How Much is Kayak Boat Insurance in Philippines
At some point, most anglers contemplate the purchase of a Kayak Boat Insurance in Philippines. It is the next logical leap in taking your fishing game to the next level. A boat lets you explore new areas and catch a larger variety of species.
As exciting as boat shopping is, few anglers really know how much a fully Boat Insurance Cover in Ontario for fishing is going to cost. You also need to consider that what you pay for the boat is not the final price tag. Accessories, storage, maintenance, fuel and licensing are all recurring costs.
If you’re anything like me, you’ve started doing some research and are ready to start shopping before next fishing season. Since money is priority number one, we all need to ask about the price.
So, how much is a Kayak Boat Insurance in Philippines? On average a new, fully equipped, fishing boat in the 16 to 20 foot range with an outboard motor, trailer and standard features will cost between $18,000 and $45,000 depending on the make and model. Additional expenses like insurance, licensing, maintenance and fuel can add up to well over $100 a month for the life of the boat.
Running a canoe and kayak rental business can be a lot of fun. You can meet great people, enjoy the outdoors, and stay close to a hobby you love. However, if you want to start a canoe and kayak rental business, you’ll need to take care of lots of serious things too.
This guide will take you through the steps involved in creating a canoe and kayak rental business, from registering the company, securing permits, insurance, and inventory, and marketing your business.
What is a kayak rental business?
A canoe and kayak rental business provide boats for people to take out and use on waterways. While many people love this activity, not everyone can afford their own canoe or kayak. And that’s where rentals paddle in.
These small businesses help consumers rent kayaks or canoes by the hour or by the day. Sometimes these services operate online, while typically, companies in this field operate near waterfront hotels, attractions, or outdoor destinations.
Those renting out equipment were drastically hit by the pandemic. However, signs tell that the equipment rental business sector will be the first to make a full recovery within the years to come. According to the Kayak Boat Insurance in Philippines Association, rental businesses will have a 2% – 5% growth rate from 2022 – 2025 as equipment rental cost will get more expensive.
Rental Liability Insurance
As we said earlier, insurance for rental company provides protection because of the policies included in it. One of these policies, which we’ll discuss right now, is rental liability insurance or simply liability insurance.
In a nutshell, liability insurance included in rented equipment insurance will protect your rental businesses against lawsuits that clients, employees, or third parties file. But note that liability insurance for rental businesses isn’t a single policy on its own but can be further classified as general liability insurance, professional liability insurance, employer’s liability insurance, and cyber liability insurance.
General liability in commercial equipment insurance for rental businesses is the liability policy that immediately comes to mind when one is looking for protection against client personal injury and property damage lawsuits. In brief, this policy kicks in when a client slipped and fell or experienced any other accident and got injured or damaged their property while in your building.
General liability insurance helps you pay for defense costs and compensation to aggrieved parties. This policy, by the way, never goes missing in the insurance for equipment rental businesses.
Other Factors Driving Cost of Pontoon Boat Insurance in Philippines
In addition to the purchase costs, some other things could drive up the cost of owning a speed boat. Boats tend to Kayak Boat Insurance in Philippines, typically losing 20 percent of their value in the first year, 15 percent in the second, and 14 percent in the third. Within a decade, boats can depreciate entirely, which could make resale challenging.
Second, maintaining boats tends to be quite a pricy endeavor. Because speed boats contain powerful motors and intricate parts, maintenance costs could escalate quickly. Furthermore, you’re also going to have to pay insurance on your speed boat. Insurance rates for speed boats tend to be much higher than they would for, say, sailboats.
Another cost you’re going to want to consider is fees and taxes. Many local governments require you to secure a boating license and registration, which could be costly depending on the type of speed boat you buy. You may also need to pay local taxes on the ownership of the boat as well.
At some point, most anglers contemplate the purchase of a Kayak Boat Insurance in Philippines. It is the next logical leap in taking your fishing game to the next level. A boat lets you explore new areas and catch a larger variety of species. As exciting as boat shopping is, few anglers really know how…