Do You Need Insurance for a Seadoo in Ontario?

Do You Need Insurance for a Seadoo in Ontario

Do You Need Insurance for a Seadoo in Ontario?

Is the thought of taking to the water, skimming waves, and feeling the wind’s relief amidst the summer heat something that excites you? This is how many personal watercraft owners feel, and rightly so. That said, when considering purchasing a personal watercraft like this, do Seadoos need insurance, or is it simply a nice-to-have? 

Today, let’s explore if you need insurance for Seadoos, Kawasaki or Yamaha jet skis in more detail. We’ll highlight the importance and general best practices, as well as issues that could arise that justify having an active policy.

Seadoo Insurance Fundamentals

To start, let’s answer some commonly asked questions about insurance for Seadoos, Kawasaki or Yamaha jet ski:

Is Seadoo Insurance Required in Ontario?

For Seadoos, Kawasaki and Yamaha watercrafts registered in the province of Ontario, boating insurance is not required by law. However, if you choose not to have an active insurance policy for your vessel, you leave yourself vulnerable to considerable financial stress if an accident, breakdown, or other related mishap occurs. This is especially risky if you cause an accident with another boater and don’t have liability coverage, which would result in you being entirely responsible for damages out of your own pocket.

What Should a Seadoo Insurance Plan Cover?

Depending on the insurance provider you choose, you may be able to select either a fully customizable package – an option that provides added value that ensures you have the policy elements that you need – or one of several pre-set alternatives. Regardless of your choice, there are three components that you should ensure are included. These include the following:

Theft and Agreed Value

Theft and agreed value protection, covers you in the event of theft of the vessel or even personal items stored onboard. The agreed value element, as the term implies, ensures that the value of your Seadoos, Kawasaki and Yamaha will not depreciate. We at Portside Marine Insurance offer agreed value coverage for 15 years.

Ingestion and Damage

Seadoos, Kawasaki and Yamaha watercrafts require regular maintenance to remain efficient and handled correctly. However, due to their general design that relies on water pressure to move, there’s a risk of ingesting debris that could clog the jet propulsion system. Ingestion and damage coverage can take care of expenses related to repairs. This coverage also provides reimbursement for damages sustained in an accident, and we ensure that you don’t need to worry about betterment fees for new parts. 

Emergency Towing

Nobody wants to be stranded out on a lake or river in a Seadoo of all things, fully exposed to the elements. If you run into a mechanical mishap or require towing, your coverage can provide reimbursement for the required services. This is an important policy element to have, as it ensures that you don’t need to get additional coverage somewhere else for towing or recovery.

What’s the Cost of Insuring a Seadoo?

When insuring a Seadoo, Kawasaki or Yamaha jet ski in Ontario, the approximate cost will depend on several factors. Chief among them is your own background. If you are a high-risk boater with a history of several insurance claims and a bad record, for instance, then the rate will be much higher. Other factors include the condition of your vessel and its manufacturing year. 

What Does an Insurer Need to Know About My Seadoo?

Should you decide to insure your Seadoos, Kawasaki and Yamaha, there are several important factors that need to be given to the provider. These include the length, vessel type, approximate value, intended use case and the frequency of said use, your boating experience, the condition of the vessel, and more. You also need to factor in whether you will have coverage active for when the Seadoo, Kawasaki or Yamaha watercraft is being stored at home or transported on the road.

Tips on Getting the Right Seadoo Insurance for Your Needs

Next, let’s explore some precautionary steps you should take when shopping around for Seadoo insurance. These include the following:

End-to-End Coverage is Important

Are you only planning on taking your Seadoo, Kawasaki or Yamaha jet ski out for the occasional spin on a hot summer’s day or two each year? Or are you planning on spending every weekend up in cottage country out on local waterways and lakes? Regardless, ensure that you are covered from end to end, including when transporting your Seadoo, Kawasaki or Yamaha jet ski from the home to the lake. 

Will You be the Only One Onboard?

Even if you are the one who always sits in the driver’s seat, Seadoo insurance can protect the passenger riding in the back as well. For example, if a passenger is injured and wishes to seek damages, your policy’s liability coverage will kick in. As a general best practice, it makes more sense to have peace of mind for everyone on the water, helping you focus on navigating safely and having a great time!  

What’s Covered, and What Isn’t?

Do your homework when shopping around. If an insurance provider recommends you something without towing, recovery, agreed value, ingestion, or damage coverage, it’s best to keep looking and gauge your options. Even if the price is tantalizingly low, not having sufficient coverage can cost you a whole lot more in the long run. Save yourself the stress and financial strain.

Read Up on the Provider’s Instructions for Submitting a Claim

Even if you find a great option, submitting a claim is a whole different process. Providers will have their own specific sets of requirements, so it’s better to brush up on these in advance. This way, you’ll know what to do when or if you run into trouble. Our own submission guidelines can be found here.

In conclusion, while Seadoo insurance isn’t technically required, we know from experience that it is essential for boaters of all backgrounds and levels of expertise. To learn more about our policy options or to discuss your coverage needs, reach out to us or request a quote today. We’re happy to assist!

Contact Portside Insurance

How to Save Money on Your Boat Insurance

How to Save Money on Your Boat Insurance

As the winter ice melts and the ground thaws in time for spring, boaters start to look at the season ahead in eager anticipation to get back on the water. Boating has grown in popularity over the last few years as an exciting way to explore nearby lakes and rivers. With the 2022 season fast approaching, you might be wondering if it is time to review your boat’s insurance policy.

Although boat insurance does not cover wear and tear costs or freezing damages, it is important to help keep your vessel in good working condition. This can be costly, but worry not, as we have put together a list of our best boat insurance tips to help you save while ensuring peace of mind.

Have the Right Deductible

It might be tempting to increase your deductible as much as possible so it can offset and thus lower your premiums. This isn’t necessarily the right move. While you will be assuming more risk by increasing your deductible, the difference in the cost to you can be higher. This is especially true if you experience several incidents of minor damages, where you will be paying out of pocket without any assistance from your insurer. Weigh the deductible against your risk tolerance, ability to pay out of pocket, and the premiums you are comfortable paying each month.

Bundling Isn’t Always Better

Some insurers might encourage you to bundle your home, auto, and boat insurance together to reduce your premium. However, if you file a claim on your boat for a repair, the rates for your home and auto insurance could increase as a result. With a dedicated marine insurance provider, you work with professionals who understand watercraft and the incidents that can happen with them. Plus, you are more likely to get a competitive price and coverage that leaves nothing to chance. This applies to all sorts of different watercrafts, including seadoos too.

Understand Actual Cash vs. Agreed Amount Value

It is important to understand the two kinds of payouts available if your boat should be damaged beyond repair. Each plays a role in the cost of your premium. With agreed amount value or coverage, you will be paid for the value of your boat agreed between you and the insurer at the time your policy was opened. For actual cash value or coverage, you will be paid the value of your boat at the time of the payout, which will have depreciated since you opened the policy. Actual cash value policy holders will pay less for their premiums, but may not receive the full amount required to buy a new replacement for their boat.

Know Your Navigational Limits

Cruising around in calmer waters plays a factor into how much you pay for boat insurance. You can save money by avoiding busy areas, which are more likely to cause accidents for even the most experienced of boaters. Inform your insurer about which bodies of water and thoroughfares you plan to typically navigate. This will help to determine coverage and may potentially mean stable premiums by keeping your boat in a central location.

What About Lay-Up Costs?

While a great summer pastime, boats should be winterized well before freezing temperatures occur. While your vessel is laid up, you could choose to remove your boat insurance as it is not being used, eliminating your premium. The problem is, however, that you won’t be covered if it is stolen or damaged. If you start up your policy again in the spring, you could face higher premiums as your boat has been uninsured for several months. Ask your insurer about reduced premiums in the winter months while the risk to your boat is low. We recommend a year-round active policy to do away with any off-season financial stresses.

Take a Course

It’s important to have your boating licence or Pleasure Craft Operator Card (PCOC), sure, not to mention knowing your vessel of choice inside-out, but there is so much more to learn when it comes to best boating practices. Participate in a safety course, for instance, or take a class on recreational boating tips to improve your skills. Courses that offer certificates of completion are great to have on hand to show a thorough understanding of navigation, handling, safe docking, and otherwise. Demonstrate to your insurer that you have an increased level of preparedness and knowledge about what can happen on the water.

Keep Safety Equipment Well-Stocked and Maintained

There are several safety factors to consider when launching your boat into the water. Once you leave dry land, it is important to be prepared for any emergency that could occur on the water. A thorough amount of safety and preparedness equipment means you are aware of the risks of boat operation and want to do everything in your power to keep you and your passengers safe from injury.

Ensure you have the following fully stocked and well-maintained:

  • First aid kit
  • Lifejackets for everyone on board
  • Life buoy
  • Bailer bucket or hand pump to remove unwanted water from inside the boat
  • Sound signalling device and navigation lights in times of reduced visibility
  • Fire extinguisher
  • Waterproof flashlight and flares
  • Manual propelling device and anchor with 15 metres of rope or chain 

While it is not required by law, boat insurance proves itself to be just as important as auto insurance when it comes to protecting your investment from damages or liabilities. Understanding your policy means you can make informed decisions about the maintenance of your boat and feel secure bringing passengers aboard. Standard boat insurance policies typically cover all-risk situations, meaning any risk not omitted from the policy is covered like theft, vandalism, fire, lightning strikes and storms. Liability is another key piece of boating insurance and policies usually include coverage for injuries and property damage. 

At Portside Insurance, we know that protecting your investment and ensuring the safety of everyone on board is your top priority. However, we also know it’s possible to save money while maintaining peace of mind. Our boat insurance policies keep costs under control while also ensuring optimal coverage for your boat and its voyages to come. Contact us to learn more.

5 Insurance Factors to Consider When Buying a New Boat

Dreaming of taking to the water, exploring the great outdoors by boat, and making aquatic memories with friends and loved ones? You’re not alone; boating is an iconic Canadian pastime in its own right, much the same as fishing or even hockey. However, it’s a lot more complicated by comparison. You are responsible for the safety and wellbeing of your investment, all onboard occupants, and those of nearby vessels, in the water, and even on the shore who interact with your boat. 

One can never guarantee that a mishap won’t occur. From break-ins to running aground, damage from winter storms while in storage, component failures leading to an accident and even unintended negligence, there are plenty of reasons why boating insurance is crucial. It might not be required by law, but it might as well be, if only to protect you and your finances. 

With that in mind, let’s explore several insurance factors you should consider before buying your boat, not afterwards. These will help to ensure smoother sailing and a better overall experience as a boater. Let’s dive in!

Our Boat Insurance in Canada Checklist

Today, we’ll cover the following takeaways:

  • Obtain a Pleasure Craft Operators’ Card (PCOC)
  • Incorporate Insurance and Policy Add-On Costs into Your Budget
  • Read the Fine Print!
  • Where Will You Store Your Boat in the Wintertime or When Not in Use?
  • Look for a Year-Round Policy that Offers Agreed Value Coverage

Obtain a Pleasure Craft Operator Card (PCOC)

Are you licensed? This should be the first step before shopping for any type of boat or insurance. A Pleasure Craft Operator Card, otherwise referred to as a PCOC or boating licence, is required for any motor-powered vessel in Canada. If you don’t reside in Nunavut and the Northwest Territories, you’ll need this proof of competency, which can be obtained by passing a boating safety course test. This can be done either in-person or online, and upon passing, you’ll receive your PCOC. 

As we’ve explored in-depth previously, a licence is not the same as a boating certificate or vessel registration, so be sure to read up on the differences between them before proceeding. In short, certification is optional. Licensing is not. Without it, you run the risk of being denied insurance for your vessel, holding you responsible for any expenses related to a mishap, theft, or collision. 

Incorporate Insurance and Policy Add-On Costs into Your Budget

When shopping for boat insurance, you ought to be mindful of the overall cost, of course, but don’t stop there. What about the policy coverage elements themselves? Do they cover all the essential angles? Find out beforehand whether the package in question takes care of expenses such as coverage for personal effects, recovery costs and towing, or even reimbursement in the event of a necessary hotel stay or car rental caused by an accident while boating.

In addition, if your boat needs to be repaired, will the insurance provider arrange for new or refurbished parts? To minimize maintenance hassles and get the very most out of your policy, we recommend looking for one that clearly states that new parts will be arranged for any boat repairs. If there are no betterment fees to worry about, then that’s more good news for you and your budget.

All in all, the following are some of the key elements you should ensure your policy includes:

  • Towing and assistance
  • Trailer, storage, and transportation coverage
  • Liability
  • Hotel and/or rental vehicle reimbursement in the event of an emergency
  • New part replacements and repair services
  • Personal effects and onboard/non-removable equipment

You should also consider finding a boating insurance company that bundles all the essentials or can offer a personalized policy solution to meet your needs. It’s well worth it for the peace of mind!

Read the Fine Print! 

Some boaters don’t look too deeply into the specifics of the policy they sign up for; this is a dangerous approach as your coverage may not take care of every perceived expense that concerns you. When making a large investment such as this, it’s better to take your time, not jump into buying that sleek and beautiful vessel right away. Always examine the insurance documentation set before you. The fine print will outline all the terms and conditions, and once you sign, you must comply with the policy in question. 

Boat insurance doesn’t automatically cover every single expense under the sun, either; you’re expected as the owner to properly maintain and responsibly utilize the vessel, abiding by local boating laws wherever your outdoor adventures take you. General wear and tear is typically not factored into insurance for this reason, for instance, as boats are exposed to the elements whenever not stored away. Therefore, degradation over the years with continued use is to be expected, even with upkeep, much like with a regular automobile. 

Where Will You Store Your Boat in the Wintertime or When Not in Use?

Different risks may present themselves depending on where your boat is when not being enjoyed out on the water. For instance, when docked in a marina during a storm, a line may snap and cause it to jostle about and scrape against another vessel. Or, while transporting it from your property to a boat launch, an accident on the road could damage it severely. 

These things happen. They often can’t be avoided. However, while most boat insurance policies will cover storage, it’s important to ensure that whatever you have active will be applicable towards however you intend to transport and store it. If you have auto insurance, its liability protection can kick in when towing the boat on a trailer. Boat insurance is ideal for storage in marinas or other similar environments during the off season, and for reimbursing for the cost of the vessel itself. The optimal approach is to have auto and boat insurance to ensure there are no liability risks or unforeseen expenses left for you to deal with out-of-pocket. 

Look for a Year-Round Policy that Offers Agreed Value Coverage

If you see a policy offering cash value, it means that the payout will be based on the perceived market value of the boat or components damaged. Agreed value coverage is the better choice for boaters of all skill levels and backgrounds, as it does what it says on the tin: it’s the agreement between you and the insurer of the value. This means that no depreciation will occur in the event of a total loss, and it guarantees that brand-new replacement parts can be installed without exceeding your coverage limit. Lastly, your insurance should be active all year long, not just during peak boating season, as damage and/or other mishaps can happen just as easily during the colder months or when in storage. 
Want to learn more about boating insurance fundamentals, or are you curious about our own options here at Portside Marine Insurance? We’re happy to help you make the most informed and effective decision possible with our personalized solutions! Get in touch with us to learn more, or request a quote today.