New boat this fall? Review your boat insurance before winter

For many Canadians, boating season may be winding down, but fall is an important time to think about boat insurance. Whether you recently bought a boat or have owned one for years, reviewing your coverage before winter can help protect your investment during storage and make spring launch planning easier.

Bought a boat this fall? Do not wait until spring to insure it

It can be tempting to delay insurance when a newly purchased boat is heading directly into winter storage. However, many risks remain after the boat comes out of the water. Depending on the policy and storage arrangement, theft, vandalism, fire, storms, falling objects, animal damage, snow and ice can still affect a stored boat.

Arranging boat insurance before storage helps you start ownership with protection in place. It also gives you time to discuss the boat’s value, equipment, trailer and storage plans with your broker before boating season returns.

Is your boat insurance ready for winter storage?

Winter storage changes how you use your boat, but it does not remove every risk.

Before storage, confirm that your policy information includes:

• The boat’s current value and any recent upgrades
• Trailer details, if applicable
• Electronics, navigation systems and other attached equipment
• Any anti-theft devices or security measures

Learn how to choose the right insurance for your boat in this article. 

Marina storage does not always mean your boat is covered

A common misconception is that a marina or storage facility automatically covers damage to every boat on the property. Responsibility can depend on the circumstances and whether the facility was negligent. As a result, the facility may not pay for every incident that occurs while your boat is stored.

Maintaining your own marine insurance is an important part of protecting your boat, regardless of where it spends the winter. Ask your broker how your policy would respond to losses such as theft, vandalism, fire, storm damage and animal damage while the boat is in storage.

Already own a boat? Fall is a good time for an insurance review

Even if you did not buy a new boat this year, your coverage needs may have changed. Fall offers a practical opportunity to review the season while recent purchases, upgrades and changes are still top of mind.

Tell your broker if you have:

• Upgraded electronics, navigation systems or accessories
• Changed where or how the boat is stored
• Purchased or replaced a trailer
• Enhanced safety or security equipment
• Made modifications or improvements
• Changed where, how often or how far you use the boat

These details can affect the value of your watercraft and the coverage that may be appropriate. A policy review helps ensure that your insurance information reflects how you currently own, store, and use your boat.

Questions to ask your boat insurance broker this fall

A focused conversation can help you understand your protection before winter. Consider asking:

• What coverage applies while my boat is in winter storage?
• Does my storage location or storage method affect my coverage?
• What theft-prevention or locking requirements apply?
• Are my trailer, electronics and other equipment included?
• Do recent upgrades change the amount of coverage I need?
• What deductible options are available?
• Are there discounts or risk-reduction measures I should know about?
• Learn the basics of boat insurance in our boat insurance 101 article.

Get ready for spring before winter begins

When the first warm weekend arrives, you will already have a long launch checklist. Reviewing your boat insurance in the fall means one less task to handle before your first trip. It also reduces the chance that an important update, such as a new trailer or upgraded equipment, is overlooked during a busy spring.

Protect your boat with coverage that fits

Fall is not only the time to winterize your boat; it is also a smart time to review your boat insurance coverage. If you recently purchased a boat, arrange coverage before it goes into storage. If you already own one, talk with your broker about changes in value, equipment, storage and use.

Contact an Orbit marine insurance broker today to review your coverage or request a personalized boat insurance quote. Boat insurance, it’s what we do.

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