Navigating on a beautiful lake is much more interesting than shopping for boat insurance! Assurances Multi-Risques would like to offer a few tricks that can help you save time and money when it comes to insuring your boat, and thus allow you to enjoy summer on the water! Whether you own a Runabout, a yacht, a sailboat or a pontoon, we strongly recommend that you contact an insurer who specializes in boat insurance. This type of insurer will be able to better counsel you since he is as passionate about pleasure crafts as you are.


What factors impact boat insurance premiums?

Firstly, let’s specify that there are many types of boats and that some insurers prefer to work with a certain type and not others. For example, some insurers specialize in pontoons, while others specialize in watercrafts. Boat insurance is a lot like car insurance in the sense that insurers target their clients. Secondly, many factors will determine the price of the insurance premium, i.e. the skipper’s age and driving record and previous boat insurance history as well as the boat’s value. The type of boat that you own will also play a big role in determining your insurance premium. For example, insuring a high performance boat or a Wakeboat-type craft will be more costly than insuring a Runabout-type craft. Always remember that insurers set their rates according to possible risks and claim history.


How can you reduce your boat insurance premiums?

  • People who have taken a navigation course get a rebate on their boat insurance – check with your insurer;
  • Install an antitheft or a tracking device on your boat;
  • Install an antitheft device on your motor;
  • You could benefit from an additional rebate by combining your home and car insurance with your insurer – check with your boat insurer or your insurance broker;
  • Maintain a good claim record. The best way to lower your premium is to avoid making small claims;
  • Do a yearly update on your boat insurance with your insurer or your broker in order to make sure that all the information is up to date.


Before letting you to cast off for another fun water adventure, we recommend that you contact an independent broker who specializes in boat insurance and who is passionate about it. He or she will have you choose between several boat insurers in order to find the right one for you!

Smooth sailing!