What are the Hidden Costs of Boat Ownership?

Purchasing a boat doesn’t have to be expensive; it can actually be affordable for all walks of life. Before purchasing your vessel, you first need to figure out a few things that you want out of your boat. Figuring out what type of boat is only the tip of the iceberg. The number of first-time buyers has decreased almost 20 percent since 2005, according to Trade Only Today, and getting more people to purchase a boat is key to jump-starting the boating industry.

Owning a boat is about much more than just buying the boat and taking it out on the water. If you’re looking to purchase a boat, check out these quick tips on the hidden costs of boat ownership.

Initial Costs

First things first, you have to purchase the boat. The first thing you have to decide is what size and type you would like. Will you purchase a brand new or used boat? All of these things depend on exactly how much time you’re going to spend in the water, according to Discover Boating. Identify what you’re going to use your boat for, whether it be for fishing or cruising, then make your move from there. Some costs that you’re going to have to deal with when purchasing a boat include:

  • Trailer – You’re going to need somewhere to store your boat. What better way than with a trailer? That way storing and transport will be a breeze. It’s the perfect way to keep your boat safe from outside elements.
  • Insurance – If you’re planning on owning a boat, you’re probably going to want it to be covered with boat insurance. Make sure you’re covered in the event of fire, flood, vandalism or natural disasters.
  • Education and License – Most states require a boaters’ safety course and an operator’s license.
  • Storage Options – You’re going to want some kind of cover over your boat while it’s not being operated. It’s another cost that you have to factor in. This price varies depending on how big of a boat you have.
  • Equipment and Accessories – Don’t forget about things like safety gear when purchasing your boat. Other things aren’t as vital of an immediate purchase. You can purchase all the fun things like water sports equipment and stereos later.

Annual and Maintenance Costs

Other costs that you have to consider are the entire maintenance of the boat over the years it’s being used. A boat purchase carries yearly maintenance costs, which can vary by the size and type of boat. While a new boat will cost less to maintain than an old one, there are still costs to be aware of, especially if your boat is frequently used.

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.