Coverage for Boat Insurance in Canada
Boat insurance, also called watercraft insurance, is like a car insurance policy because it may provide protection against physical damage and personal liability in the event of an insured loss.
Physical Damage Coverage
Having a boat to enjoy the warm months can be super enjoyable, especially if you consider the possibility of accidents before you head out on the water. Boat insurance ensures your boat, the motor, equipment, and you and your passengers’ personal property are protected in the event of an insured loss, theft, or damage.
There are two main liability options typically available: personal liability and medical expenses.
Personal Liability Coverage
If you are involved in an accident while trailering your boat or on the water, you will be at risk of legal liability and legal obligations, including injury, property damage and legal fees. Personal liability coverage protects you financially.
If you have an accident, your boat insurance policy will cover you up to your stated limits in your policy for ambulance, hospital, and medical costs.