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-   -   Hidden costs in buying / owning a boat (http://www.sailnet.com/forums/boat-review-purchase-forum/47170-hidden-costs-buying-owning-boat.html)

0verdrive 09-16-2008 03:25 PM

Hidden costs in buying / owning a boat
 
As I get closer to purchasing my first boat, I'm trying to figure out what additional hidden costs I may incur. (I know that general maintenance costs come with a boat, but for now, I'm more concerned with "hidden costs.")

For example, I'm sure I'll run into additional costs with:
  • Registration
  • Property Tax
  • Insurance
It looks like if I buy from an individual (which I will) the sales tax is exempt in KS, which is nice.

Are there any others I'm missing?

With regard to insurance: the boats I'm looking at are running between $3500-$5000 with a trailer. What is insurance likely to be for a new boater on a relatively cheap boat? What sort of insurance do you guys recommend?
  • The equivalent of liability insurance for cars?
  • The equivalent of "full coverage" up to the value of the boat?
  • (both?)
Since this will be a trailer-sailer, are there any particular provisions I should address for the boat while it's being trailered, or does auto insurance cover that?

Are there any insurance agencies you'd recommend? Any I should stay away from?

I know that's a lot of questions, but any information you guys could provide would be appreciated!

Thanks,
~Dean

imiloa 09-16-2008 03:31 PM

Talk to a pro
 
It seems like the "hidden cots" you're most concerned with really boils down to insurance. I would call a few agents, tell them exactly what kind of boat you are considering and have them give you a quote. At the same time they can answer a lot of your questions regarding laibility coverage, etc. Best wishes for some smooth sailing.

Gary

tommays 09-16-2008 03:45 PM

I have a separate declared value on the trailer which seems to be common with boat us insurance

There only going to allow so much declared value on the boat

Your boating time will affect the rate

I have a LONG time with them with NO claims so they do not charge me anything for racing coverage

When you buy a fixer upper (me to)at some point the amount of time and money you put into the boat needs to be covered(increased the declared value) as you would not be able to replace the boat with one of equal condition


It also gets a bit funky as boats get old my 1995 power boat will not have the same coverage form running aground because they feel the outdrive has reached it usefull life at 15 years

0verdrive 09-16-2008 03:46 PM

Quote:

Originally Posted by imiloa (Post 369565)
It seems like the "hidden cots" you're most concerned with really boils down to insurance. I would call a few agents, tell them exactly what kind of boat you are considering and have them give you a quote. At the same time they can answer a lot of your questions regarding laibility coverage, etc. Best wishes for some smooth sailing.

Gary

That's true - a lot of the questions that I can think of are insurance related. But I'm also curious to know if there are any issues that I haven't considered. If it looks like I've missed anything, I'd prefer knowing now, rather than later!

Also, with regard to insurance, are there insurance companies that specifically handle marine insurance? Are there overlap companies, (i.e Progressive, or others)? Is there a particular company anyone recommends?

Mark1948 09-16-2008 03:50 PM

A regional insurance company may be cheaper than a national company that has exposure on the gulf and atlantic coasts. Make sure you read the fine print for what is covered and be sure to add additional personal equipment that is in the boat. You might ask for references. Also, you did not indicate whether you will do home storage or in a yard near/on the lake. Is your vehicle adequate to tow the boat? A Honda Civic could have a tough time with a Catalina 25.

tommays 09-16-2008 03:52 PM

I spent a bundle on running rigging this year (ropes)and will replace the standing rigging and lifelines this winter as there 27 years old :eek:


The boat was dryed sailed and everything checks out fine BUT it is small change compared to a failure

GreatWhite 09-16-2008 04:00 PM

Regarding insurance see if you can bundle it with you home insurance, for our lake boat we only pay about $40 per year for a boat and motor that are worth $7000 when it is attached to the home owner's policy.

sailortjk1 09-16-2008 04:01 PM

The true "Hidden Cost" will become apparent as soon as you start a project. You never know what can of worms you might uncover until you dig into it.

0verdrive 09-16-2008 04:03 PM

Quote:

Originally Posted by sailortjk1 (Post 369583)
The true "Hidden Cost" will become apparent as soon as you start a project. You never know what can of worms you might uncover until you dig into it.

Yeah, I've been there before. But I at least want to know what size shovel I'll need. ;)

0verdrive 09-16-2008 04:05 PM

Quote:

Originally Posted by GreatWhite (Post 369582)
Regarding insurance see if you can bundle it with you home insurance, for our lake boat we only pay about $40 per year for a boat and motor that are worth $7000 when it is attached to the home owner's policy.

That's something I hadn't thought of before - thanks! (I guess I figured boat insurance was it's own beast, and car/home insurance agencies wouldn't deal with it...)


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