Boat Insurance in Alberta

Understanding how boat insurance works

Understanding how boat insurance works is a necessary step you should take before buying a boat insurance policy. The reality is that customized boat insurance protects boat owners from all kinds of risks, making boat insurance so important. You can alleviate the financial burden of fixing or buying a new boat if yours were to be lost or damaged. An insurance broker in Alberta can help you find a policy that aligns with your needs, boating habits, and budget. To give you an idea of precisely what Alberta boat insurance can safeguard you against, keep reading:

• Boat insurance will cover you if your boat, its motor, or other equipment or accessories are stolen or damaged in a collision.
• Boat insurance will cover you if the personal belongings on board your boat, such as electronics or jewellery, are stolen, vandalized, or damaged.
• Boat insurance will cover you if a driver or passenger is injured while on your boat or your boat causes damage to another person’s personal property, and they file a third-party liability claim against you.

Types of boat insurance coverage in Alberta

Boat insurance is not a legal requirement in Alberta, and as such, there are no mandatory coverage types like there are with car insurance in Alberta. For this reason, policies vary between customers. That said, there are a few types of coverage that are extremely common with boat insurance plans, and they include:

Property damage coverage

Property damage coverage is designed to protect your Alberta boat from all kinds of physical damage, from dents and scratches to major repairs. If you get into a collision that damages your boat, you can file a property damage claim with your insurance provider, and they will help you cover the cost of repairs. Be sure to review the terms and conditions of your coverage to confirm what types of damage are covered.

Third party liability coverage

Liability insurance is another type of basic boat insurance coverage. With this coverage, Alberta boaters will be protected if they get into at-fault boat accidents that cause property damage or bodily harm to another. If this happens to you, you can file a liability claim to cover medical fees, legal fees, and repair bills.

Temporary replacement coverage

Temporary replacement coverage can be claimed if your boat is damaged and needs to be repaired. While it’s being repaired, this type of coverage will pay for you to rent a boat until yours is back up and running. This kind of coverage is best for those who rely on their boats to get around and who may not have access to other forms of transportation.

Agreed value coverage

Agreed value coverage is similar to replacement car coverage or a waiver of depreciation. You will receive a larger payout to cover the cost of replacing your boat if it is totalled in an accident.

Navigational extension coverage

Navigational extension coverage is for policyholders who regularly drive their recreational boats outside of standard navigational limits. If this sounds like you, then you may need additional protection if something goes wrong.

Collision coverage

Collision coverage can help pay to repair or replace your boat if you get into an accident and your watercraft suffers significant damage. Please note that collision coverage can be claimed regardless of whether you collided with another boat or even a stationary object, such as a dock.

Comprehensive coverage

Comprehensive coverage is essential for boaters to have year-round, even when their boats aren’t in use, as it protects you against the risk of damage when your boat is in storage. Whether your fishing boat is in the marina or being stored in a boat house for the winter, comprehensive coverage will pay to repair or replace your boat if it is the victim of theft, vandalism, or damage caused by fire, weather-related events, explosions and riots, or falling or flying objects. Read through your policy to ensure you know that insured perils comprehensive coverage protects against.

One final word on boat insurance coverage in Alberta - the coverages listed above are designed for recreational boats, not commercial ships. If you want to insure a commercial fishing boat, contact a BrokerLink insurance advisor today to learn more about how to do so and what kinds of additional protection you may need for business activities.

A list of factors that are considered when Alberta boat insurance rates are calculated

Various factors are considered when determining your rates for any type of insurance policy. Insurance companies assess a policyholder’s risk by learning more about them. With boat insurance, an insurer will ask about your boating record, your history as a boat owner and operator, where you drive your boat, how you store it, and more. These factors, among others, will ultimately determine how much you pay for your Alberta boat insurance policy. Below, we explain why some of these factors come into play:

Your boating record

Your boating record is one factor that all insurance companies will consider. This is one of the most telling details regarding your risk level. If you have a clean boating record, meaning one that is free from infractions, then you will be seen as less of a risk, and your premium may be positively affected. In contrast, if your boating record is full of tickets and infractions, such as accidents or impaired driving charges, then your premium is likely to be much higher. To keep your rates low, read up on boat safety requirements and make sure that you drive safely and obey Alberta rules and regulations at all times.

How long you’ve owned your boat

The amount of time you’ve owned a boat and spent on the water can also impact your Alberta boat insurance premium. Insurance companies feel reassured when a policyholder has ample experience, whether you’re talking about boat insurance, car insurance, or motorcycle insurance. The more experience you have behind the wheel, the better off you will be, especially if you also have a clean record. For this reason, seasoned boat owners usually pay less for boat insurance than first-time boat owners. If you are a new boat owner, you should expect your premium to be higher - at least initially, until you gain more experience. Continue reading for a first-time boat owner's checklist.

Where you operate your boat

An insurance agent will also ask for a rundown of where you drive your boat most often. Just like how your home address can impact your car insurance rates, where you drive your boat also matters. This is due to the fact that some bodies of water are seen as having a higher risk than others. This could be because they have higher rates of boat traffic or because one waterway is more likely to experience inclement weather than another. Whatever the reason, an insurer will want to know where you operate your boat most often. If you operate your boat outside of standard navigational limits, you must inform the insurer of this, and they may recommend additional coverage.

Where you store your boat in Alberta

Where you store your boat when it’s not in use is one last factor that an insurance company will ask about. Chances are, you only use your boat in the spring, summer, and fall in Alberta, or perhaps even just the summer. As a result, your boat is likely in storage for a chunk of the year. Where you store it matters, as some storage locations are considered higher risk than others. For example, storing your boat in a private area, such as a boat house or garage on your property, is less risky than storing it somewhere public. The odds of theft might be higher in a public location. If you store your boat in an outdoor location, then the odds of damage might also be higher.

Boat safety tips for Alberta boaters

When you’re operating your boat, it’s important that you take every possible precaution to ensure your own safety and the safety of all passengers on board. To do this, you must drive safely and follow all local laws. You should also ensure that you have the appropriate safety equipment on board at all times. For a complete list of boating safety tips, keep reading:

Ensure that you have safety equipment on board

Ensuring that you have all safety equipment on board is one of the most essential tips for boating safety. What does boating safety equipment include, you may be wondering? It is recommended that all Alberta boaters have life jackets (enough for every passenger on board, and make sure they are properly fitted), a sound signalling device, like a whistle, a waterproof flashlight, a first aid kit, a buoyant, an anchor, and a paddle. It is also smart to bring extra bottled water, non-perishable snacks, sun protection, and a portable battery with you.

Never drink and operate your boat

Impaired driving is against the law, and that isn’t just for cars. It is illegal to operate a boat when you are over the legal limit for drugs or alcohol. So, whatever you do, never get behind the wheel of your boat while impaired. You not only risk your life by doing this but the lives of all others in your boat and on the water.

Double-check the weather forecast before heading out

Weather conditions can turn a safe boating experience into an extremely dangerous one. For this reason, checking the weather before heading out is of the utmost importance. If there is a storm or heavy rain on the horizon, it’s best to wait it out and remain at home until the bad weather passes.

Let someone know your route

Before you head out on your boating journey, especially if it is a long-distance one, it is crucial that you inform someone of your planned route. Let them know your estimated departure and arrival times, dates, and locations. You should also give them your contact information and everyone else's contact information on board. This way, if you don’t return when you are supposed to, someone will be aware and can notify the authorities.

Tips to reduce your Alberta boat insurance premium

If you want to lower your Alberta boat insurance premium, there are a few relatively simple ways to do so. From shopping around and comparing rates to increasing your deductible, keep reading for a list of fool-proof, money-saving tips:

1. Shop around and weigh your options

First, you should always shop around and compare your options before purchasing any type of insurance policy. A BrokerLink insurance advisor can contact insurers on your behalf, obtain boat insurance quotes, and then compare them. Finally, they will present you with the best options for your needs and budget. This will ensure you get the most competitive rate for your Alberta boat insurance coverage.

2. Bundle your Alberta car and boat insurance

Bundling two or more insurance policies into one is another way to lower your premium. Many insurers offer discounts to customers who buy two or more insurance products together. The good news is that you don’t even have to buy two of the same products. For instance, some will let you bundle Alberta boat insurance with Alberta car insurance or Alberta home insurance. If you are in the market for multiple policies, contact BrokerLink to learn more about bundling.

3. Pick a high deductible for your boat insurance policy

Insurance deductibles significantly impact boat insurance premiums. By choosing a higher deductible, you can qualify for a lower rate. Insurance companies often reduce premiums for customers who choose high deductibles, as it means less financial responsibility for them in the event of a claim. If you can’t afford a high deductible right now, consider raising it the next time your boat insurance coverage is renewed.

4. Equip your boat with an anti-theft device

Adding an anti-theft device to your boat may make you eligible for a boat insurance discount. In turn, your premium would be lower and your boat would be less likely to be stolen - it’s a win-win. Plus, even if your boat was stolen, if your anti-theft device has GPS tracking capabilities, it would be easier for the authorities to track down and recover.

We’re in your community

BrokerLink was founded on the pillars of generosity, respect, integrity, and excellence. Since then, we have also taken a customer-driven approach to all insurance services, including boat insurance. If you need help finding a policy that meets your needs, contact BrokerLink immediately.

Contact us

At Alberta BrokerLink, we’re here to help you with any insurance needs you may have. Whether it’s insuring your home, car, business, recreational items, or pets, let us help you find the best coverage possible.

You can reach us by phone, email, or in person by visiting any of our locations across Alberta. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool that can provide you with a competitive boat insurance quote in minutes.

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Boat insurance Alberta FAQs

Is boat insurance required in Alberta?

No. Unlike car insurance, Alberta boaters are not legally required to purchase a boat insurance plan for their recreational boats. However, buying boat insurance is strongly recommended due to the many risks that boats face. From property damage to theft to liability claims, buying year-round marine insurance coverage is a brilliant idea. It is worth noting that you must have a pleasure craft operator card in Alberta.

Where can I buy boat insurance in Alberta?

A few of the most common places that customers buy boat insurance in Alberta are insurance companies and insurance brokerages. Both provide high-quality boat insurance services to customers and will help you find the right coverage for your needs and boating habits.

How can I find cheap Alberta boat insurance?

You can lower your Alberta boat insurance rates in a number of ways. You can install an anti-theft device on your boat, store it in a safe, monitored, and indoor location over the winter, bundle your home and boat or car and boat insurance policies, drive safely to maintain a clean boating record, pay for your policy upfront instead of monthly, and choose a high insurance deductible.

What types of boat insurance can an Alberta insurance broker help me find?

Alberta insurance brokers can help boaters find all types of coverage, from basic coverage to additional forms of protection. Examples of boat insurance coverage that you can obtain through a broker include collision coverage, comprehensive coverage, agreed value coverage, third-party liability coverage, property damage coverage, temporary replacement coverage, and navigation extension coverage.

If you have any questions, contact one of our local branches.