Boat Insurance in New Brunswick

Boat insurance explained

There’s no denying it - boat insurance is important. Why? It will safeguard you against the risks that come with being a boat owner. As with a car, driving a boat can be risky. For example, you can get into an accident that damages your boat. It could be stolen from the marina at night or damaged due to weather. That’s where boat insurance comes in. An insurance broker in New Brunswick will help you find a policy that offers financial security in the following scenarios:

• Boat insurance is designed to cover you if your boat, its motor, or other equipment or accessories are stolen or damaged in a collision.
• Boat insurance can cover you if the personal belongings on board your boat, such as electronics or jewellery, are stolen, vandalized, or damaged.
• Boat insurance can cover you if a driver or passenger is injured while on your boat or your boat causes damage to another person’s personal property, and they file a third-party liability claim against you.

What does New Brunswick boat insurance cover?

As with car insurance in New Brunswick, boat insurance policies vary between providers and policyholders. This means that no two boat insurance policies will look or cost the same. That said, there are a number of basic coverages that you would be smart to add to your New Brunswick boat insurance plan, and they are the following:

Property damage coverage

Property damage coverage is one of the most common types of boat insurance in New Brunswick. As the name suggests, this type of coverage will help you pay to repair or replace your boat if it suffers physical damage. For example, property damage coverage will protect you if you damage your boat after colliding with another watercraft on a lake or if your boat is stolen or vandalized. Generally speaking, property damage coverage will cover policyholders against the perils listed in their policies, so be sure to read the fine print of your policy.

Third-party liability coverage

Liability insurance is another type of coverage that is standard with boat insurance. This type of coverage is for when you get into a boat accident that you cause. If the accident resulted in property damage or bodily injury, you can file a liability claim to receive a payout that helps cover legal fees, medical fees, and repair bills.

Temporary replacement coverage

Temporary replacement coverage works similarly to loss of use coverage in car insurance in that it will pay for you to rent a boat if yours is damaged and needs to be repaired. While it is under repair and until it is fixed, you can file a temporary replacement coverage claim to help you pay for the cost of temporarily renting a boat.

Agreed value coverage

Agreed value coverage is similar to a waiver of depreciation in that it will ensure you get a payout equal to the value of your boat if it is totalled in an accident and needs to be replaced.

Navigational extension coverage

Navigational extension coverage protects policyholders if they drive their recreational boats outside of standard navigational limits.

Collision coverage

Collision coverage is another must-have type of boat insurance. It comes into play if you get into an accident with another watercraft or even an object on the water, such as a dock. You can file a collision coverage claim regardless of whether you caused the accident. If approved, your insurer will issue you a payout so that you can pay to repair your boat.

Comprehensive coverage

Comprehensive coverage is the final type of boat insurance coverage that may be worth looking into as a New Brunswick boat owner. With this type of coverage, your boat will be protected against losses and damage anytime it is parked, whether it’s parked in a marina overnight or stored in your boat house over the winter. Specific risks that comprehensive insurance will cover you for include theft, vandalism, falling and flying objects, fire, and other weather-related events, including natural disasters.

It is worth noting that the types of coverage listed above are designed for recreational boat owners in New Brunswick. If you use a boat for business purposes, you must purchase a separate policy. A BrokerLink insurance advisor would happily explain how to insure a commercial fishing boat and even provide you with a free quote.

The factors impacting boat insurance premiums in New Brunswick

Boat insurance premiums vary throughout New Brunswick due to a number of factors. Just like with car insurance, how much you pay for New Brunswick boat insurance will ultimately depend on your boating record, your ownership experience, the type of boat you drive, and where you drive it, among other things. Below, we explain a few of the most significant factors influencing boat insurance rates in New Brunswick:

Your boating record

Your boating record will have a major role in determining your premium. The better your record, the lower your premium is likely to be. Insurance companies like to see that you are a responsible and safe boat driver, and one way they can do that is by assessing your record. If it is filled with infractions, such as accidents, your premium will be higher than if it is clean. If you want tips on how to maintain a clean record, read through these boat safety requirements and make sure that you follow them when operating your watercraft.

Your level of boat ownership experience

Boat ownership experience is a second factor that comes into play when an insurance company calculates your rates. First-time boat owners are far more likely to pay more for boat insurance since they have less experience owning and operating a boat. This might not seem fair, but the reality is that new boat drivers might be more likely to get into a collision due to their lack of driving experience, and thus, their rates will be higher. The good news is that as you gain more experience, your rates will likely decrease as long as you maintain a good boating record. To ensure your first boat ownership experience goes smoothly, check out this first-time boat owners checklist.

Where you drive your boat

Next, where you drive your boat in New Brunswick can also affect your boat insurance rates. This is due to the fact that some bodies of water are viewed to be more dangerous than others. For example, a certain lake, river, or ocean may be more prone to bad weather than another. For this reason, when purchasing a boat insurance policy, you must state where you intend to drive your boat. Your premium will partially depend on the waterways you most frequently drive on. Never lie about where your boat will be used because this can lead to a cancelled policy.

How and where you store your boat in New Brunswick

Lastly, how and where you choose to store your boat when it’s not in use in New Brunswick will affect your boat insurance rates. There are many types of places to store boats, some of which are public and some of which are private. Private storage locations or those that are securely monitored will usually result in cheaper premiums since your boat is less likely to be stolen or damaged. However, if you store your boat outdoors or in a public place, such as a marina, the odds of damage or loss may be higher, and thus, your rates could be more expensive.

Expert safety tips for operating a recreational boat in New Brunswick

Whether you’re a novice boat owner or a seasoned veteran, brushing up on your boat safety never hurts. Following this list of expert boating safety tips to avoid accidents and keep you and your passengers safe on the water:

Make sure all safety equipment is on board your boat

Before you leave the dock, ensure you have all necessary safety equipment on board. This equipment could save your life in an emergency. Critical pieces of safety equipment that all motorists should have in their boats include life jackets (one for every passenger on board), a sound signalling device, like a whistle, a waterproof flashlight, a first aid kit, a buoyant, an anchor, and a paddle.

Try on life jackets in advance of departure

Having life jackets on board isn’t enough. The life jackets you have should properly fit each passenger. So before leaving the marina, ensure each passenger has a life jacket that fits them.

Obtain a boating licence

Obtaining a valid boating licence is another tip if you want to keep yourself safe on the water. Although it may not be a legal requirement in Canada, doing so is highly recommended. Part of the reason why is that to receive a licence, you must take a course that teaches boating safety, and the tips you learn in this course can prove extremely useful should you face an emergency situation.

Never drive your boat under the influence

This should go without saying, but as a boat owner, you should never drive your boat while under the influence of drugs or alcohol. You should also never let another person under the influence drive your boat. Impaired driving is not just illegal for cars. It’s also unlawful for boats. You could face severe penalties if you are caught operating your boat while above the legal limit for drugs or alcohol.

Plan your route beforehand

Planning out your boat trip before leaving the marina is another smart trip. More than that, you should always let someone know where you are going, who is going with you, and when you plan to return. Similar to if you were taking a hike, make sure to let a friend or family member know your expected return time and provide your own contact information and the contact information of your passengers. We also recommend filling out a Trip Preparation Form where you can list the make, model, name, and colour of your vessel and check the weather forecast in advance to make sure the skies are clear.

Practice driving your new boat

If you are a new boat owner, then it’s essential to research and practice with your new boat before going on a long-distance trip. Even if you’ve driven a boat before, if you recently bought a new one, you should spend some time learning your way around it. The more comfortable you feel operating your vessel and the more knowledgeable you are about how it runs and its features, the less likely you are to get into an accident.

How to lower your New Brunswick boat insurance premium

If you want to avoid overspending on boat insurance, we have some tips to help. As boat insurance experts, the team at BrokerLink has put together the following list of money-saving tips. From shopping around and comparing rates to bundling boat and auto policies, continue reading for some valuable boat insurance advice:

1. Shop around and compare boat insurance rates in New Brunswick

You need to shop around to get the most competitive rate for your New Brunswick boat insurance plan. This is the only way to know that your policy is the most affordable out there. Get started by contacting various insurance companies near you and requesting free boat insurance quotes from each. You can also have a BrokerLink insurance broker do this for you. All you have to do is let us know what type of coverage you’re looking for, and we will reach out to our insurance contacts to compare rates and find you the best possible policy to insure your boat.

2. Bundle your boat policy with your home or auto policy

Insurance bundling is another excellent way to pay less for New Brunswick boat insurance. Bundling is when you purchase more than one policy from the same insurance provider simultaneously. Not all insurers offer bundles, but those that do may be willing to provide you with a bundle consisting of boat insurance with auto insurance or boat insurance with home insurance, including homeowner’s insurance, tenant insurance, or seasonal home insurance. Contact BrokerLink for more information on how much you can save by bundling your policies and what you need to do to qualify.

3. Maintain a clean boating record

The next way to stop overspending on boat insurance is to keep your record as clean as possible. By maintaining a clean record, you are likely to receive a cheaper premium. You may even qualify for a safe driver-boat insurance discount. The best way to maintain a clean record is to obey all local laws and drive safely and responsibly.

4. Pick a high boat insurance deductible

Picking a high boat insurance deductible can also result in a cheaper premium. Why? Deductibles influence premiums since the higher your deductible, the more financial responsibility you agree to take on as a policyholder. More financial responsibility for you means less for the insurance company, and as a result, they will reward you with a cheaper premium. So, choose a high premium for your New Brunswick boat insurance policy if you can afford to do so.

5. Equip your boat with an anti-theft device

Equipping your boat with an anti-theft device is one last way to lower your New Brunswick boat insurance rates. With this type of device, your boat may be less likely to be stolen in the first place. If it’s stolen, if you have an anti-theft device with GPS tracking capabilities, law enforcement may be more likely to locate and recover your boat. As a result, your boat insurance policy may cost less since the risk of theft is less.

We’re in your community

BrokerLink was founded on the pillar of the community. This means that not only do we strive to provide top-notch insurance services to our community of customers, but we also aim to give back to the communities in which we operate. Contact us today for a complete list of the local initiatives and charitable events that BrokerLink has participated in.

Contact us

At New Brunswick BrokerLink, we’re here to help you with any insurance needs you may have. Whether it’s insuring your home, car, business, recreational items, or pets, let us help you find the best coverage possible.

You can reach us by phone, email, or in person. No matter how you contact us, a BrokerLink insurance advisor will gladly assist you. We also encourage you to take advantage of our free online quote tool to provide a competitive quote in minutes.

[phone]