Boat insurance: Why is my premium going up? | APRIL Marine
Choose your province and your language

Boat insurance: Why is my premium going up?

Even if your record is spotless, you might not be safe from an insurance premium hike. Sometimes premiums go up for reasons that have nothing to do with your actions. Let’s take a closer look.

Insurance premiums are calculated based on certain criteria about the insured:

  • Their experience
  • Their past claims
  • The age and category of their boat (size, type of motor, condition, value)


Other outside factors stemming from the insurer’s decisions or unforeseen events can affect premiums:

Higher repair costs

Since 2015 and especially since COVID–19, repair costs billed by contractors and repair times have gone up an estimated 25% to 30%. More parts are being replaced instead of repaired. Additionally, the age of a boat can lead to other major expenses for the insurer. Parts for older boats are more expensive and harder to find. Older vessels are also more vulnerable to mechanical trouble, which means more claims. Modern boats, with their cutting-edge technology and higher building standards, are not immune to high costs either.

Increase in the number of claims

Because of COVID–19, many Canadians could not travel, so they decided to spend their vacation on the water. This considerable increase in the number of pleasure boaters brought its share of challenges—the total number of claims also increased (+20%), very often due to a lack of boating experience.

Climate phenomena

There’s no way around it: Canada is being affected by climate change. 2018 was a bad year for insurers, who paid out roughly two billion dollars, making it the fourth-most-expensive year in history for weather-related claims. Finally, the water level has been extremely low for the past two years, increasing the risk of bottoming out.


Inflation may also impact the cost of your insurance policy. This phenomenon leads to a widespread, lasting increase in the cost of the goods we consume and the services we use.

How to lower your premiums

First, it’s important to know what your boat is really worth. By getting an estimate of your vessel’s market value, you can be confident about what you would get if you sold it. This will also allow you to gain a better understanding of your policy’s coverage amount, which depends on your protections and guarantees. For all these reasons, APRIL Marine Assistance can quickly and easily estimate the value of your boat at no charge to you.

In addition, it is important to be more vigilant during your outings this year. It is strongly recommended to check the water levels of your favorite lakes and to invest in a depth gauge or sonar to make sure you know the depth of the water. What’s more, knowing what discounts are available may help you keep more of your money! We offer you several ways to get substantial discounts on your insurance premium:

  • Being a member of Club APRIL Marine.
  • If you’ve taken an 18-hour or longer navigation course, we’ll reward your efforts with discounts on your policy!
  • No damage reported in the past year? We’ll lower your deductible as a reward!
  • One, two, three… The more boats you have to insure, the less you’ll pay.
  • Install a tracking system or an etched code to deter thieves and save up to 10% on your policy.*
  • APRIL Marine is here to make your boating experience easier. If you have any questions about your policy, please contact your broker.

* Conditions apply.

These articles could interest you

APRIL Marine Assistance: Sail at ease, we’ve got your back

Insurance broker portal just got a makeover!

Home Insurance vs. Marine Insurance