Pleasure Boat Insurance
AA Munro Insurance provides the best possible boat insurance policies for our clients in Nova Scotia, New Brunswick and PEI. We cover both pleasure use and commercial boats. In this section discuss pleasure craft boats and things you may want to think about when making a decision on your insurance needs.
AA Munro Insurance has several insurers that can provide coverage for your boat. Pending on the size, speed and type of boat you own we can always find the proper policy for you. Questions you may have about your Boat Insurance:
- Do I have replacement cost on my boat?
- Do I have to have insurance on my boat?
- Doesn’t my house insurance cover my boat?
- Where can I drive my boat?
- If my jet boat or personal watercraft (SeaDoo) sucks up a rope or hit rocks, is it covered?
- Is it possible to get discounts on my boat insurance?
Do I have replacement cost on my boat?
Typically boat policies do not include replacement cost. The replacement of your boat in the event of a loss will be based on one of two things. If you have an Agreed Value policy, the insurer will pay out the amount that you have agreed as the value. Or you may have an Actual Cash Value policy, which means the insurer will payout only what the boat is worth at the time of loss regardless of what you may have it insured for. Actual Cash Value calculation considers things like depreciation, current condition and market value.
Do I have to have insurance on my boat?
Currently the province of Nova Scotia has not made it mandatory for you to have pleasure boat insurance. However you are running the risk of losing everything if an accident occurs. If someone were hurt and you were found at fault, you could be sued for your liability. This would all have to come out of your pocket.
Doesn’t my house insurance cover my boat?
Most homeowners policies do not extend coverage to pleasure boats. Some insurers will allow you to add the boat on the policy, but it is not covered under the basic policy. All homeowners policies have special limits of insurance. Most of them will limit the payout on a boat to between 500 and 2000 dollars.
Where can I drive my boat?
Many boat policies are issued based on what type of water you are driving your boat in, coastal or inland. The range of use for your boat will all depend on the insurer, but typically it is only when you use your boat in coastal waters where the boundaries begin. AA Munro Insurance has access to insurers that will allow you to use your boat both in inland waters and coastal with minimal restrictions within North American waters.
If my jet boat or personal watercraft (SeaDoos) suck up a rope or rocks is it covered?
Most personal watercraft policies do not cover this type of loss, however AA Munro Insurance does have access to insurers that will provide you with this type of coverage.
Is it possible to get discounts on your boat insurance?
In a word YES, AA Munro Insurance has access to boat insurers that will offer you discounts like: Claims free, Canadian Sail and Power Squadron and other recognized training, Dry Dock, Higher deductible discounts are available as well.