Consider All Powerboat Costs
Audio Version Consider All Powerboat Costs
Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.
Wait, my friend! Before you sign on the dotted line and commit yourself to several years of monthly payments for a powerboat, you do need to think about more that just the initial cost. You need to consider the other costs associated with owning a powerboat….and there are other costs.
Have you considered the cost of insuring your powerboat? Boat insurance doesn’t come cheap. It is tied directly to the value of the boat that is to be insured. If you have financed your boat through a bank or other lending institution, they are going to require that you carry sufficient insurance to cover their loss if the boat is involved in an accident or damaged by weather like a hurricane. You’d best check out what the annual premium will be for the insurance that you will be required to carry.
Boating season doesn’t last all year in very many places on earth. Winter will happen. Also, you most likely will not be using your boat every single day. This means that when it is not in use, the powerboat will have to be stored. Maybe you have a garage where you can store your powerboat when you aren’t using it. That’s great! If you don’t have a garage, however, you may have to rent boat storage facilities and they don’t come cheap.
Your powerboat will have to be registered and licensed before it can be operated on public waterways. Registration and licensing fees and regulations vary from state to state. You might need to check on how much annual registration and licensing will cost you.
Two other costs that you may not have considered are costs to launch your powerboat and the fuel costs of operating your powerboat. Most marinas charge a fee to use their launch facilities and the price of fuel keeps going up.
Now, Don’t get me wrong, I’m not trying to talk you out of your dream boat. Just make sure your dream boat doesn’t turn into a financial nightmare.
Tags: Power Boat Insurance, Power Boat Operating Costs, Power Boat Storage
