3 Things to Keep in Mind Before Buying a Boat in Canada
Have you ever considered buying a boat? You may be picturing lazy days on the water or fishing whenever you feel like it. Living in Atlantic Canada, we’ve got easy water access, making buying a boat a lovely idea.
Before purchasing a boat, you must ensure you’ve done your research. Here are three of the most critical questions you need to know the answers to before buying a boat:
- What kind of boat do you want?
- How much can you afford to spend on a boat?
- Why is it essential to buy recreational boat insurance?
One of the costs you need to account for is recreational boat insurance. At Archway Insurance, we’ll shop around to get you recreational boat insurance at a competitive price.
1. What kind of boat do you want?
The first thing to decide when buying a boat is the type you want. As with cars, you have two choices: new or pre-owned.
While buying a brand-new boat may seem attractive, it’s much less expensive to purchase a pre-owned one. However, with a new one, you don’t have to worry about any issues that a pre-owned boat may have, such as wear and tear.
The other thing you need to consider is the boat size you need. Are you looking for something that you can just putter around in for a few hours, or are you hoping to be able to stay overnight on your boat?
The bigger a boat you have, the more it will cost. So, although it may be nice to daydream about having a large boat, it may be more practical just to get something small.
2. How much can you afford to spend on a boat?
Another factor to consider is how much you can afford to spend on a boat. Many costs are associated with a boat beyond just the initial purchase price. When putting together a budget for your boat, you also need to think about the costs of:
- Winter storage
- Recreational boat insurance
- Dry docking and moorage
These costs can add up, so it’s essential to do your research before you purchase a boat. You don’t want to buy your dream boat and then find out you can’t afford to run or store it.
3. Why is it essential to buy insurance for your boat?
If you own a car, you’re used to the idea of having insurance for it. However, if you’re new to boating, you may wonder why you need to buy recreational boat insurance.
Boat insurance provides financial protection if anything happens to your vessel or you and your passengers while travelling on it. Coverage will vary with individual insurance policies, but these are the most common things that are covered:
- Damage to your boat, including the hull and its parts, such as the engine.
- Theft of the boat or items on it.
- Medical costs associated with an incident on your boat.
- Liability coverage for property damage or bodily injury associated with the use of your boat.
How can Archway Insurance help me with recreational boat insurance?
We understand the urge to get out there and enjoy the water at Archway Insurance. That’s why we’re here for you with recreational boat insurance. When you come to talk to us about your insurance needs, we can explain:
- Whether you can add boat insurance to your homeowner’s policy or if you’ll require separate coverage.
- What your policy will cover. Insurance for your recreational boat will cover emergency towing, vandalism, weather-related damage to your boat, accident benefits, and liability coverage.
- Why, although it may not be legally mandated, purchasing recreational boat insurance is crucial for your protection.
We can also explain some optional coverage types that you may be interested in. Optional boat insurance coverage includes:
- Guaranteed replacement cost, which is an upgrade from basic physical damage coverage.
- Expanded navigation territory. This is essential coverage if you plan to venture south in your boat.
- Incidental use. This will ensure you have adequate liability protection if you use your boat for purposes such as entertaining or charity work.
- Increased coverage for loss of use (which covers the cost of a rental if your boat needs repairs) or increased personal effects coverage.
The best way to enjoy your boat is to ensure you’re completely covered no matter what comes up.
Buying a Boat Can Be a Life-Changing Experience
You’ve learned about three essential things you must remember before buying a boat. These factors include thinking about what kind of boat you want, ensuring you’ve accounted for all the costs associated with buying one, and understanding why insurance is so important.
At Archway Insurance, we’re here for all your insurance needs, including securing the best coverage for your recreational vessel.
Contact Us to Learn More About Recreational Boat Insurance
There’s still time to get out and enjoy the open water with a boat. We can help make certain that you’ve got the recreational boat insurance coverage you need so you can get out on the water immediately after you’ve purchased your boat.