5 Reasons You Need Watercraft Insurance in Barrie

5 Reasons You Need Watercraft Insurance in Barrie - PAIB Insurance

5 Reasons You Need Watercraft Insurance in Barrie

Jun 15 2022
PAIB Insurance

Wondering what’s the best way to protect your boat, jet ski or yacht and sail safely? Just like traveling on land by car, having the right insurance coverage for your boat offers comprehensive protection when you’re out on the water.

For boat owners and water enthusiasts in Barrie, watercraft insurance is a must-have. It’s the key to setting sail safely and enjoying your time in the water, worry-free. With comprehensive protection for your boat against accidents, damage, theft, liability and other losses, you can reduce your risks out on the water—an inherently high-risk activity.

Are you getting ready for boat and yacht season in Ontario? Before you leave the docks, make sure you have comprehensive watercraft insurance. Find out why you need coverage, and how it protects you and your beloved boat this summer and beyond.

Do I need watercraft insurance in Barrie?

The short answer is yes—it’s good sense to protect your boat as much as possible and ensure you have the resources you need in case of an accident or damage. But did you know that boat or seadoo insurance is not legally required in Ontario?

Yes, you read that right. However, if you store your boat in a marina—as most owners do during boat season—watercraft insurance is required. Similarly, if you are financing your boat, watercraft insurance may be required by your lender even before the loan is approved.

Most importantly, watercraft insurance protects you against the inherent risks of boating. Colliding with a submerged object, damage to your personal belongings, and causing injury to another person or damaging their property are just some of the most common risks that come with using watercraft—and they’re more common than you think. And even when you’re not yet on the water, your boat can still be damaged, vandalized, or lost while in storage or during transport.

Watercraft insurance protects you against these risks. Since this coverage is not mandatory in Ontario, being involved in a boating accident or causing damage or injury to another person leaves you solely liable for the cost of these damages. Needless to say, it’s expensive to be caught off-guard without watercraft insurance in Barrie.

What does watercraft insurance cover in Barrie?

By now, it’s clear that having watercraft insurance in Barrie is a must. Watercraft insurance protects you and your boat against damage and liability claims resulting from covered risks. In the event of a collision with another boat or an injury, watercraft insurance covers the damage and liability, saving you the out-of-pocket costs. 

Similarly, if another boat or Seadoo is at fault but is uninsured, your watercraft insurance will cover the damage to your vessel. The amount you will receive is determined by your deductibles, coverage limits, and either an agreed-upon amount or actual replacement value.

Watercraft Insurance Coverage Options

Find out what’s included in your watercraft insurance coverage:

  • Collision coverage: The cost to repair or replace your boat in case of collision on the water or during transport.
  • Liability: If you were found at-fault in an accident, watercraft insurance provides liability coverage for property damage and their injuries, as well as potential legal costs if a lawsuit is filed.
  • Comprehensive coverage: Covers your boat if it is damaged in events other than a collision which are specified in your policy.
  • Additional coverage: You can opt for additional coverage, like loss of use covers, environmental coverage, temporary living expenses, emergency towing, and more.

Why You Need Watercraft Insurance in Barrie

We’ve already established that watercraft or Seadoo insurance is not mandatory in Barrie. However, it’s still in your best interest to carry adequate coverage to protect your boat, jet ski, or yacht against accidents, and resulting damage and liability.

Still deciding whether watercraft insurance is worth it? Here are the top reasons why you need watercraft insurance in Barrie to help you make the smart decision:

1. Ingestion

Jet drives in boats, yachts, and jet skis work by sucking in water then turning it back out. But when they do, the water typically has debris, such as weeds or even the ropes of the watercraft. This can cause extensive damage to your engine, which watercraft insurance can help cover.

2. Theft

Boats, jet skis, and yachts are very popular especially in the summer, and they’re also high-value assets. This means they also come with a much higher risk of loss. Smaller watercraft in particular, like jet skis, make an easy target. Since they’re smaller and lighter than bigger vessels, they’re much easier to steal off the docks. But with watercraft insurance, you can protect them against theft.

3. Watersports liability

Are you a watersports enthusiast? It’s another major reason to get watercraft insurance. With the right coverage, you can be protected against liability in the event of an accident that causes property damage or injuries to other people.

4. Agreed value coverage

How is your boat, yacht, or jet ski insured? One of the best ways to set up your watercraft insurance is selecting an agreed value coverage. This coverage type ensures that you can recoup the insured value of your watercraft without depreciation in the event of a disaster.

5. Emergency towing

Stuck in the middle of Lake Simcoe? Don’t be stranded for long. With additional coverage like emergency towing, watercraft insurance helps ensure you can easily contact emergency responders and cruise back to the shore, at no extra cost.

PAIB Insurance Offers Watercraft Insurance in Barrie

Can’t wait to be in Barrie’s many beautiful lakes this summer? Neither can we. At PAIB Insurance, we care about your safety and the condition of your prized watercraft. Ride the wave throughout the season with a boat, jet ski, or yacht that’s properly covered by watercraft insurance. Get the coverage you need with our team of licensed insurance brokers, and do more than the basic legal requirement. Find out what watercraft insurance covers and how it helps you set sail safely this summer.

Love the water and can’t wait to jump in? Boat, ride the jet ski, or party on a yacht safely with comprehensive watercraft insurance. Talk to a PAIB Insurance broker today, and get the watercraft coverage you need to explore Barrie’s waters.

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