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:
- Property Tax
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?
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!