Boat insurance Saskatchewan

Factors that affect your Saskatchewan boat insurance costs

Boat insurance premiums can actually vary quite a bit depending on how much risk you present to the insurance company. Because Saskatchewan has thousands of lakes and rivers, everything from your horsepower to how you store your boat can make a difference.

Insurance companies consider a wide variety of factors to help them determine your overall risk level. This then helps them set your rates. Here are some of the factors they may consider when you apply for coverage:

The type of vessel

Insurers want to know what type of small vessel you have, as different watercraft have different levels of risk. A small aluminum fishing boat used for quiet mornings on Echo Lake, for example, is very different from a ski boat built for speed or a sailboat with a large mast and rigging. The more powerful or specialized the vessel, the higher the chance of costly repairs. And higher repair risks generally mean higher premiums.

Its age and value

A new, high-end boat typically costs more to insure than an older one because the replacement value is likely higher. But older boats can still have their own risks, like aging electrical systems or worn motors, which are also factored into your risk level.

Its engine horsepower

A high-horsepower motor can turn a calm lake into a collision risk if something goes wrong. Higher horsepower engines mean greater speed and greater potential for more severe accidents. Saskatchewan averages about 27 drowning deaths each year, and more than three-quarters happen in lakes/ponds and rivers. In Saskatchewan, where many lakes and rivers are used for fishing and leisurely cruising, lower-horsepower boats often see lower premiums.

Your boating experience

In Canada, anyone operating a motorized pleasure craft must hold a Pleasure Craft Operator Card (PCOC), which you earn by passing a Transport Canada–approved boating safety test. Beyond that, additional training and years of safe boating experience can help show insurers that you’re a responsible operator. Nationally, Canada sees about 111 recreational boating deaths each year, and nearly nine in ten involve the unsafe practice of not wearing a lifejacket. If you’ve been boating for years without any incidents, insurers may reward all that experience and safe boating behind you with lower rates.

Where and how you use it

How and where you use your boat matters just as much as what kind it is. A boat that spends most of its time on calm lakes for family outings is generally less risky than one that’s used to reach remote cabins or hunting spots, or to cross long stretches of fast-flowing rivers. In 2022, Saskatchewan recorded 35 water-related fatalities, the highest in recent years, showing how varied and unpredictable local waterways can be. The more adventurous or remote your trips, the more likely your insurer will adjust your rate to reflect that risk.

How you store it

Insurance providers also care about where your boat parks when you’re not using it. A vessel stored in a locked garage or shed is better protected from theft or storm damage than one left uncovered outdoors. And boats moored at marinas or in slips may face higher risks of theft or vandalism, and even damage from weather or floating ice. As such, Saskatchewan boaters who trailer their boats home after each trip may see better rates than those who leave them moored all season. However, if you store your boat on a trailer in an open driveway, the increased risk of theft can still raise your premium.

Your chosen coverage

Look, we all know that the more protection you add, the higher your premium will be. Coverage for pollution cleanup, wreck removal, accessories, or guaranteed replacement value will all add to your overall cost, but they also add more comprehensive protection for when you need it most.

Your chosen limits and deductibles

Depending on your policy, you may want to increase your coverage limits for more protection in a liability claim. For instance, if you have $200,000 in liability and you cause an accident that damages another boat and injures several passengers, you may quickly exceed that limit. Choosing higher coverage limits means broader protection, but it typically comes with a higher cost.

On the other hand, raising your deductible can help you lower your premium. A higher deductible means less money that the insurer has to pay out in the event of a claim, which insurers may reward with lower rates. So, if you want a higher limit but are looking to prevent your rates from rising, you may want to consider also increasing your deductible to help balance the difference.

Your claims history

Just like car insurance, your claims record follows you. If you’ve filed multiple claims in the past, insurance providers may see you as more likely to file another claim and decide to charge higher premiums.