Every boat offers a variety of fun activities, which is what makes owning one so great. When choosing the right boat, it’s essential to consider several key factors to ensure it meets your needs and preferences.
From dock to deck we have you covered!
Activities
Identify the primary activities you want to do with your new boat. Common categories include:
- Family Day Cruising: Ideal for leisurely outings with comfort and amenities for family and friends.
- Offshore Boating: Built for long-distance cruising and open-water adventures.
- Watersports Action: Designed for activities like water skiing, wakeboarding, and tubing.
- Inshore Fishing: Perfect for shallow waters, bays, and rivers, with boats designed for easy navigation in these areas.
- Offshore Fishing: Made for deep waters, large lakes, and oceans, equipped with heavy-duty fishing gear.
- Personal Watercraft (PWC): Small, easy-to-maneuver vehicles for solo or small-group recreation and watersports.
Things to consider
How to finance your boat
Financing your boat is a straightforward process with attractive options. Here are three primary avenues to consider for securing your boat loan.
- Your Boat Dealer
Your dealer is the easiest route for financing. Dealers make the process convenient because they have established relationships with various lenders. They are experienced in the financing process, allowing you to handle both the purchase and financing in one place. They will help you navigate the options available to ensure a quick and seamless transaction. - Your Bank
If you have substantial equity in your home, taking out a home equity loan or a second mortgage may be beneficial. This option can sometimes offer lower interest rates and might even provide a tax advantage. However, keep in mind that this approach may add complexity and time to your transaction, as you’ll need to go through your bank’s approval process, which can involve more paperwork compared to letting your dealer handle it. - Marine Lenders
For specialized financing, marine lenders are an excellent option. Unlike traditional loans for cars or homes, boat financing has unique considerations, such as the type of vessel and its intended use. Marine lenders can offer tailored solutions. The National Marine Lenders Association (NMLA) is a network of lenders dedicated to boat financing, providing expertise that can help you secure the best terms for your dream boat.
Insure your boat
When insuring your boat, consider separating boat insurance from your homeowner’s policy, as many homeowners’ policies may not cover specific marine risks. A dedicated marine insurer is often essential for comprehensive coverage, which can include:
- Agreed Value Policy: Covers the boat’s total value when the policy is written, with no depreciation for total losses.
- Actual Cash Value Policy: Lower cost but factors in depreciation, paying the current value at the time of a claim.
Common Coverage Options Most Policies Include
- Medical payments.
- Uninsured boaters liability.
- Towing and assistance.
- Coverage for personal effects, such as fishing equipment.
Insurance Discounts
- “Lay-up” discounts for winter storage.
- A good driving record.
- Bundling with home or auto insurance.
Best Coverage
An “All Risk” policy is recommended for broad protection. Ensure replacement cost coverage with an “Agreed Value” policy.
Who Can Operate
Most policies allow anyone you authorize, but be sure to check for any restrictions. Understanding these aspects will help you find the right insurance to protect your investment and enjoy your time on the water!
Learn how to boat safely
Boating is exciting, but safety is essential. Follow these key guidelines for a safe experience on the water:
- Know the Rules: Familiarize yourself with the “Rules of the Road.”
- Local Regulations: Check specific rules for your area, including any speed limits and safety equipment requirements.
- Check Life Jackets: Ensure every person on board has a U.S. Coast Guard-approved life jacket that fits properly.
- Safety Equipment: Equip your boat with proper fire extinguishers, flares, a first aid kit, and a sound-producing device. Your dealer can guide you on this.
- Conduct a Pre-Departure Checklist: Ensure all equipment is functioning and that safety gear is in place.
- Know Your Limits: Operate a boat that matches your experience and avoid overloading.
