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Is Boat Insurance Mandatory in Ontario?

The answer to this question is no, it’s not mandatory to have boat insurance. That being said, it’s not mandatory to have it on your home either but who wants to risk it? I could say the usual things like ‘insurance gives you peace of mind’ or ‘insurance protects your investment’ but we’ve all heard these. I could do the usual fear-mongering.  There’s a windstorm, your boat sinks, oil leaks out…you get a bill for environmental clean up and it isn’t cheap.  You hit a water-skier and are sued for a million, you lose your home. You’re hurt by another boater, you ask for their insurance and they look at you blankly and say ‘what insurance?’.
Again, we’ve all heard the horror stories.

Let’s  look at it in a different way. What are you really insuring when you insure your boat? Boating is a lifestyle you’ve worked hard for, that’s why when your boat breaks down in the middle of your holiday it’s somehow more offensive than your car breaking down in the middle of the work week. I can see how the additional insurance expense pushes you over the top when you’ve just dropped $30,000 on a new boat, but if you think about why you bought the boat (ie. lifestyle) then the insurance becomes a way to protect that lifestyle. Maybe the additional expense is a little more palatable when you think of it this way.

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