Boat insurance covers you in the event of a loss or damage to your watercraft. It covers most watercraft with motors, including fishing boats, paddle boats, leisure crafts, even yachts (for you high rollers!). For smaller boats, you may find some limited coverage under your homeowner's policy, so it's best to chat with your Surex Advisor about what you're covered for and what you need to add to your policy when you buy a boat.

Ontario does not have a law that requires you to carry insurance on your boat or power watercraft. There might be a time when you have no choice but to purchase insurance. However, marinas in Ontario will require proof of boat insurance before they will allow you to use the marina or store your boat on their property so always best to be covered. 

The amount of boat insurance you will need depends on a number of factors such as the value of the boat, the motor size, the age and how you use it (speed boat vs a pleasure cruiser). For example, if you bought a new high-performance speed boat, you will need more coverage for bodily injury and property damage liability than you would if you had a pleasure cruiser.

The general rule when it comes to figuring out the average boat insurance prices is that you'll pay about 1.5% of the value of your boat in annual rates. So, to insure a boat worth around $50,000, it would cost you only about $750 per year to have it fully insured. Typically it will cost $200-$500 per year.

This is similar to the information you would give out when getting auto insurance, here is the information you would need to provide:

• The length, type and value of your boat
• The condition of the boat and the market value
• How often the boat is used, what it is used for and where you store it
• The waters you take the boat out on and if you ever charter your boat
• The experience, loss and claims history of the owners and/or operators
• Any clubs the owners are members of (Sail Canada, or Canadian Power and Sail Squadrons)

It's best to shop around and compare, and that's exactly what we do for you at Surex! We work with the top insurance companies in Canada to provide you with the best rates for your situation. We can find the right boat insurance in Ontario for you!

According to the Government of Canada's guidelines, the minimum requirements are based upon the craft’s length. For a motorized craft no greater than 6 metres (19 feet 8 inches) in length, the following equipment is required:

• An appropriately sized, Canadian-approved personal flotation device ( PFD ) or lifejacket, for each person on board
• A buoyant heaving line (15 metres in length)
• Manual propelling device or anchor with at least 15 metres of rope, cable or chain
• Bailer or hand pump
• Sound-signaling device
• Navigation lights if the craft is used between sunset and sunrise or during periods of reduced visibility, i.e. mist and rain
• A class 5BC fire extinguisher for any craft equipped with an inboard motor, fixed fuel tank, and/or any fuel-burning cooking, heating or refrigeration units
• A waterproof flashlight or 3 Canadian-approved flares (type A, B or C flares)
• A vessel license if your craft is outfitted, even temporarily, with any motor of 10 hp (7.5 kW ) or more. Ensure your vessel is properly marked and you carry a copy of the vessel license.

Did you know that this requirement also applies even when you are renting or borrowing a boat, regardless of the size? (The responsibility is equally shared between the renter and the owner). Remember the equipment must be in good working order, easily accessible, and useable by all passengers on board.