Let’s Go Boating!

Insurance Insights | May 13, 2015

Let’s Go Boating!

With the long weekend approaching, we have our fingers crossed for summer weather. There’s nothing more exhilarating than jumping on your boat and going for a ride, the wind in your hair and the crashing of the water hitting hull…life is good!Northern Ontario is a beautiful place to go boating, but before you hit the water there are a few things that you should know. Currently, you’re not required to have insurance on your boat, but do you really want to risk it? What if there was a storm that damaged your boat? You accidentally get into a collision on the water where you find yourself in a huge lawsuit. What if your boat leaks, and all of the sudden you’re handed a hefty bill for the clean-up?Here are a few things you should know about boating insurance in Ontario:1. Larger boats with bigger motors, and personal watercraft vehicles (PWC), i.e. Jet-Ski™ or Seadoo™, insurance is highly recommended. Why? you want to have peace of mind and insurance can protect you incase of the following:-Liability coverage for injury to passengers on board-Damage to the boat, theft or loss of attached equipment-Damage caused by your boat/watercraft on someone else’s property.2. Keep in mind that there are also a wide range of factors that could also affect the type of insurance you have. These can include things like the size of your boat; its value; the lake or location that you use it on; the size of the motor, and more.3. Remember that you need a Pleasure Craft Operators Card (PCOC) to legally operate a motorboat in Canada. Anyone driving a boat without one not only risks a $250 fine, but may also VOID any insurance policy in place.Overall, having insurance coverage on your boat is the best way to be at ease. Insuring your boat is a way of protecting not only your investment, but also the lifestyle that you’ve been enjoying.