It can be great fun to own a boat. Some of life’s best times happen out on the water. The downside is the expense. Many boat owners describe their vessels as “money pits”. Indeed, there are far more expenses connected to owning a boat than there are for a car. One way to help offset the cost is to rent your boat out to others when you’re not using it. Be forewarned. Renting involves risk.
Think Before You Rent
Before taking money for allowing strangers to take your vessel out on the high seas, you should know the risks of renting boats. There is always the possibility of the renter having an accident with your boat, causing damage to the boat or the property of others. An accident could also injure a party on your boat, another boat, or on a dock or pier. As the owner of the boat, you may be held liable for any damages caused by the accident. The cost of these damages can be very high. In addition to paying for repairs for your boat, you may have to shell out for fixing or replacing other boats or docks. Medical expenses add up quickly.
Renting out your boat is a viable way to generate income to help pay its costs. Think everything through before actually proceeding and if you do rent your vessel, make sure you are fully insured.