If you have spent any time in the water, be it a lake, river or ocean, you know what can happen, happens quickly.
Strum Insurance has been helping protect our Atlantic Canada residents with the right boat insurance for over 80 years. We can protect you, your passengers, and your vessel, and help provide you with peace of mind even before your boat launches.
With over 80 years’ experience, we have a stellar reputation when it comes to providing exceptional value and quality service to our customers.
Why do I need boat insurance?
If you’re new to boating, you may be under the impression that your homeowners insurance will magically stretch to cover your boat. Sadly, in most cases it won’t. Boats are unique, and usually require their own policy. You can, however, often save money by bundling it with your auto or home policy.
How does it differ from home or auto insurance?
In some ways, boat insurance is a mash-up of home and auto insurance.
Like home insurance, a boat policy covers you for liability if someone is injured on your craft and gives you the choice between replacement cost or cash value in a total loss.
Like auto insurance, boat coverage typically includes coverage for bodily injury that your boat inflicts on others, property damage your boat inflicts on docks and other boats, and physical damage to your boat should you hit something or run aground. You can also purchase comprehensive coverage against theft, vandalism, fire and flood, personal property coverage for your fishing gear, uninsured boater insurance and even roadside assistance in the event you need a tow.
Unlike home and auto, a boat policy may allow you to “lay up” or suspend coverage for specified periods when you’re not using the boat.
How can I save money on boat insurance?
- Get specific. Don’t buy a yacht policy if you own a dinghy. Specific descriptions include powerboat, sailboat, houseboat, bass boat, wooden boat, fishing boat, pontoon boat, personal watercraft and so on, each with its own price structure and set of features. Ask your Strum Insurance broker for assistance.
- Go all-in on safety features. Ask us, your broker, if there are policy discounts for gadgets that protect the insurance company’s investment, such as wireless auto tethers that act as an engine kill switch should the skipper or any of the passengers fall overboard.
- Take a boating class. A trained boater is a safer boater. Contact your agent to see if there are any discount-qualifying classes in your area.
- Extend your lay-up period. Insurers can be willing to cut your premium during those days or months when you’re not using your boat. But make sure you adhere to those periods to ensure you’re covered.