As boat owners, we all know that they still cost us money even if we don't use our boats. Slip charges, insurance and maintenance are not avoided just because our ships are at the port. At the same time, there are many people who are not willing to invest in a boat but still want to get out on the water. A new concept called peer-to-peer (P2P) boat rental has emerged to bridge these two boat groups. Let's look at how it works and what to think about before you jump in for a boat rental.
How does it work?
Boat owners, like Samboat.com, list their ships on a P2P website. Potential renters search boats according to their types and sizes, and samboat handles the transaction from start to finish until they choose something they want to rent. Owners set their own market-based prices as well as deposits required. Most boat owners are setting the deposit to cover the deductible. Boat owners sometimes find it difficult to imagine a perfect stranger renting their boat. How do I know that a renter is going to take care of my things? The flip side to this is that a renter doesn't want a boat that isn't free, or can't make it out of the marina. While there is some element of trust, the response blends something that eBay has been doing for years— buy and sell.
Before renting out my boat
The first thing you need to know about boat owners is what happens if your boat gets damaged or someone gets hurt. Most commercial marine insurance policies do not provide protection during any rental period, irrespective of whether you rent a boat from someone else. If the boat is even sold in a P2P scheme, certain companies may not protect the vessel whenever you want to rent my boat. Although BoatUS Marine Insurance can provide a policy for boats used for leasing P2P, during the rental period there is no insurance of any kind.