Nothing beats the joy of being out on the open water. Not only is it fun, but it’s also good for your mental health. If one of your 2022 resolutions is to enjoy all the sea has to offer, then you’re likely ready to make a big purchase; that of a new boat.
Purchasing a new boat is a huge investment, so you’ll have to be keen before signing on any dotted line. An informed buyer is a smart buyer. This guide has the top three factors you need to consider before approaching boating manufacturers. Read on to learn more.
1. Figure out your budget
There’s more to purchasing a boat than making monthly expenses. You’re likely to spend money on:
- Winter storage
- Boat insurance
- Gear and accessories
- Docking and marina fees
Understanding what you can afford before purchasing ensures you enjoy it for years to come.
2. Boat Type
You might already know the various types of boats you can purchase. There are:
- Cabin cruisers
- Motor yachts
- Dinghies, just to mention a few.
Other factors like engine and sail options, the construction materials, the electronic packages, and the trailer and tow weight should be considered too. Understanding these factors helps you get a view of what to expect during your purchase process and your boating experience post-purchase.
A boat is a big investment and should be insured properly. A homeowner policy might provide some basic coverage, but that’s not enough. Liaise with your agent to learn about the following coverage:
- Collision damage
- Bodily injury liability
- Property damage liability
- Additional coverage options
Some insurance firms offer discounts based on the boat types and if you’re a first-time buyer. Purchasing a new boat is a big decision that shouldn’t be taken lightly. It’s important to note these three factors in mind when searching for a new boat.