How Much Can You Make Renting Your Boat?
Explore Some of Your Peer-to-Peer Boat Rental Options Through Boatsetter
If you are a boat owner, you probably know that your boat is an incredibly fun thing to have but the maintenance and storage costs can also get pretty expensive, especially if you live in a place where you can’t use your boat for long periods of the year. There are also those times when you are simply too busy with work or family commitments to get your boat out on the water. During times like those, have you ever thought to yourself, “I wonder if there is a place I can list my boat for rent?” Well, with the sharing economy developing even more than ever in 2019, there absolutely is a place. Boatsetter is a peer-to-peer boat rental company that connects boat owners and potential renters. During the times that you are not using your boat, Boatsetter offers a safe and easy way to make money off your boat!
Comprehensive Boat Insurance
In general, although most states require you to have car insurance, most of those same states don’t require you to have boat insurance. This may be true, but it is never a good idea to let such a valuable asset sit around uninsured. There are so many reasons that you need good boat insurance including protecting yourself from unwanted litigation and protecting your investment from damage.
Your boat is an important asset and you want to be sure that it will be safe if you decide to rent out your boat. At Boatsetter, we are proud to offer peer-to-peer boat insurance, which is provided through Geico. This Peer-to-Peer Boat Rental Policy is the primary policy that covers you during the Boatsetter rental period and it doesn’t require you to change anything that you have with your regular boat policy. Each Boatsetter rental covered under this policy comes with significant liability coverage: $300,000 per person and $300,000 total liability per accident. This type of insurance is excellent for boat owners who are on a budget because the insurance costs are so minimal.
Listing Your Boat
Having the right type of insurance can really give you the peace of mind you need when you are starting to list your boat as a potential rental. Here are some really easy ways that you can make your boat more attractive to potential renters. If that list of tips isn’t enough, how about this list? In general, when you are trying to rent out your boat, you should always keep your listing current by updating your pictures constantly. Always respond as quickly as possible to any kind of queries about your boat rental and certainly request as many reviews as possible from previous satisfied customers. Finally, it is vital to make sure your price is competitive and comparable to the cost of other similar boats for rent. Many potential renters use cost as the only consideration when they are thinking of renting a boat, so your price has to be in line with what other boat owners are charging to rent similar models.
If you follow all of the suggestions we’ve given you above, we’re sure that you’ll find so many ways to rent out your boat in no time. Once you’ve signed up your boat on Boatsetter and successfully rented it out a few times, you will find that you have complete confidence in our platform. We encourage you to read some previous reviews of Boatsetter and hear what our renters, owners, and captains have said about their boat rental experiences.
Reacting to the Changing Market Conditions
As a boat owner, the maintenance and storage costs are just the beginning when it comes to expensive ownership fees. If you include the initial purchase price of the boat, the fluctuating costs of boat insurance and registration, and the various different types of safety and navigational equipment that you might need for your boat, the numbers can quickly add up. Here is a breakdown of some of the ownership costs you are usually looking at for your boat.
Luckily, in 2019, the sharing economy is alive and well. Think about the massive ascendancy of companies like Airbnb and Uber. Boatsetter is based on a similar business model, except that we are a peer-to-peer boat rental company that connects boat owners and potential renters. Owners are able to rent out their boats and renters are able to try lots of boating options before they commit to actually buying a boat of their own. Now is the time to start taking advantage of the platform we have built by renting out your boat.
At Boatsetter, we help regular people get access to boats and yachts that they would never be able to afford on their own. There are two main ways to list your boat for rent. An all-inclusive option is like an all-inclusive resort because it includes the price of the boat, fees for a captain and crew, as well as on-board meals, beverages, harbor fees, and fuel. A plus-expenses boat only includes the cost of the yacht, captain, and crew. It is up to you to decide which model you would like to offer when listing your boat for rent.
For example, think about listing your large boat for rent as a plus-expenses boat at $5,000 for a week. If you have ten people booking the trip, the cost will only be $500 per person, which is a good deal for the renters and a great deal for you. If you only rent out your boat for one week per month, the income you generate can easily cover all of your monthly costs and even leave you some extra spending cash.
Developing a Plan for Renting out Your Boat
Your boat is probably one of the biggest assets you have, and it is probably also one of your most cherished possessions. Keeping it safe should be a high priority for you as a responsible boat owner. Of course, you want to enjoy your boat as much as possible when you get the chance to get out on the water. Sadly, life often interferes and you might find that you are not using your boat as much as you planned.
For most people, getting a boat rental is far more cost-efficient due to the lower costs of sharing the rental with their friends and the length of time they can spend on the boat. On a per-hour basis, it makes far more sense for them to arrange a boat rental and it helps you leverage your assets by taking advantage of Boatsetter’s peer-to-peer boat rental services. Take a few pictures, fill in a few forms, and you’ll be well on your way toward offsetting your boat ownership costs by joining the sharing economy. You’ll be safely making a little bit of money on the side, and you’ll also be helping other boaters follow their dreams.
Editor’s Note: This article read originally published in July 2020 and updated in March 2022