What Are the Real Costs of Boat Ownership?

What Are the Real Costs of Boat Ownership?Any boat enthusiast or seasoned owner likely understands the hidden costs of ownership that aren’t foreseeable from someone who is just starting out their hobby. However, if you’re new to the industry and are looking to make a boat purchase, this article is for you. In this series of blogs, we’re going to dive deeper into the real costs of boat ownership so that prospective buyers can budget accordingly. One of the major necessary costs of boats is a comprehensive Windham County Boat Insurance policy, crafted specifically to address the needs you’ll face as a new vessel owner.

Insurance.

Just like you’d buy auto or home insurance, your boat needs some tailored insurance protection. Depending on the size, features, storage, and location of the boat, your premium will vary. Speak with your trusted insurance agent to get an accurate and fair quote.

Maintenance.

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 pain. The engines will need regular tune-ups and oil changes, which are done right in your slip by mechanics specializing in boats. Labor runs $30 to $40 an hour and, depending on how often you use the engine, a tune-up is a once or twice a year project.

Taxes.

State and local taxes might apply when you purchase your boat. These are usually one-time fees, but consider how much it will be to register the boat each year in your state.

Docking.

If you don’t have the space or transportation to haul your boat back and forth from a storage space, you’ll need to pay a docking fee. These can range in price, depending on how many feet you need and the demand of the space. Inquire about the slip rates for the local marina and what amenities it provides. While the prices range, a few hundred dollars a month is about average.

 

About Byrnes Agency

At Byrnes Agency we are proud to offer the complete watercraft insurance policies specifically designed to minimize your losses as a boat owner should your boating adventures go awry. We can also provide coverage for your personal property and fishing equipment in addition to protection against injury to you caused by an uninsured boater. Contact us today for more information about our comprehensive Windam County boat insurance policies.

If you’ve enjoyed what you’ve read here and would like to know when we’ve published a new blog post, please “like” us on our Facebook page, and share this with your Connecticut neighbors. 

Dayville Office

Phone: (860) 774-85
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

…………………………………………………………………………………………………………

Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

Please follow and like us: