If you are interested in buying a boat, you should be aware of all the costs associated with boat ownership. After all, the purchase price is only the beginning! This guide from Island View Marine breaks down all the costs involved in operating and maintaining a boat, so you can budget accordingly.
Ready to check out some boats for sale? Come shop with us today at Island View Marine! We serve Kankakee, IL, and our neighbors from Beecher.
Registration and Licensing
In the state of Illinois, you must register your boat with the Department of Natural Resources (DNR). The cost of registration varies depending on the size of your boat, ranging from $15 for boats under 16' up to $100 for boats 40' and longer. Keep in mind that your boat registration must be renewed each year.
Meanwhile, a boat license can be obtained for a one-time fee of $35. This license is awarded after the completion of a DNR-approved Boating Safety Course. Your Illinois boating license is good for life, and does not need to be renewed.
Boat Insurance
Most states, including Illinois, do not require boaters to insure their boats. That said, it is highly recommended! The bank financing your boat loan may also require you to purchase insurance. In any case, boat insurance is a smart investment that will give you peace of mind.
The premiums can range from a few hundred to a few thousand dollars per year, depending on the make and model of your boat. As a general rule, you can expect to pay about 1.5% of your boat's total value on insurance each year.
Maintenance and Repairs
Staying on top of maintenance is the best way to preserve the value of your boat, but it comes at a cost! You should factor in at least 10% of the boat's total value for annual maintenance. That includes oil changes, detailing, tuning up the engine, and other routine tasks.
On top of that, you will need to be prepared for unexpected repairs. Make sure to set aside at least another 5% of your boat's value for repairs.
Gear and Accessories
Let's not forget the cost of stocking up on safety gear. At a bare minimum, your boat should be equipped with flotation devices, signal flares, first-aid supplies, and a fire extinguisher. These items are not very expensive, but they will need to be replaced every so often.
Most boaters need a boat trailer to transport their boats over dry land. The cost of a trailer depends on the size of your boat, and can range anywhere from $500 to over $10,000. Depending on your needs, you may also want to invest in a boat lift, a floating dock, or any number of boat accessories. Make sure to factor in these costs when figuring out your budget.
Storage Fees
Last but not least, you will need a place to store your boat in the off-season. Unless you have a garage or storage shed that can accommodate your boat, you should track down a safe and secure storage facility.
Many boat dealerships offer winterization services, along with indoor or outdoor boat storage. The annual cost of winter storage depends on the length of your boat, and can range anywhere from $20 to $200 per foot.
All those expenses can add up to a serious drain on your budget. But, if you are dedicated to the marine lifestyle, the incredible rewards of boat ownership are worth every penny.
We hope this guide has prepared you for the financial commitment of boat ownership! If you have any questions, feel free to contact us. Island View Marine is your trusted boat dealer in Kankakee, IL.