This is a question that usually gets answered after a mishap occurs to your boat, such as damage, fire or theft. Most people find out how good their insurance coverage really is after something has happened. ?Or, unfortunately, they find out what type of insurance coverage they should have had.
Ontario law does not require that you have insurance on your vessel, but it is a very good practice to have no less than personal liability and public damage insurance, simply to protect yourself and others in the event of an accident. As far as collision or theft insurance goes, that is up to the individual, or maybe the bank, if financing is involved.
With a new boat, you can purchase ?gap? insurance.? GAP Total Loss Insurance protects customers from the financial burden of a negative equity position by covering the difference between the insurance settlement, and the balance on the existing loan.? In the event of vessel theft, or an accident that results in the total loss of your boat, most insurance companies only cover the present market value of the vessel.? This gap, along with your insurance deductible, may create a significant difference between what your insurer will pay, and the balance owed on your loan.? Because of common risks associated with theft, collision and natural disaster, the chances of your vehicle being involved in a total loss are greater than you think.
Replacement Insurance is another valuable type of insurance.? Insuring personal property for replacement cost means that if the item is deemed a total loss, the insurance company will pay for a new one. Rather than receiving a cheque and attempting to find a replacement that may be several years old and has been through a lot of punishment, the policyholder who has replacement coverage will have the benefit of a brand new, same model vessel.
Do not forget that when your boat becomes older, the value of the boat decreases.? Therefore, you should also depreciate the value that your insurance company is showing for coverage, as the premium is based on this value. ?Obtain a few quotes from boat dealers to determine the value of your vessel, and then update your insurance so that you are not paying a premium on an amount that you will never realize.
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