3 Hidden Costs of Owning a Boat

Owning a Boat

Boating is a wonderful form of recreation for many people. However, before you leave dry land, you’ll need to know about the hidden costs of owning a boat.

Insurance Premiums

Even if you don’t aren’t worried about physical damage coverage for your own vessel, you’ll need to pay marine liability insurance premiums to protect others from third party claims. Prices vary according to the specifications of your boat, but you should still expect to pay for the necessary coverage.

Storage Fees

You can store your boat in dry stack when you’re not using it, which simply means your boat is placed on a rack and stacked vertically and requires advanced notice to the marina when you want to use it. Another option is wet slip where the vessel remains in water all year long and is easily accessible. Both options cost you money while you’re not even using your boat, with some fees topping out at $500 per season.

Winterization Costs

Before the boat is stored for the winter, it must be dried out completely, cleaned from stem to stern, with the engine flushed and other fluids drained. This can cost around $300 if you aren’t able to do it yourself, but is a necessary part of boat ownership even in relatively mild climates.

Although there are costs associated with owning a boat, the fun and enjoyment you get out on the open water are priceless. Knowing what expense to expect will help you plan ahead.