What are the costs of owning a boat?

When it comes to buying a boat, there’s no ‘one size fits all’ approach. The type of boat you purchase will depend on your needs, what you plan to do with it, and where you plan to take it. For this reason, the price range for boats varies. You could pay anywhere between $15,000 for a used little fishing boat, to somewhere in the millions for a luxury yacht. Ultimately, the price will be heavily determined by the size of the vessel, whether it is new or used, and what it’s capable of on the water.

Just like driving a car, operating a boat with an engine requires registration and licensing. The associated costs and fees for this vary state by state, so check your region’s regulations for costs and details.

Before you even think about taking your boat onto the water, you’ll need to make sure it’s equipped with all the essentials. Of course, this can change depending on the type of boat you have, where you’re taking it, and the distance you’ll be from the shore. 

Here are some examples of a few essential items and a rough idea how what they could cost. As you can see, the prices can vary a lot for each item.  

The range here is varied and is determined by size, type and buoyancy level. An adult L50S personal floatation device (PFD), could set you back around $50, while an adult, auto inflatable L150 PFD is around $150. 

A flare is a distress signal you ignite to help rescuers find you. There are different types on the market, and the price varies accordingly. Some individual flares cost around $25, while others are $200.  

Fires can happen unexpectedly, so it’s smart to be prepared. A 1kg marine fire extinguisher retails for around $30-40, when you factor in ‘member specials’ and all that jazz.

In NSW, if you’re more than 2nm from shore on open waters, you need to have a marine radio with you. They’re used for making distress calls, checking weather and national warnings, and letting shore stations know your itinerary. Some handheld radios retail between $200 and $300, while box radios are generally $250 or more.

As we said, this list only just scratches the surface of what you may need. It may be worth setting up a spreadsheet of items where you can list comparative prices from different websites that sell marine equipment to start building an estimate of what the total cost may look like. 

The cost to keep a boat well maintained also varies. Factors include your location, the age and size of the boat, and the engine. Keep in mind that you can expect to pay more for time-consuming upkeeps such as oil changes and anti-fouling.

When you’re not on the water, you’ll need a safe place to store your boat. For smaller boats, a driveway or garage is a good option if you've got the space, and it can help save you money on storage rates in the long run.

If you don’t have the space, there may be options to store your boat at a storage shed or on a dry stack or rack at a marina. Mooring and marina berthing costs vary enormously depending on location, size and whether it’s a private or public facility.

After all the hard work of buying and equipping your boat with all the essentials, it’s worth considering insurance to protect it. NRMA Boat Insurance can cover your boat, trailer and permanent fixtures from loss or damage caused by accidental damage, fire, storm, flood, collision and more. 

Before purchasing any insurance, be sure to consider your own personal circumstances and read the Product Disclosure Statement for all the ins and outs of what’s covered and when.