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When Is the Best Time to Start Boat Insurance Coverage in Ontario?

Even if you understand that boat insurance coverage in Ontario is essential to protect yourself from situations that you can’t control, you may be wondering when the best time to start is. Ideally, you should begin your coverage the moment that you have an insurance interest in your boat. What does this mean? Our experts at Northstar Marine Insurance explore this topic in more detail below.

Type of Transaction

If you are purchasing a boat with cash, the boat is your property immediately after the transaction, meaning you should immediately set up coverage to protect it. However, if you are purchasing your boat through a bank loan, you should begin coverage once the loan is activated. When this happens, you are officially financially committed to repaying the loan and have an insurance interest in your boat. Even if you plan on keeping your boat at the dealership, it is still your property and thus requires protection.

Policy Start

Marine policies run for 12 months at a time, so you really don’t have to worry about when you start the policy, as it will be in effect from the moment that you start the coverage. For those that believe waiting to begin their policy will save money, don’t be fooled – all you are really doing is risking damage to an asset that is now your responsibility.


For those starting their policy during the storage period, keep in mind that your coverage will extend over the entire navigation season, giving you the benefit of the entire 12 months of coverage.

Northstar Marine Insurance is Ontario’s leading marine insurance specialists, and can always answer all of your questions and concerns, and thoroughly explain coverage options and details of your policy. We do not charge issuing fees; we have flexible payment options, which include monthly payment, Internet banking, and credit card payment options.

If you’re looking for boat insurance coverage in Ontario, contact Northstar Marine Insurance specialists today for a free quote, and receive more information about boat insurance options for Ontario. Call us at 1.866.717.9295 or through our online quote form.

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Northstar Marine Insurance Inc.
270-92 Caplan Ave, Barrie, ON, L4N 9J2
Phone 1-866-717-9295, Fax 1-866-354-7337