Despite rising fuel costs, boat owners are determined to enjoy their time on the water this summer. A recent survey indicates that while they’re mindful of gas prices, which are often higher at marinas, their passion for boating outweighs their concerns. Many are willing to absorb the extra expense, stating that fuel prices would need to nearly double before they significantly alter their boating habits.
The survey, commissioned by Nationwide Mutual Insurance and conducted by The Brandware Group, Inc., revealed that approximately two-thirds of boat owners don’t plan to reduce their boating frequency due to high fuel prices. In fact, they are prepared to pay an average of $2.70 more per gallon before considering docking their boats for an extended period.
According to Greg Blanchard, Vice President of Specialty Products at Nationwide, conversations with customers have confirmed that while rising fuel prices are a concern, their love for boating takes precedence.
The survey also highlighted that boat owners intend to maintain their boating schedule from last summer, averaging around 20 trips. However, they anticipate reducing engine running time by approximately 25 minutes per trip. Survey participants reported spending an average of 28% of their leisure time engaged in boating activities.
Experts emphasize the importance of adequate insurance coverage for boat owners facing increased fuel costs. Protecting their investments with appropriate insurance helps safeguard against unexpected repair or replacement expenses.
Blanchard stresses the significance of insuring boats to their full value to protect owners’ lifestyles. He cautions that financial strain can be amplified if unforeseen events occur without adequate insurance coverage.
The survey data also revealed concerning trends in boat insurance. One in five powerboat owners and one in three bass boat owners lack insurance coverage. Among those with insurance, approximately 35% lack liability coverage, while around 40% of powerboat owners and 53% of bass boat owners don’t have collision coverage. A significant portion of boat owners – one in five powerboat owners and one in four bass boat owners – prefer to risk potential losses rather than fully insure their vessels.