Watercraft Insurance

What is Watercraft Insurance?

There’s nothing quite like getting out on the open water in a boat during the warm season. A boat gives you the freedom to enjoy all the different waterways throughout Canada. Boats are entertaining to own and operate, but they come with their share of risks and costs as well. If you want to continue enjoying your boat for many years, it makes sense to invest in watercraft insurance as soon as you can. 

Watercraft insurance is a specialized form of insurance designed to protect boats and safeguard them against an unexpected accident or issue. Without watercraft insurance, you could be stuck paying for repair bills, medical bills and more in the event of an accident. Leading insurance companies sell Watercraft Insurance, and it comes in different types and coverage amounts. With so many different options to choose from, it can be overwhelming finding the one you like best. That’s why you may end up relying on professional help to make your decision. 

Choosing the right insurance is essential for getting adequate protection for your boat, and it’s something you should put a lot of thought into to ensure you don’t get stuck with an expensive repair bill-  or even worse. Watercraft insurance isn’t required in Canada, and that means you’re at a greater risk while boating than while doing something like driving a vehicle. Most automobile drivers are covered by insurance if something happens; if you get into an accident with another boat, there’s a good chance that the other driver won’t have insurance. This is another good reason to invest in watercraft insurance, and having this insurance will help protect you from lawsuits and other potential issues. 

Why is Watercraft Insurance important?

Boats are entertaining to take out and can be a useful form of transportation as well, but they are risky to operate, and many people don’t have any sort of insurance for this either. Since insurance isn’t required on boats in Canada, most drivers don’t carry any. That means if you get into an accident with another boater, you will be left handling the bill or tasked with filing a lawsuit in order to get compensation for your injuries and repair costs. This is a huge hassle and can put you ina bad situation. 

If you spend the money to get Watercraft Insurance, you can protect your boat and yourself against lawsuits and massive medical costs if you get into an accident. Even if you’re the best boat operator, there’s a chance another driver will run into you. There is always a risk of something happening to your boat. If you don’t want to get stuck paying all the repair costs for your boat, or worse medical costs for another person, you need watercraft insurance. 

Think about what would happen to you if you crash into another person’s boat and injure one of the passengers in the process without any insurance coverage. You would be liable for the boat repair costs and any additional costs related to the injuries that person suffered. You could end up owing thousands of dollars or more, and that would be a serious issue for you to deal with. 

Who is Watercraft Insurance made for?

Watercraft insurance is designed for individuals or businesses that own and operate boats. It doesn’t matter if the boat is used for commercial purposes or purely recreational reasons. Watercraft insurance is meant to protect vessels when they get into accidents and experience other issues. If you are taking your boat out on the water, you would probably benefit from having insurance on it. 

There are many different types of watercraft insurance, and they are designed for different kinds of people. Individuals who own a single boat would likely want different insurance protection than someone with multiple boats or individuals with a yacht. The type of watercraft you have determines the type of insurance you should get. Consider that your policy needs to protect your overall investment, which means you’ll have to match it with the type of boat you have. 

Before you purchase watercraft insurance, make sure you understand which option is right for you and how to make the most of it. Take the time to get familiar with your options and work with an expert to help you get the full coverage you need. 

Why should you choose PAIB insurance for your Watercraft Insurance needs?

Having the right watercraft insurance policy is essential for your long-term wellbeing. It can help avoid getting stuck with expensive repairs and medical bills. There are so many different companies to work with, and they all offer their own type of insurance coverages. Take a moment to get familiar with your options. Be mindful when choosing it!

If you don’t want to spend time working with multiple insurance companies, consider working with us at PAIB Insurance. We’re a local brokerage that connects customers with their best insurance options. We will help you determine which options are suitable for you and give you the guidance you need to make the right decision when you go for your insurance policy. 

Spend time talking with our team at PAIB Insurance, and we’ll direct you toward policies that will work best for you. We have existing relationships with most national insurance companies offering watercraft insurance today and can connect you with the best company for your needs. We don’t just work with companies providing watercraft insurance at PAIB, though; we also work with providers offering ATV insurance and PWC insurance as well. No matter what you want to insure and protect, we can connect you with providers to help meet your needs. You’ll be impressed with the different available options. Get started working with our team to get your coverage today!