift ideas can be thoughtful and all-around cool for boat owners to possess. While these are not necessities, they can surely bring joy to anyone with a passion for their vessel.

Captain Hat

Make your favourite boat enthusiast feel official with a classic captain hat. Not only will it be a good look, but the smiles it might bring will undoubtedly make them feel sea-worthy.

Boat Portrait

A sentimental way to honour a person’s love for their boat is to get a portrait of their exact watercraft. You can commission an artist to sketch or paint the vessel, which can be a thoughtful gift, unique from digital photographs.

Waterproof Notepad

For those wanderers who like the traditional feel of pen and paper, a waterproof notebook is a special way to capture thoughts on the water without worrying about ruining the paper. These notebooks can also serve as sketchbooks or navigation journals.

Time spent boating can create fond memories for many people. With these gift ideas for boat owners in mind, you can add value to their experiences and show them you care. If you know a boat enthusiast or are one yourself, always take the necessary steps to keep everyone on board safe. One way to do this is through boat insurance.
At Portside Marine Insurance, we offer customized boat insurance policies to fit your specific needs. If you are thinking about getting a watercraft or don’t currently have insurance, contact us to learn more about the responsibilities of boat ownership and what policies are right for you.