Necessary Boating Expenses > Repairs and Insurance
If you’ve been following our article series regarding boat ownership and expenses, you know that there is more to it than just buying your dream boat and planning your next vacation. The reality is, there are plenty of other costs to factor into ownership, including safe boating courses that are required to obtain your boating license. In this final installment, we’re going to cover the a Boat Insurance policy costs and the maintenance expenses that you can expect that come along with boat ownership.
As we’ve mentioned in a previous blog, boat insurance costs are relatively inexpensive, ranging from a few hundred dollars to about $1,000 per year. Your premium rate will be determined based on the type of boat, its length, its features, where it’s stored, and the intended use. Talk with your trusted insurance agent to find out what type of rate you can expect, as well as the discounts that might apply to you.
Depending on the type of boat you have, maintenance can be a big expense each year. On average, annual maintenance costs equate to approximately 10% of the purchase price. According to Discover Boating, maintenance on a boat is another variable item that depends on the type of boat, the usage, and how much you’re willing to do yourself. Every boat that is kept in the water needs to have a coating of special bottom paint, which contains poisons to prevent the growth of barnacles, and this needs to be renewed every year. The paint is expensive, at $60 to $100 a gallon, and the boat has to be hauled out of the water to apply the new paint. Other factors to consider include:
- Oil changes and tune ups
- Pressure washes
- Bottom jobs
- Lay days
- Yard labor
- Life jackets
- Safety gear
About Mariners Insurance
Mariners General Insurance Group was founded in 1959 to protect boat owners and marine business clients. We are marine insurance experts, and insure boats worldwide – in every ocean on the planet. Marine insurance is critical if you own a boat or nautical business. Trust the professionals with all of your Boat Insurance needs – trust Mariners Insurance. Call us at (800) 992-4443 any time you have questions or concerns about insurance for your vessel or marine business.