Boat Rental vs. Ownership
South Florida is well-known for its boating opportunities. Each year many people take the plunge and make the major purchase of a boat. There’s a lot of responsibility that comes with owning a vessel of any size and the larger the craft, the more accountability there will be.
For many people, owning a boat isn’t nearly as cost-effective or enjoyable as renting one. The following are some things to consider in the buy vs. rent question to help individuals determine which decision best suits their needs and requirements.
Cost
There’s no doubt that boats are expensive. The initial cost can be staggering at approximately $20,000 per foot for larger vessels on which people can cook and sleep if they desire. The investment will need to be protected against damage by insurance and the owner will need liability insurance in the event of property damage or if someone is injured. That doesn’t include maintenance costs and a boat slip to dock it.
With a rental, there are no insurance costs to maintain and no long-term monthly payments. The only real cost is the rental fee. Those that rent a boat also don’t have to worry about depreciation costs. The value of a vessel depreciates just like a car and is based on hours used rather than miles traversed. Those that rent a craft don’t have to worry about maintenance.
Time
Many people buy a boat intending to spend much more time on the water than they actually do. For people with a limited amount of free time, a rental is more cost-effective. The average boat sets idle about 92 percent of the time, simply because people don’t have enough time to take it out. Then there’s the time spent on maintenance tasks. Boat rentals enable people to enjoy the water when they want or have fun in other pursuits as their time allows.
Variety and Accessibility
Large boats and small, sailboats, fishing boats, and wakeboarding vessels are just some of the options available. When renting, individuals can experience a wide range of boating environments.
While it’s entirely possible to fish from a speedboat, at the end of the day there’s not the versatility of experience with a single type of craft. Another advantage of renting over ownership is that rentals provide greater access to people that may otherwise not be able to enjoy the pleasures of boating.
For more information about how The Sena Group can help you with any
of your insurance needs, please contact us at 561-391-4661.
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The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487
