wally wrote on Jun 14^th, 2012 at 12:50am:

Canoe destroyed and you get a new boat with the insurance payoff

Check with your insurance company. Since the canoe has it's own vehicle identification number, they may tell you you should have had insurance for it.
I bought insurance for my more expensive boats. Not really that costly, and the coverage is much better.
I use to use State Farm, and the agent said it was covered. But after asking about different scenarios, I found it was really only good if it was in my garage  >:(