Navigate new adventures with confidence
From weekend cruises to fishing trips, every outing brings its own risks. Boat insurance can protect your vessel, onboard equipment and liability on and off the water. A Navacord advisor will compare boat insurance options in Canada and tailor coverage to how and where you navigate - at no cost for our advice.
Coverage tailored to your boat
Key protections available for your watercraft
Boat insurance can combine liability, physical damage and optional protection based on your vessel, where you navigate and how it is used.
Electronic Navigational Equipment
This offers coverage for essential devices used to enhance safety and improve navigation such as GPS systems, radar, depth sounders, VHF radios, AIS transponders and more.
Mechanical Breakdown Coverage
This pays for repairs or replacement of specific parts in the event of a mechanical breakdown. It also includes the lower unit for outboard motors, and both the upper and lower units for stern drive motors.
On-water Towing
This covers the cost of on-water towing in the event your boat breaks down or is disabled on the water. It can also include fuel delivery and jump starts.
Wreckage Removal
In the event your boat sinks, this covers the cost of removing your vessel from the water.
Water Sports Coverage
This provides compensation for any injuries sustained while participating in water activities such as water skiing, tubing, wakeboarding and other similar activities.
Underinsured Boaters Coverage
In the event you are hit by a boater who does not have enough insurance coverage, this coverage will pay for your injuries or damages.
Medical Payment Coverage
This offers compensation for medical expenses relating to injuries sustained by people while boarding, travelling on or leaving a boat, as well as if a collision occurs with another boat.
Support throughout your boating journey
Additional marine services and support
Beyond coverage, select boat insurance policies may include marine assistance services that support you while planning a trip, managing your vessel and responding to a claim.
Access detailed 2-D or 3-D chart navigation, port plans and other resources for upcoming journeys.
Get support when researching your boat’s value or preparing to sell it.
Work with specialists who understand boats and marine claims.
Get help finding marinas, boat ramps, repair facilities and other boating resources.
Coverage for a wide range of boats and watercraft
Types of boats and watercraft we insure
We offer boat and watercraft insurance for many vessel types, from personal watercraft and fishing boats to sailboats, cruisers and yachts. For approved risks, coverage may be available for both local and offshore navigation. Availability varies by vessel, use, navigational area and insurer.
Personal watercraft, including Jet Skis and Sea-Doos
Cruisers and cabin cruisers
Yachts and mega yachts
Sailboats
Jet boats
Pontoon boats
Deck boats
Runabouts and sport boats
Ski and wake boats
Recreational fishing and bass boats
Small charter boats
The Navacord advantage
How we help you stay afloat
Get personalized advice from a local advisor, supported by Navacord’s national expertise, broad market access and strong insurer relationships. We’ll help you understand your options and find boat coverage tailored to your vessel, navigational area, storage, boating activities and protection needs.
Dedicated marine insurance advisors
Receive personalized support from a knowledgeable advisor who understands boat insurance and can guide you through your coverage options.
Access to specialized insurers
We work with a broad range of insurers offering coverage for different vessel types, boating activities and protection needs.
Annual policy reviews
We review your coverage at renewal to help ensure it continues to reflect your boat, usage and insurance needs.
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FAQs for boat insurance
Boat insurance may include marine liability, physical damage and comprehensive protection. Depending on your policy, it can help cover injuries or property damage you cause, collision or grounding damage to your boat, theft, fire, vandalism, emergency towing, personal effects and insured equipment.
Boat insurance is not required by law on most bodies of water but is a very valuable coverage considering the high costs which can be associated with boat repairs. Boat coverage also provides extremely important liability insurance that protects you from claims related to injuries or damages caused by your vessel. Also, marine mortgage companies will often mandate you have insurance coverage as part of their lending process.
Yes, it can. Marine liability may help with eligible bodily injury, property damage and legal costs when you are responsible for an accident. Physical damage coverage may help repair or replace your boat, while medical payments coverage may respond to eligible injuries involving you or your passengers.
Home insurance may provide limited coverage for certain small watercraft, but limits and exclusions often apply. It may not provide the liability, navigational, salvage, towing or physical damage protection available through a dedicated boat policy. It is always strongly recommended to review both policies with an advisor to ensure you are adequately covered.
The cost of boat insurance varies by vessel, operator, location, use and selected coverage. Because insurers assess risk differently, a personalized quote is the best way to estimate your premium.
Depending on the insurer, factors that may affect your boat insurance premium include:
- Your boating experience, training and claims history
- The type, make, model, age and value of your boat
- The boat’s length, horsepower and maximum speed
- How and how often the boat is used
- Your navigational area and boating season
- Where the boat is moored, stored and transported
- Onboard motors, electronics, equipment and modifications
- Whether the boat is financed
- Your selected coverage, limits, valuation method and deductible
An advisor can compare options and help you find coverage suited to your needs and budget.
More questions about boat insurance
There are three types of replacement coverage options available: guaranteed replacement cost, agreed value coverage and actual cash value coverage.
- Guaranteed Replacement Cost – this coverage most often applies to the first three years of your vessel’s life. If there is a total loss, the insurance company will replace old with new.
- Agreed Value Coverage – this coverage is usually applicable to the first 15 to 30 years of your vessel’s life. The insurance company agrees to pay the appraised value of the vessel.
- Actual Cash Value Coverage – this coverage applies to most vessels older than 30 years. In the event of a loss, the insurance company would pay for the value of your vessel minus depreciation.
You may be able to reduce your boat insurance premium by lowering your risk, reviewing available discounts and comparing coverage options. Savings and eligibility vary by insurer, but these strategies may help:
- Maintain a claims-free boating record: Follow boating regulations, use required safety equipment and operate your vessel responsibly.
- Complete an approved boating safety course: Some insurers offer discounts to boaters who complete recognized training.
- Choose a higher deductible: A higher deductible may lower your premium, but it also increases the amount you pay toward a covered claim.
- Ask about boat insurance discounts: Depending on the insurer, savings may be available for bundling policies, remaining claims-free or using eligible safety and security equipment.
- Review your boat’s value and coverage: Confirm that the insured value, navigation limits, usage and optional coverages continue to reflect your needs.
- Compare boat insurance quotes: A Navacord marine insurance advisor can compare options from multiple insurers and help you balance price, coverage and deductibles.
A marine survey is a comprehensive inspection which confirms the condition and value of your vessel and is performed by an independent, licensed surveyor. During the inspection, both the interior and exterior of the vessel are thoroughly examined and documented. The surveyor will provide you with a detailed report that outlines items related to the maintenance, safety, and seaworthiness of the vessel.
Boat insurance companies ask for marine insurance surveys in order to best determine the value and condition of your boat. These details help inform the safety of your watercraft, in addition to the anticipated level of risk associated with operating it. Since vintage vessels are more inclined to experience more problems, insurance companies will typically ask for a survey on boats that are more than 15 years old.
Yes, there are some scenarios in which you do not need a survey to get your boat insurance. Newer vessels that are under 15 years old may not require a survey. Shorter vessels under 21 feet also do not always require one as well. If you are not certain if you require a survey to obtain your boat insurance coverage, contact one of our marine insurance specialists.
The cost of marine surveys will vary based on both the age and size of your specific vessel. These will need to be performed by a licensed surveyor, who will typically charge a set rate per foot. Other appraisals, such as engine surveys are often billed for a set cost or fee.
