How Much Is Boat Insurance In Winnipeg?

In Winnipeg, boat insurance will typically cost $200-$600 a year for a basic policy, depending on the size and value of your boat. A larger boat, like a yacht or sailboat, will cost more.

This is, of course, a rough estimate, but we like to answer questions as clearly as possible as quickly as possible! Want to get a better idea of what affects the cost of boat insurance, what boat insurance covers, and why you need it? Read on! 

What Affects The Cost Of Boat Insurance In Winnipeg?

Type & Value Of Your Boat

This is the big one. While a typical small boat, like an aluminum fishing boat or even a pontoon boat, might cost you a few hundred dollars a year to insure, a larger boat like a sailboat or yacht will cost significantly more: Anywhere from 1% to 5% of the total cost of the boat. 

How Often You Use Your Boat

Commercial boats (like those used for fishing or tourism) will cost more to insure than boats used casually during the summer months. The more often you use your boat, the more likely you are to be involved in an accident, and the higher your insurance premiums are likely to be. 

Where You Store Your Boat In Winnipeg

Some people store their boats in Winnipeg, keeping them in the garage until it’s time to hit the water. Others will moor their boats at a pier or dock outside of Winnipeg during the summer months for easy access. The location where you store your boat impacts your insurance premium; mooring on Lake Winnipeg all summer long, for example, increases the risk of damage because of the harsh weather the lake often sees in the summer months. 

Your Boating & Claims History

Have you had a number of boating accidents? Your premium is going to be higher. In this way, boat insurance is a lot like car insurance; qualified boaters with no claims history will see lower premiums.

Coverage Options & Deductibles

There are a lot of different coverage options when you’re insuring your boat. Two of the most common are:

• Actual cash value (the value of your boat at the time of loss) 
• Guaranteed replacement cost (the cost to replace your boat, even if it is more expensive now than when you purchased it)

Purchasing guaranteed replacement cost coverage will lead to higher premiums, as you’re covered for a higher amount.

The same logic holds true for deductibles. Deductible options will vary depending on your policy, but deductibles can range from hundreds to thousands of dollars. The lower your deductible is, the higher your premium is – that’s because you pay your deductible out of pocket when you make a claim, so higher deductibles mean less risk for insurance companies. 

What Does Boat Insurance Cover In Winnipeg?

Damage, Repairs, & Replacement Costs

This is the main reason most people purchase boat insurance. The boat gets damaged in a storm? You’ve got coverage. Hit a rock near the shore? Your insurance may pay out. Freak lightning strike destroys your motor? You can make a claim. Boat insurance policies are quite comprehensive, and may cover:

• Collision
• Fire
• Explosion
• Vandalism
• Damage from vermin
• Underwater impact
• And more

Boat insurance policies are a lot like car insurance policies in that they cover the cost of repairs; your policy may even cover the cost of towing your boat to land (or, if there’s a repair shop in a nearby marina, directly to the shop). This gives policy owners a lot of peace of mind; they know that if something happens out on the water, they’re covered.

In worst-case scenarios, your boat insurance policy may pay to completely replace your boat when repairs are impossible. This is one of the things that makes boat insurance so valuable; boats aren’t inexpensive, but boat insurance is relatively affordable and offers an incredible level of protection. 

Liability & Medical Payments

Beyond protecting the value of your boat, boat insurance can protect you and your loved ones when an accident occurs. Here’s how:

• Liability insurance covers you when your boat causes damage to another person or to property. Your liability insurance may protect you by helping pay legal fees, penalties, and damages assessed by courts when you are found liable in an accident.
• Medical expenses are not included on every boat insurance policy, but they are an incredibly valuable form of coverage; they protect you and your passengers by helping to cover dental and medical bills, regardless of who is at fault. This coverage is somewhat less useful when boating in Manitoba (as medical bills are typically covered by Manitoba Health), but it can be useful for interprovincial or international travel.

Theft & Vandalism

Both vandalism and theft are covered by most boating insurance policies – and that’s a good thing, since many boats are left out on docks or piers when they’re not in use. Theft is one of the best reasons to get guaranteed replacement cost coverage; if police cannot find your boat, you’ll be able to afford a new one.

Vandalism is also covered, whether that means getting graffiti off of your boat or replacing a motor or window that was damaged. Keep in mind, however, that you must pay your deductible and that a claim can increase your premium in subsequent years; you may want to fix minor damage yourself, without making a claim. 

Storm & Flood Damage

Storms and floods – two mainstays of summers in Manitoba. As beautiful as a thunderstorm on Lake Winnipeg may be, it can wreak havoc on boats. That goes double for when hail starts falling. You might not be able to get to your boat before the damage is done.

In the same vein, floods lead to turbulent currents that can unmoor boats and send debris careening into hulls. Both of these phenomena can, fortunately, be covered by boat insurance. 

Flood damage is a bit more complicated than storm damage, however, and you should talk with one of our brokers to understand what flood coverage is available on each policy. For example, a flood that damages a boat in storage (say, in your garage) may not be covered by your policy. 

Boat Trailers & Equipment

Most boat insurance policies will cover both your boat trailer and other equipment on your boat, including your on-board motor, as well as life jackets and other safety gear.

Notably, there are coverage limits for boat trailers and equipment, and these coverage limits may only total a few thousand dollars. This is fine if you don’t have a lot of equipment, but if you’re using fancy onboard GPS systems, you have expensive fishing equipment, or there are other personal items you need coverage for, you should speak to your insurance broker about increasing your coverage limits. 

For fishing enthusiasts, most policies offer specific fishing equipment coverage as add-ons; you can use this coverage to protect your rods, fish finders, tackle boxes, reels, and more. 

Coverage For Other Boaters

Most insurers offer coverage for named drivers only; they will ask you who you want listed on the policy, and only those drivers will be insured when they operate your boat.

Some insurers offer an umbrella policy; this policy will protect your boat no matter who is driving, as long as the driver is not excluded under the policy.

Who is excluded under the policy? Anyone who isn’t legally allowed to operate a boat! A drunk driver, for example, would be excluded, as would anyone without a Pleasure Craft Operator Card. 

Optional Coverage Add-Ons

There are several optional coverages you can include with your boat insurance policy – the ones that you’ll choose will depend on your needs and what’s available through the boat insurance company you purchase your policy from. Typical add-on coverages include:

• Guaranteed replacement cost
• Navigational extension (which covers you in areas outside of Canada)
• Loss of use coverage (for people who use their boat as transportation, not just for pleasure)
• Incidental use (additional liability for occasionally using your watercraft to do things like charity work or to host clients)
• Fishing equipment coverage
• Freezing and ice damage coverage

These aren’t the only options for additional coverage, either; talk to your broker about your needs, and we’ll help you find the perfect policy for your boat. 

Do You Need Boat Insurance In Winnipeg?

Legal Requirements For Boat Owners In Winnipeg

You are not legally required to have boat insurance to operate a boat in Winnipeg – or anywhere else in Canada. You may, however, need boat insurance to secure financing for a boat; that depends on your lender.

Risks Of Boating Without Insurance

Something doesn’t have to be legally required to be a good idea. Even the most competent captain will be blown off course and hit a rock every once in a while. Then there’s the risk of colliding with another boat – something no one wants to think about, but everyone should be prepared for.

Those are just the risks while you’re out on the water. Boat insurance covers your boat even when it’s properly moored, so you’re protected even when you’re not boating. The peace of mind this type of insurance will give you is why we recommend it to anyone who has a boat. 

How To Get Boat Insurance In Winnipeg

Visit us! We have locations across Winnipeg, and our knowledgeable insurance brokers make it easy to find and compare boat insurance policies from several different insurance companies. Here’s the information you’ll want to bring with you:

• The size and type of boat you’re insuring
• The condition of your boat
• The market value of your boat
• How often you use your boat
• Whether your boat is used for pleasure, transportation, or commerce
• Where you store your boat
• How you store your boat
• Where you use your boat
• Whether or not you rent or charter your boat to others
• Your level of boating experience (and the boating experience of other operators)
• Whether or not you or other operators have made boat insurance claims in the past

Speak With A Winnipeg Insurance Consultant Today

You should be able to enjoy your boat worry-free, all season long. We’re here to help. Contact us today and get boat insurance Winnipeg boaters can trust!