Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, June 8, 1990 TAG: 9006090463
SECTION: SMITH MOUNTAIN TIMES PAGE: SMT-9 EDITION: METRO
SOURCE: CHRISTINA A. SAMUELS STAFF WRITER
DATELINE: LENGTH: Medium
"To most people it's a matter of pride to own a boat," said Lee Arnold, manager of the Smith Mountain Yacht Club.
Keeping a boat on the water - be it a sailboat, ski boat or pontoon - can be an expensive proposition. There are costs to consider such as insurance, state registration and titling fees, a trailer, maintenance and - if you don't own waterfront property - a boat slip or storage.
Insurance. Boat insurance is not required by law, but most banks will not finance a boat loan without it. Premiums are based on the size and type of boat as well as the owner's driving record. You can expect to pay about $100 to $400 per year.
Insurance is a good idea if you regularly transport your boat by trailer. Car insurance does not cover damage if the boat were to come off the trailer or were rear-ended by another car.
Registration Fees. A boat must be titled and registered with the Department of Game and Inland Fisheries if it is at least 15 feet long and powered by a motor of 25 horsepower or more. Sailboats of 25 feet or more must also be titled and registered.
Titles - at $7 - are a one-time expenditure. Registration fees - now $11 for three years - will soon be going up. As of July 1, a three-year registration for a boat less than 16 feet will be $18; from 16 feet to less than 20 feet, $22; from 20 feet to less than 40 feet, $28.00; and 40 feet and over, $36.
A 2 percent watercraft sales tax is applied when a boat is purchased.
Boat Trailers. The cost of the trailer used to haul the boat from place to place depends on the size of the boat and ranges from $600 to $4,000. The trailer must be registered and titled also - with the Department of Motor Vehicles. The one-time title fee is $10 and the cost of the tags is $7.50 a year. There is also a one-time tax of 3 percent of the cost of the trailer, or $35, whichever is more.
Maintenance. Boats can run for five to 10 years at pretty low cost maintenance "if you take good care of it," said George H. Welch of the Bay Roc Marina and Yacht Club. Winterizing the boat, the most regular maintenance cost, is about 1 percent to 2 percent of the cost of the boat, said Arnold.
Storage. There are several options available if you don't want to hitch your boat to the family station wagon each time you head to the lake.
Boat slips can be wet, dry, covered or uncovered. Terms include rentals by the day, week or year. Annual fees range from $300 to $1900.
A wet slip stores the boat in the water. Some wet slips have lifts or slings, which lift the boat out of the water, thus avoiding algae growth on the hull. The boat can be lowered back into the water when it's ready for use. Wet slips can also be covered or uncovered. Wet slips are the most expensive, especially those with lifts.
Dry slips store the boat on land. Some marinas store the boats on a rack and use a forklift to put them in the water. Other dry slips store the boat on its trailer.
by CNB