Anyone ever rented out your boat?

I recently came across a local ad from a guy wanting to rent a ski boat for him and his family for a 7 day vacation on a private lake that they have rented (lake is about an hour from my place) for the last week of July. Being curious and thinking that I could spare a week, help out a family in need, and the $$$ would definitely help me, I answered the ad cautiously. E-mails back and forth have been positive, and he has been very open with details as have I.
I have not done anything like this before, but had a situation last year with a friend using my boat for a couple of days, so I already have the insurance coverage issues figured out with my agent. What I don't have is the legal verbage/documents that when signed, I would feel comfortable with to let a stranger take my boat out without me being with it.
This guy does not sound like a scammer, he has not been e-mailing me non stop with bad grammer and "I'll give you a check and you give me the leftover $$" stuff. After I offered, he wants to come by and see my boat and talk with me and the wife when it's convienent for me and work on details. I have always been a giver, and look at this as being a win/win situation for both parties.
Has anyone on this board done this, or does anyone have any advise that might help to make this work for both parties to come out happy? Thanks for any and all advise.

I would consider it with a close friend.

I would never consider it with random person. Too much downside potential.

If something was to happen, your insurance would not cover you unless you had a commercial policy, which you most likely don't. Just somethin to think about

There's a dude around the corner from me that rents boats here in PHX... He brokers the deal if you want to rent your boat out. He has specific insurance requirements that you have to carry... I called him once about it and he had some useful info...

I am in no way affiliated with these guys but they seem to have it down...

http://www.azwakeboatrental.com/

Thanx for the info guyz. I'm still just checking the waters at this point.

well, you have much more risk than reward. I mean, what do you have to gain.
1. The amount of money that he pays you.
2. Good feeling that you get when you give.
What you have to lose
1. You're boat
2. Money if they break something and don't pay
3. ................
4. ................
5. ................
6. ................
7. ................
8. ................
9. ................
10. ................
11. ................
12. ................
13. ................
14. ................
15. ................
16. ................
17. ................
18. ................
19. ................
20. ................
21. ................
22. ................
23. ................
24. ................
25. ................
26. ................
27. ................
28. ................
29. ................
30. ................
31. ................
32. ................
33. ................
34. ................
35. ................
36. ................
37. ................
38. ................
39. ................
40. ................
41. ................
42. ................
43. ................
44. ................
45. ................
46. ................
47. ................
48. ................
49. ................
50. ................


You Get my Point

Unless you are absolutely broke I wouldn't suggest it.

I personally wouldn't do it. I wouldn't be able to sleep while someone else was using my boat. Too much risk, for too little profit.

You could rent out your boat, but you could make it so that you are a part of the deal, as in you are the driver for the time they are renting. Now you can supervise how your boat is being used and you would never have to let it out of your sight. Just my $.02

Can't remember where but I heard a story in the last year about a guy who was selling his boat. With a deposit, he let a buyer take it to the River for a weekend to "test it out". The boat tester ended up killing one of his kids I think it was by running or backing over them. Then he sued the boat owner/seller for allowing him, an inexperienced guy, to take and use the boat.

Bottom line, if you're the registered boat owner, you're going to get sued if something bad happens. Add this to Brandon's list of 50 above.

Here is my take: I would never lend/rent out my boat, unless it was a beater and something that I really didn't care about.

Most "learning experiences" happen the first few times out as a boat owner. These learning experiences will be taking place on your boat.

1. Running in too shallow of wallow.
2. Beaching the boat in rocks.
3. Not anchoring correctly.
4. Not docking correctly.
•••••••••• the ski on the side of boat.
6. Placing the ski fin on the vinyl.
7. Catching fish and letting them flop all over carpet.
}
I loan out my 12' allum jon boat all the time. It comes back with a few more dings each outing. I could care less cuz it only cost me $200 and it is a junker river boat for shooting carp. Not a chance I would let my Malibu out of my sight.

By the way, I am curious to know how much the guy is willing to pay for the week? And what kind of boat do you have?

Sunday to Sunday $1000. He's willing to pick it up and take it to his lake, but is also willing to pay a little more $$ if I pull it to his lake for him (I like this option better myself). By the way, he has owned 3 ski boats in the past (still to be verified by me). You all are giving me good stuff people! He isn't wanting it till July, so if it don't feel good, or drama can't be worked out, deals off... (Boats in my profile, '88 MC Prostar)

Andy, I think I remember that story. It was in San Diego last summer. Sad story, and I do think of these things when others are on my boat.

(Message edited by tuffenuff on January 27, 2008)

(Message edited by tuffenuff on January 27, 2008)

At Lake Don Pedro a 20' ski boat (nothing special) I/O the rate is $2050 for a week and there is a $500 deposit. Don't know where you are located but look at some marinas on the web and they should have a rental rate for ski boats. Don’t think it is worth it for the private boat owner leave the rental up to the places that do this for a living. Let them deal with the headache and not you.

The see-doo rental place on our lake takes a $1500 damage deposit on a one hour rental, plus the rental fee.

Last year I rented my boat for 3 weeks. I used to work at a higher end resort that has 4 MC's and pulls skiing, wakeboarding, and tubing. I had built relationships with a couple of the clients and they emailed me last year about the use of my boat for their week. Both of the guys added my boat to their insurance policies, and used my 1993 MasterCraft 25th anniversary for the week. If they were complete strangers there would be no way i would rent to them. But now my little brother works at the resort, and he is there driver if they need it, makes sure it's covered every night, and he is my eyes. They pay me $1000 a week and it more than pays for my boat for 3 weeks of not having a boat. I do get nervous, even knowing the renters, that if someone was seriously injured i would be liable. It's a tough call, but in my case I think it's worth it.

Stevo, yo dude what's happenin?

mark...would you rent your boat?

no, hell no, no way, never, uh no, f**k no, nada,

Nobody will treat your boat like you do...period. Not worth $1000. Do you realize how quickly you can do $1000 damage, plus the time and energy it would take to get it fixed.

Boats are precious and are too easy to damage to ever consider renting it out. Of couse this is IMO only, but hell no.

Not even a slim chance of renting your boat Phatboy?

Im with you 100%. Not a chance.

im with Phatboypimp, no, hell no, no way, never ever, etc. i am way to over protective with my boat i feel uncomfortable even letting some friends in my boat because they dont take care of it like i want.

for 1000 not a chance all that would have to happen is to ding the prop or scratch up the hull and your almost at a wash once you consider down time to fix let alone the fact that there's little to no way they would truly respect a strangers boat that they've paid to rent the way you do your own stuff. Ever look at rental boats, they get the crap beat out of them, the ones's I've seen are usually used for 3 - 4 years tops and they look like 10 year old boats at the best after that.

If you are the driver, maybe.... I would not do it any other way.

I'd have a hard time letting my $5k boat go for a week for that much. Theres just so many things that could go wrong.

Never...

Not sure man, it would be tough. I'd have to know the folks really well, make sure they got insurance, collected fee's up front as well as a security deposit of a couple G's which I'd give back assuming no damage was done...who knows man, but when you did yours you made out like a bandit. For that kind of cash I would with the similar conditions you had.

In my world anything can be had for a price...

well maybe not the wife or the dog (maybe)

I have been around boats long enough to see my fair share of accidents and feel most could have been avoided if the operator had at least one day's instruction from a knowledgeable instructor. I have let my nephews take my boat out boarding by themselves with a random girl from the camp next door. I have let my sister/wife tow the boat up to the lake for the weekend. It is a material object, most damage can be repaired for $1k or less.

Since this is a private lake situation the variables are signficantly less than a public lake situation. The boat should stay in the water all week, train the drivers to drive specific patters, only make turns to the left (driver on high side), only approach the boarder on the driver's side, etc.

I would also check back in with them on day 3 or so.

That said, I would only allow it after a one day checkout/training period. An then I would require a $1k cash damage deposit. Keep in mind my boat is a 2005 in like new condition with lots of systems. The training day is more for the safety of the users than the boat.

I have run resort waterski programs (Clubmed). The typical waterski instructor was an off season snow ski instructor with little or no experience in a boat. I could train them fairly well in about 6 hours, 3 hours watching me drive, 3 hours watching them drive. This seems about right for a private lake situation.

I wouldn't do it. Too much risk/liability. If not damage to your boat, what about the renter or a member of his family getting seriously hurt?

But hey, maybe you become more comfortable and establish a great friendship from it.

I think it has to do with how attached you are to your boat. Some people think of their boat like just another object they own. It can be replaced & precautions can be taken to ensure that.

Others think of their boat as their pride & joy.... their baby. And no one touches their baby.

Doesn't seem to me there would be any more risk/liability than any other boat/car/equipment rental company would have. The trick is to make sure you have the right insurance to be sure your covered. And I doubt the typical "Ski Safe" policy would cover it.

All that said..... I wouldn't do it with my current boat. Maybe as a business venture I was putting together. And I would set the boat & insurance up as a rental ahead of time. Bad ass stereos, interior LEDs, powerful engines, etc. are probably not items I'd put in a rental boat.

I like my boat and go out of my way to take care of it and keep it like new. With that said, my main concern would be not having proper insurance and getting involved in some type of law suit if something happened. Everything else is easy. It's just a toy, not like I won't get a new one in a few years anyway. I'd do it if you feel comfortable with him and have proper insurance.

A thousand bucks for my boat keys for a week? Never.
Here are a few ideas I would consider before renting out my boat-
1) donate a kidney
2) sell my soul to the devil
3) have my kids obtain gainful employment in Thailand.