Insurance and protective equipment such as custom boat covers comprise some of the recurring expenses for boat owners, and the cost depends on different factors.
Some of these factors include operating costs. How often do you take your boat to the lake or sea? Each trip requires fuel, which can be expensive for certain models. A sailboat, for instance, only consumes up to two gallons of fuel in a single trip, as opposed to a triple-engine center console.
Aside from gas, the right kind of engine oil also requires boat owners to be particular about their purchase. Even if you decide to buy an electric boat, the electricity bill will replace the cost of fuel. Of course, maintenance and repairs will add to your recurring expenses.
More frequent trips mean more chances of wear and tear, so you should expect to pay for services such as bottom paint and engine tune-ups more frequently. Don’t put off simple repairs for too long, since the problem becomes worse with each passing day.
In the US, the average cost of boat insurance costs almost $430 every year. The actual amount depends on certain factors, including your location. Those in Florida pay more than most states with the annual insurance rate worth $611.
Texas boat owners pay $531 every year for insurance. The reason for these two states’ high rates likely has to do with the popularity of boating. On the other hand, Alabama’s insurance rates are among the lowest in the country at $282 per year.
The cost of boat ownership can be daunting, but the pleasurable experience of boating serves as the reason why many Americans still want to buy one. Some purchases might be unnecessary, but you should prioritize items that help in prolonging the good condition of your personal watercraft.