Renting Out Your Boat

3 Things To Consider Before Renting Out Your Boat

Owning a boat is one of the greatest pleasures in life for those who love the feel of open water; however, boats are costly and require regular maintenance to keep them in top shape. Boat owners often turn to boat rental by owner as an easy way to generate some additional income to put toward the vessel.

1. Costs

If you decide to rent out your boat, your first consideration is likely what it will cost you. The amount for which you rent out your boat is up to you, but it’s wise to base this number off of standard market prices. Remember to include room in your budget for insurance, as it is essential to ensuring your peace of mind as a renter.

2. Damages/Losses

As the boat owner, you are responsible for any harm that comes to your boat, its property, and its renters. If you choose to purchase insurance, however, these damages and losses are covered to varying degrees based on the specific policy.

3. Renter Background

Most rental companies will perform background checks to look for past accidents or criminal records, but the degree to which you scrutinize your potential renters is up to you. You may want to request that all renters take before and after photos of your boat to ensure that everything remains just as they found it.

Boat rental by owner is an efficient way to get a better return on your investment. It also allows others the opportunity to escape for a day and make their own memories on the water.