Boat Insurance in Manitoba

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Manitoba waterways can be unpredictable. Whether you're cruising across Lake Winnipeg in the middle of July, water skiing on Falcon Lake, or fishing at the edge of the Red River, owning a boat in Manitoba means freedom and adventure. But it also comes with risks, from unexpected storms to theft at the marina, and more.

That's where boat insurance in Manitoba comes in. With the right coverage, you can protect your watercraft, passengers, interests, and finances should an accident occur, so you can focus on soaking up the sun all summer long.

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BrokerLink compares rates from a wide range of providers, ensuring you get the best deals available.

What is boat insurance coverage?

Boat insurance is a financial safety net designed specifically for boats and personal watercraft. It helps cover costs if your vessel is damaged, stolen, or involved in an accident. Policies can also protect you against liability if you injure someone or damage property while operating your boat.

You can insure the following vessels under boat insurance, depending on your unique needs:

Fishing boats
Pontoons and runabouts
Cruisers and sailboats
Jet skis and sea-doos
Ski/wake boats

One thing to keep in mind is that home insurance rarely extends to boats, which is why separate policies are recommended to ensure your interests and finances are safeguarded at all times.

Why you need boat insurance coverage in Manitoba

Manitoba has a unique boating season that comes with unique risks, given how many lakes and rivers wind through the province. Some of the most common risks you may encounter on and off the water include:

Storms and severe weather: Sudden winds and large waves can cause costly damage to your boat, whether you're actively boating or have it parked at a local marina.
Collisions: Crowded summer weekends out on Little Limestone Lake, Big Whiteshell Lake, or Red River can increase the chances of getting into a collision with another boat or charter.
Wildlife and debris: From submerged logs to wildlife, these can cause damage to your boat hull.
Freezing conditions: If you don't properly winterize your boat, you can experience engine damage and more.
Theft and vandalism: Boats and trailers are common targets for theft when parked in your driveway or in a non-secure marina.
Environmental cleanup: Even a small fuel spill can cost thousands of dollars in out-of-pocket fines.

Boat insurance Manitoba: Coverage for all boat owners

The majority of responsible boat owners in Manitoba opt to get coverage, even though boat insurance in Canada is not legally mandated. Coverage differs based on your boat and the company you choose to partner with, but most insurance features standard policies and additional options for a further customized experience. Depending on the sort of boat you own and how you use it, traditional boat insurance coverage may not be adequate to meet your needs. This is where additional boat coverage comes in. While the types of plans offered by insurers can differ, a few of the most popular are:

Recommended

Additional

Hull and machinery insurance protects against damage to your boat's physical framework, motor, and mechanical components resulting from collisions, severe weather, and fires. For example, if you get into an accident with another boat while out on Clearwater Lake, this policy will cover the cost of repairs, up to your policy limits.

Liability coverage safeguards you in the event that you hurt another person or damage their property while maneuvering your personal watercraft. For example, if your boat backs into the marina and damages the dock, this policy will cover the cost of repairs, medical expenses, replacements, legal fees, and settlement payouts to the third party.

This watercraft insurance policy pays medical bills if you or any of your passengers are hurt on your vessel, no matter who is to blame for the collision. For example, if you are water skiing on Lake Manitoba and someone falls off their skis and hurts themself, this boat insurance covers expenses related to their recovery.

Theft boat insurance safeguards you from the theft of your boat, motor, or equipment you have on board.

Emergency towing and assistance can come in handy if your vessel breaks down or gets stuck on the water. This can include fuel delivery, towing to the coastline, or restarting your engine.

If your boat happens to sink in Lake Manitoba or any of the other waterways in Canada, wreck removal and pollution cleanup will help you recover your boat. It also pays for cleanup expenses if you accidentally suffer a gas or oil spill that harms the environment.

Trailer insurance coverage will cover you if your watercraft trailer is damaged or stolen during transportation, storage, or while connected to your car.

Accessories insurance protects specific equipment on your boat against damage and loss, including fish detectors, sails, audio systems, GPS trackers and more.

Year-round coverage protects your boat throughout the wintertime from vandalism, theft, and winter weather-related harm like falling or flying objects caused by high winds.

You may also want to consider adding this separate boat policy to your watercraft insurance if you like to take your boat across Manitoba, to another Canadian province, or down south to the U.S. This insurance policy endorsement ensures your coverage extends to your boat while you are travelling to out-of-province waterways.

Theft boat insurance safeguards you from the theft of your boat, motor, or equipment you have on board.

Emergency towing and assistance can come in handy if your vessel breaks down or gets stuck on the water. This can include fuel delivery, towing to the coastline, or restarting your engine.

Trailer insurance coverage will cover you if your watercraft trailer is damaged or stolen during transportation, storage, or while connected to your car.

Accessories insurance protects specific equipment on your boat against damage and loss, including fish detectors, sails, audio systems, GPS trackers and more.

Year-round coverage protects your boat throughout the wintertime from vandalism, theft, and winter weather-related harm like falling or flying objects caused by high winds.

Let us be your resource for all things boat insurance

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Ways to save on your boat insurance rates

Even though boat insurance isn't mandatory in Manitoba. Most boat owners opt for this expense as it ensures their interests and finances are protected in the event that collisions, injuries, and other liabilities occur. That said, there are ways you can lower your boat insurance costs in Manitoba without compromising the level of coverage you need. Here are some practical tips you can use when purchasing coverage:

Discounts

Bundle your home insurance, auto coverage, and boat insurance policies

Bundling your boat insurance, home insurance, and various other products with the same company can help you save significantly on premiums. Most companies provide up to 15% off each insurance for doing so!

Use secure storage (marina or locked indoor)

If you use your boat during the summertime, you have to store it somewhere safe during the winter months. Theft, vandalism, and weather-related harm are only some of the hazards you may encounter when keeping your boat stored throughout the winter, which is why selecting a safe marina, garage, or warehouse may help you reduce your premiums by showing to your insurance provider that you are actively limiting your risk exposure, which reduces your chances of filing a claim.

Instal a GPS tracker or alarm system

Installing security devices aboard your boat, such as a navigational device or burglar alarm, may also qualify you to receive a price reduction with your insurance company. Again, adding this equipment can help you decrease the chance of theft while your boat is on and off the water, which reduces your risk profile, resulting in some savings.

Take a certified boating course

Enrolling in an approved boating program is another effortless way of qualifying for coverage discounts. Many companies compensate customers who proactively show they are cautious boat owners, as this minimizes their risk profile and their likelihood of filing a claim.

Increase your deductible

Raising the deductible you pay could also result in lower boat insurance costs. By raising your deductible, let's say from $500 to $1000, you agree to take on greater financial obligations in the event that you need to file a claim. In return, your insurance may lower the cost of your coverage.

Savings Options

Compare boat insurance quotes

Insurance providers often have different underwriting criteria, which means what you're quoted for boat insurance at one company may differ from another. As a result, you can save money by browsing around and comparing prices and coverage options to ensure you're getting the best rate possible.

Ask about the claims-free discount

One of the easiest ways to save money on boat insurance in Manitoba is to avoid filing any claims. If you have yet to file a claim under your insurance coverage, you are likely eligible for this discount. The longer you go without a claim, the more money you save.

Pay your premium upfront

Insurance providers charge an extra premium to consumers who pay monthly because it costs them money to administrate each of their twelve payments. Therefore, an easy way to reduce your premiums is to pay for your boat insurance up front instead.

Factors that affect your boat insurance policy costs

Even though you may have the same boat as your neighbour, you're unlikely to have identical rates. Insurance providers use a variety of factors when assessing customer risk profiles. The greater the risk to insure, the more you can expect to pay, and vice versa. Common factors that you can anticipate getting evaluated on are:

Type, size, and engine power of your boat

Fishing boats, ski boats, charters, and pontoons all have different risks. Because of the higher danger of accidents, a high-powered boat may be more expensive to insure than an average fishing vessel with a smaller engine. Likewise, bigger boats or models with strong engines are often more expensive to insure due to increased repair and replacement costs.

Usage (sport, recreation, commercial)

Boats used for business reasons are typically more expensive than personal boats used only part of the year due to risk exposure.

Storage method (dry dock vs driveway)

Boats kept in safe marinas or secured indoors with a security alarm system can often be eligible for savings, while boats left on driveways or outside with no protection will cost more to insure.

Value of boat (market vs agreed)

Your insurance company will reimburse you either based on market value estimations or agreed-upon value. Agreed value coverage is typically more expensive than the market price because the insurer will pay you more if you suffer a total loss.

Driver experience and claims history

Seasoned boaters with no claims history typically qualify for insurance savings due to their low risk profile. In contrast, unskilled boat owners with a history of numerous claims or accidents will incur higher premiums. It goes without saying that the longer you go without making a claim, the less you will pay for your insurance.

Liability limits and deductible

Finally, the level of coverage you choose, as well as the deductible amount, will influence the cost of your insurance. Larger liability limits will give you additional protection, but at a larger expense. Similarly, selecting a higher deductible can reduce your monthly rates, but it also means that you will have to pay greater amounts out of pocket when submitting a claim. The key is to find a balance between coverage and affordability.

Additional information you should know: Boat safety requirements

Boating is dangerous, no matter how responsible you are. To ensure you're prepared should an unexpected event happen out on the water, make sure you have the following boat safety requirements on board at all times:

Life jackets and wearable personal flotation devices (PFD)
Throwable flotation devices
Fire extinguishers
Visual signalling devices
Sound signalling devices

Remember, emergency preparedness is key to navigating high-stress situations correctly. With these items of board and with the right insurance, you can enjoy the Manitoba boating seasons with peace of mind.

How to file an insurance claim with your provider following an accident

If you've never had to file a claim with your provider in the past, navigating the insurance process can be confusing. To ensure you're fairly compensated, here's what you need to do:

Confirm bodily injuries: The first and most important step you need to take is to examine yourself and the people aboard your boat for injuries. If somebody has been injured, you have to notify emergency personnel immediately.
Collect contact info: Next, get the contact information, driver's licence number, and boat insurance information from other boaters involved. If any other bystanders witnessed what took place, get their information as well.
Document what happened: Take as many pictures and videos of the damage/injuries as possible. You should also record the time and day, as well as what the weather is like during the time of the loss, as your adjuster may request this information.
Notify your insurance: Once you've returned home, notify your boat insurance company that you've been involved in an incident on the water. Be prepared to provide information about what has happened.
Talk to your adjuster: A claims adjuster will be allocated to your claim and will reach out to you for additional information. Answer any questions they may have and provide additional details if necessary.
Get and approve a repair estimate for your boat: Once all of your records have been sent to your adjuster, they will connect you with a service technician to obtain a rough idea of the cost of damage. After you've gotten your quote, you have to present the amount quoted for approval by your adjuster. After it's accepted, you'll have to pay your deductible to your insurance provider and bring your boat in for repairs.
Receive reimbursement from your insurance company: After your boat has been fixed, your insurer will either refund you for the costs.
Finish your insurance claim: Once you've received payment, you'll meet with your adjuster one more time to finalize your claim. They will give you a variety of papers to sign. These forms simply say that once signed, you will not be able to seek further compensation for your losses.

Find affordable coverage for your boating lifestyle with BrokerLink

Manitoba boat insurance doesn't need to be confusing. With the help of BrokerLink, you can find the right boat insurance for your watercraft and spend more time out on the open water with peace of mind.

BrokerLink has years of expertise working with boat owners around Manitoba. Whether you require fishing boat insurance, seasonal boat insurance, or have questions regarding boat insurance in general, such as what to search for at a boat show, our expert brokers are here to assist you in navigating the unknown.

To find tailored coverage that meets your unique needs, contact BrokerLink over the phone or by email to speak with a broker directly. You can also get a free quote right now using our online quote tool!

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Boat insurance Manitoba FAQs

Is boat insurance mandatory in Manitoba?

No, boat coverage is not required by law in Manitoba. Even so, having and maintaining a boat involves unique risks such as collisions, damage to property, bodily injuries, and more that may affect your finances and interests. Boat insurance should be purchased regardless, to ensure you can enjoy fun out on the water with peace of mind.

Does winter storage require insurance?

Yes, even if your boat is stored properly, it can still be vulnerable to theft, vandalism, and damage. Without coverage, you would be forced to pay out of pocket for any expenses that may arise. With winter storage coverage, you can have peace of mind that your boat is protected and that any repair or replacement costs will be covered by your insurance company.

What’s the difference between agreed value and actual cash value?

Market value is the price at which your boat could be sold in the present market, taking into account its age, present state, and demand from buyers. Agreed value is a predetermined figure that both you and your insurance company will agree on when you acquire boat insurance, and it is what you will be paid if your boat gets damaged due to an insured claim. The key difference is that the market value fluctuates; however, the agreed value remains constant.

Can I get boat trailer coverage?

The coverage you have with insurance will determine whether your boat trailer is protected automatically. While most plans cover trailers, others require you to add an extra endorsement to your insurance plan.

Will my home insurance cover my boat?

While certain homeowner's insurance plans cover boats, it is usually too little to completely repair or replace your vessel if something happens. Most boat owners choose storage coverage during the winter months for protection to bridge this gap.

Can I cross into Ontario/U.S. with this policy?

You may be able to use your boat insurance from Manitoba in Ontario or parts of the U.S. However, each policy is different. So, we recommend speaking with your insurance company before planning your trip. If coverage is excluded, you may be able to add certain endorsements to our plan, depending on which insurance company you have.

Do I need insurance for Jet Skis and Sea-Doos?

Yes, jet skis and seadoos will require different insurance plans. You might be able to save money by bundling these plans with your boat insurance coverage by purchasing insurance through the same insurance company.

Is boat insurance mandatory in Manitoba?

Will my home insurance cover my boat?

Does winter storage require insurance?

Can I cross into Ontario/U.S. with this policy?

What’s the difference between agreed value and actual cash value?

Do I need insurance for Jet Skis and Sea-Doos?

Can I get boat trailer coverage?

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Boat Insurance in Manitoba

What is boat insurance coverage?

Why you need boat insurance coverage in Manitoba

Boat insurance Manitoba: Coverage for all boat owners

Hull & machinery (damage to the vessel)

Liability insurance coverage (injury or property damage to others)

Medical payments

Theft of boat and onboard gear

Towing & assistance

Wreck removal and pollution cleanup

Trailer coverage

Accessories (fishing tech, speakers, sails)

Year-round coverage (incl. winter storage)

Travel extension (US lakes, border water)

Hull & machinery (damage to the vessel)

Liability insurance coverage (injury or property damage to others)

Medical payments

Theft of boat and onboard gear

Towing & assistance

Wreck removal and pollution cleanup

Trailer coverage

Accessories (fishing tech, speakers, sails)

Year-round coverage (incl. winter storage)

Travel extension (US lakes, border water)

Why BrokerLink

Our reviews

Greg Silver

Andy Rohansingh

Ian Roome

Clara Furlano

Joyce Kivuyo-Kisamo

Terry Mason

Sandi G

DANI L

Our numbers speak for themselves

Ways to save on your boat insurance rates

Discounts

Bundle your home insurance, auto coverage, and boat insurance policies

Use secure storage (marina or locked indoor)

Instal a GPS tracker or alarm system

Take a certified boating course

Increase your deductible

Savings Options

Compare boat insurance quotes

Ask about the claims-free discount

Pay your premium upfront

Factors that affect your boat insurance policy costs

Type, size, and engine power of your boat

Usage (sport, recreation, commercial)

Storage method (dry dock vs driveway)

Value of boat (market vs agreed)

Driver experience and claims history

Liability limits and deductible

Additional information you should know: Boat safety requirements

How to file an insurance claim with your provider following an accident

Find affordable coverage for your boating lifestyle with BrokerLink

Resources

Boat insurance Manitoba FAQs

Other products