Boat Insurance Tips | Youngs Insurance

Boating season is upon us! Make sure you check out our important tips for boating this summer, including the importance of boat insurance.  

Summer is finally here! If you are planning on spending time on the water this summer, here are some important things you should know about boating and boat insurance.

Boating 101, Youngs Insurance

TIP 1 | Licence to Operate

If you don’t want to pay a $250 fine, you should not operate a recreational powered watercraft without obtaining the Pleasure Craft Operator Card.  For more information about how to obtain this licence, you can visit [1]  

TIP 2 | Education for Boaters

If you are interested in educating yourself even more than what the Pleasure Craft Operator Card offers, there are other courses available to you.  The Canadian Power and Sail Squadron offers several courses like the Boating Essentials Course.  It will teach you how to use a GPS/chartplotter and understand the use of paper charts and coastal navigation. 

TIP 3 | Policy Premiums

Many factors help to determine the cost of insurance for your boat such as value, top speed, length and horsepower.  The premium of your boat insurance policy will increase as the value of the boat, trailer, equipment and accessories increase.

TIP 4 | Lay-up Period

A lay-up period refers to a specified time when your boat must be out of the water.  Be sure to ask your broker about the lay-up period in your policy; if you use your boat on the water during the lay-up period, you will not be covered by your insurance.  

TIP 5 | Marine Surveys

If your boat is a certain age, insurance companies may ask you to complete a marine survey which is completed by a qualified marine surveyor.  A marine survey is an appraisal of your boat and could cost more than $200.  The marine survey will include recommendations for upgrades or repairs and are categorized by optional, important or critical. An insurance company may decline to insure a boat until the suggested recommendations have been completed.

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