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What is the True Cost of Boat Ownership?

Boat Ownership

Boating can be an enjoyable activity, and if you’ve spent time on a friend or family member’s boat, it is no surprise you may be considering purchasing one of your own. If you are, you may also have several questions related to the financial aspect of boat ownership. For example, where will you store your boat when it isn’t in use? How much can you afford? Such questions are common, so you will need to learn more about the maintenance, upfront, usage, and storage costs associated with boat ownership.

Upfront Costs

When determining the boat ownership, you will undoubtedly want to consider upfront costs. Before you can do this, you must first figure out how you want to spend your time on the water. Do you want a fishing boat? How about a boat with a cabin so you and your loved ones can spend the night? Perhaps you prefer a bowrider for family fun. Some boats are vastly more expensive than others, so you will need to set a budget and find a boat that meets your tastes and needs.

Trailer and Towing

Will you need a trailer to transport your boat? If so, a trailer can add to the overall purchase price of your boat. You may be able to buy a boat and trailer together as a part of a package deal at a dealership, and in some cases, the trailer may be included in the overall purchase price. Just remember, boat owners also have to pay for the upkeep of the trailer. You may also have to pay monthly storage fees if it isn’t feasible to keep your boat on your property.


How will you store your boat? This is a question you must ask yourself before making a purchase. You may be able to get by with a simple top or cover, but if you can’t have the boat on your property, you may have to factor in storage fees. If you live in a colder part of the country, you will also have to factor in winter storage costs. In colder climates, winter storage usually involves winterization preparation for the boat and engine and durable coverage against potential damage from the weather.


You must also consider insurance costs if you intend to purchase a boat. The larger your boat is, the more your insurance will likely be. If you store your boat on your property, your home insurance policy may not offer enough coverage.

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 (888) 402-5018 any time you have questions or concerns about insurance for your vessel or marine business.