Boat Insurance in St. John's

What is boat insurance St Johns?

Boat insurance is a type of insurance policy designed to cover you against the risks of owning and operating a recreational boat. What makes boat insurance so important is that if you get into an accident or another incident occurs, such as theft, you can file an insurance claim, and your insurer will help cover the costs. An insurance broker in St. John’s can explain in greater detail how boat insurance works, but in general, your boat insurance policy will cover you in the following situations:

• Boat insurance will cover you if your boat, its motor, or other equipment or accessories are stolen or damaged in a collision.
• Boat insurance will cover you if your personal effects, such as electronics or jewellery, are stolen, vandalized, or damaged while on board your boat.
• Boat insurance will 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.

If you are ready to take the plunge and purchase St. John’s boat insurance, contact an insurance broker in St. John’s today.

What does St. John’s marine insurance cover?

Boat insurance in St. John’s can either be basic or comprehensive. It all depends on what types of coverage you choose to include in your policy. Unlike car insurance in St. John’s, which is mandatory, there are no specific types of coverage that all boaters must have. Thus, it is truly up to you to decide which coverages make sense for your needs - and a BrokerLink insurance advisor can help you with this. In the meantime, keep reading for a rundown of some of the most common types of marine insurance coverage in St. John’s, Newfoundland:

Property damage coverage

Property damage coverage, as the name suggests, will protect you in the event that your boat is damaged in an accident. For instance, you could file a property damage insurance claim if you accidentally hit the dock and scratched your boat. Your insurer would then step in and help cover the cost of the necessary repairs, less your deductible and up to the coverage limit.

Third party liability coverage

Liability insurance is a type of insurance designed to cover policyholders if they get into an at-fault accident while operating their boat. For example, if you accidentally hit another watercraft and the other boat is damaged or someone on board is injured, you can file a liability claim with your insurer. In turn, you would receive a payout to help cover costs like medical expenses, repair bills, and legal fees.

Temporary replacement coverage

Temporary replacement coverage will pay for you to get around if your boat is damaged and needs to be repaired. While your boat is unusable, you may need to rent a boat from a rental company. Temporary replacement coverage would cover these costs minus your deductible. This kind of enhanced coverage is often worthwhile for policyholders who use their boats as their primary form of transportation.

Agreed value coverage

With agreed-value coverage, you can receive a larger insurance payout if your boat is totalled in an accident. If your insurance company deems it a write-off, you will need to buy a replacement boat. By adding agreed-value coverage to your policy, your payout will be closer to the value of your boat and, therefore, will cover more of the replacement boat you buy.

Navigational extension coverage

Navigational extension coverage is for any boat owner who frequently drives outside of standard navigational limits. Since basic marine insurance won’t cover you for physical damage that occurs outside these boundaries, navigation extension coverage might be necessary.

Collision coverage

Collision coverage is another form of property damage coverage that will pay for the cost of repairs if you get into a significant accident. You can file a collision claim if you collide with another watercraft or a grounded object. You can also file a collision claim regardless of whether you are found liable for the accident.

Comprehensive coverage

Comprehensive coverage is one last form of enhanced boat insurance coverage. This coverage safeguards your boat while it is docked or stored. If your boat suffers a loss or damage while docked in a marina or stored in your boat house over the winter, you can file a comprehensive coverage claim to cover the damage. The only catch is that, in order to be eligible for a claim, the physical damage must have occurred due to an insured peril. Insured perils differ between insurance companies but typically include vandalism, theft, fire, weather-related events, falling and flying objects, and explosions and riots.

One final word on boat insurance coverage in St. John’s. The insurance coverages mentioned above are intended to protect recreational boats, not commercial vessels. If you want to insure a commercial fishing boat in Newfoundland and Labrador, we recommend contacting a BrokerLink insurance advisor to learn about your options.

The factors that impact St. John’s boat insurance rates

The cost of boat insurance in St. John’s is something that most policyholders want to know. However, it’s difficult to state a price without knowing more about your boating history and the type of boat you drive. This is because insurance companies in Newfoundland base marine insurance premiums on several factors, many of which are personal to each individual policyholder. To explain how boat insurance rates are calculated, continue reading for a rundown of the most critical factors influencing premiums:

Your boating record

A policyholder’s boating record is perhaps the first and most significant factor that an insurance agent will consider when they calculate your rates. They look at your record to understand what kind of driver you are. If you have a clean record, this indicates that you are a safe driver. However, if you have a poor record, this shows that you may be a riskier investment. As such, boaters with clean boating records tend to benefit from cheaper rates when compared to those with poor records that are full of infractions. If you want to save money on boat insurance, discover more about boat safety requirements and be sure to follow them when on board.

The length of time that you’ve owned your boat

The length of time that you’ve owned your boat in St. John’s also has the ability to impact your boat insurance premium. Why? Again, how long you’ve owned your boat indicates experience. The longer you’ve owned it, the more experience you have, the less likely you may be to get into a boating accident. That’s the insurance company’s logic. For this reason, first-time boat owners tend to pay more for boat insurance policies than those who have had a boat for years. If you want to reduce your premium but are new to boating, read through this first-time boat owner's checklist and take care to operate your watercraft carefully, always obeying the laws and regulations in place in Newfoundland.

Where you drive your boat

Where you drive your boat in Newfoundland may also influence how much you pay for St. John’s boat insurance. This is because some waterways are considered safer than others. If you choose to drive on a lake, river, or sea that has more boat traffic or is more prone to bad weather, then the odds of an incident occurring are higher, and an insurance company will charge you more for boat insurance as a result. Therefore, when you are buying St. John’s boat insurance, you should expect to be asked about where you plan to operate your watercraft.

Where you dock and store your boat in Newfoundland

Where you dock and store your boat in Newfoundland is as important as where you operate it. This is because your boat will inevitably spend a large chunk of time in the place where it is docked or stored over the winter. Some storage locations are considered riskier than others. Public spaces, such as marinas, might be more prone to theft or weather-related damage than private, secure, or covered locations, such as a boat house on your property. When buying boat insurance from a broker or agent, you should be prepared to answer questions about where you dock and store your boat in St. John’s.

Expert-approved boat safety tips for St. John’s boaters

Keep yourself safe on the water and follow these safety tips for St. John’s boating:

Make sure you have safety equipment on board

Never leave home without the necessary safety equipment in your boat. This includes approved life jackets for all passengers on board, a sound signalling device (e.g. a whistle), a waterproof flashlight, a first aid kit, a buoyant, an anchor, a paddle, a cellular device, a portable battery charger, bottled water, sun protection, and non-perishable food.

Do not drink and drive

As with operating a car or motorcycle, drinking and driving is never okay. In fact, it’s illegal. So before you get behind the wheel of your boat after having a few beers, think twice. Driving impaired from alcohol or drugs can result in a criminal conviction, not to mention serious property damage, injury, or even death.

Check your weather app before operating your boat

Bad weather is a great danger to boaters in St. John’s, so be sure to check the weather before pulling out from the marina. If heavy rain or a storm is on the horizon, think twice about taking your boat out that day.

Let people know your plans when taking your boat out

Before taking your boat out for a spin, be sure to inform someone of your plans. Even if you only plan to be gone for a couple of hours, it’s always wise to tell someone your planned itinerary. This includes your destination (if applicable), your planned routes, and your estimated date and time of return. You should also give someone your contact information and the contact information for all other passengers on board.

Save money on St. John’s boat insurance with these tips

The BrokerLink team has put together the following list of tips to help you save money on St. John’s boat insurance:

1. Bundle multiple insurance policies into one

If you have multiple insurance policies, such as car insurance, home insurance, and boat insurance, consider bundling them into one. You might become eligible for a discount when you purchase an insurance bundle, which is two or more insurance products purchased from the same provider. Most of the time, these discounts are significant and will apply to all policies included in the bundle.

2. Choose a high deductible for your St. John’s boat insurance plan

Next, choosing high deductibles is the way to go if you want to reduce your premium. You will get to select a deductible for each type of coverage on your St. John’s boat insurance plan. Although you should never choose an amount you cannot afford, picking a higher deductible over a lower one can save you money.

3. Install an anti-theft or GPS device on your boat

If you take the time to install an anti-theft device or GPS tracking device on your boat, your insurance company might give you a break on your boat insurance plan. Why? These devices reduce the odds of theft, or if your boat is stolen, they increase the odds that it will be located and recovered. Some insurers will lower your rates as a reward for taking this extra safety precaution.

We’re in your community

BrokerLink is a customer-driven insurance brokerage and the leading brokerage in Newfoundland. We can help you find whatever insurance you are looking for, whether that’s boat insurance, car insurance, or even home insurance. Contact us today to learn more about the values we operate by, including integrity, generosity, excellence, and respect.

Contact us

At St. John’s BrokerLink, we’re here to help you with any insurance needs you may have. Whether it’s insuring your home, car, business, travel plans, recreational items, or pets, let us help you find the right coverage for your needs.

You can reach us by phone, email, or visit any of our locations across Newfoundland and Labrador. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool that can provide you with a competitive quote in minutes.

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Boat insurance St. John’s FAQs

Is boat insurance compulsory in St. John’s?

No. Boat insurance is not a legal requirement anywhere in Newfoundland and Labrador, including St. John’s. However, most boaters still choose to buy boat coverage due to the peace of mind and financial security it provides. Given the different types of coverage available, boat insurance can protect against theft, weather-related accidents, collisions, legal claims, and more.

Where can I buy boat insurance in St. John’s?

If you want to buy boat insurance in St. John’s, your best bet is to purchase it from an insurance company or an insurance broker. Both offer top-notch boat insurance services.

How can I find cheap boat insurance in St. John’s?

If you cannot afford to spend much money on boat insurance in St. John’s, you have a few options. For example, you can pick high policyholder deductibles or pay for your policy upfront rather than monthly, both of which can lower your rate. You can also choose basic coverage rather than enhanced coverage, as the more coverage you add, the more expensive your policy will be. If you want to qualify for a boat insurance discount, you could try installing an anti-theft device on your boat. Lastly, the best way to keep your rates as low as possible is to drive safely and keep your boating record clean.

What types of boat insurance can an insurance broker in St. John’s help me find?

Insurance brokers in St. John’s are boat insurance experts. Thus, you don’t have to worry about them being able to find you the coverage you need. They can help you find practically every type of boat insurance coverage out there. They can even suggest coverages to you, taking the time to understand your needs and make personalized recommendations. A few types of boat insurance coverage that an insurance broker in St. John’s can help you buy include collision coverage, comprehensive coverage, agreed value coverage, third party liability coverage, property damage coverage, temporary replacement coverage, and navigation extension coverage.

If you have any questions, contact one of our local branches.