If you're like most Canadians, boating is a major part of your summer. Whether you're spending the day on the lake or cruising down the river, there's nothing quite like being out on the water. If you're looking to buy a boat, it's important to know all the associated costs so that you can budget appropriately. In this article, we will discuss all the different costs that come with owning a boat. Knowing these costs in advance will help you make an informed purchase decision!
The Boat Itself
Kicking off our list of boat costs is the purchase price of the boat itself. This will vary depending on the type and size of boat you buy but expect to pay anywhere from $2,000 to $200,000 for a new boat. If you're in the market for a used boat, you can expect to pay less, but be sure to factor in any repairs that may need to be done.
Ontario Boat License
Ontario Boat License next up on our list of expenses is the Ontario Boat License. This license is required for all boats powered by motors greater than 15 horsepower. The cost of this license varies depending on your age and residency status; generally, it costs between $40 and $120 annually.
Boat Insurance
Once you have your boat, you'll need to purchase insurance. This will protect you in the event of an accident or damage to your vessel. The cost of boat insurance varies depending on a number of factors, such as the value of your boat, its age and where you live.
When you choose MD Marine for your boat insurance, you will receive coverage and benefits like Agreed Value, Personal Effects, and Emergency Towing. Not only do you get these typical benefits, but you would also receive advantages that are not as common, like Vermin Coverage, Theft – No Locks Required and Pet Coverage. Another huge benefit is the Dock Links Membership you receive, which can provide you discounts at a variety of locations across Ontario and Canada.
Fuel & Operating Costs
Another major expense associated with owning a boat is fuel and operating costs. These costs will vary depending on how often you use your boat and what type of engine it has. Generally speaking, it could be $100 to $1,500 per month on gas and oil if you're using your boat regularly. If you only take it out on the occasional weekend, your costs will be lower.
Boat Storage
If you're not using your boat during the winter months, you'll need to find somewhere to store it. This can be expensive, especially if you live in a big city. The cost of storage can range from $50 to $2,000 per month; estimated $35/ft indoor or $29/ft outdoor.
Boat Trailer
If you want to take your boat with you on road trips, you'll need a boat trailer. Depending on their size and features, these trailers can cost anywhere from $1,000 to $5,000.
Maintenance & Repairs
Even with proper maintenance and care, boats require repairs from time to time. These repairs can range in cost from a few hundred dollars to several thousand, so it's important to factor this into your budget.
Boat Equipment & Accessories
Once you have a boat, you'll want to buy safety gear. Things like lifejackets and a safety kit are important things to carry on a boat. You might also want to deck it out with all the bells and whistles. This can be expensive, especially if you go for top-of-the-line gear. Equipment and accessories can cost anywhere from $100 to $5,000.
Marina Fees
If you're not comfortable docking your boat at home, you'll need to find a marina. These fees vary depending on location and amenities but expect to pay between $50 and $2,000 per month.
Owning a boat is a major investment, and it's important to be aware of all the associated costs. MD Marine can help you find the best insurance policy for your boat so that you can rest assured knowing that you're fully protected. Contact us today to learn more about our boat insurance policies.
