off the water this summer, but will have them easing off the throttle
more often, according to a new survey by Nationwide Mutual Insurance.
Like all motorists, boat enthusiasts are caught in the wake of high fuel
prices - especially those who pay a premium to gas up at marinas.
However, boat owners indicate they are willing to "pay to play" saying
gas prices would have to nearly double before they change their
lifestyle.
"When talking with our customers about boating we learned that while
they're concerned about rising fuel prices, the passion they have for
their boats override those concerns," said Greg Blanchard, Nationwide's
vice president of Specialty Products. "What they say is that they'll
look to cut costs elsewhere."
Nationwide's survey, conducted by The Brandware Group, Inc., of 2,544
power boat, bass boat, motorcycle and ATV owners shows that two-thirds
of boat owners indicated high fuel prices would not cause them to use
their boats less often. In fact, boat owners are willing to pay about
$2.70 more per gallon for fuel before they will consider docking their
boats.
According to the survey, boat owners will be on the water just as often
as last summer - about 20 times - but expect to run their engines about
25 minutes less per trip.
It's the passion for their boats and lifestyle that has enthusiasts
willing to pay higher fuel costs. Boat owners reported they spend 28
percent of their total leisure time on the water and 36 percent of boat
owners consider their time boating more important than all other leisure
time.
Boat owners surveyed have been engaged in the activity for more than 17
years and have owned their current boat for about 6 years. About 80
percent plan to continue boating when they retire. Over the past five
years, enthusiasts invested $6,848 on improvements and accessories for
their power boats and $5,208 for their bass boats.
With high fuel costs putting a strain on boat owners' wallets, they
should make sure they have the right protection against the unexpected
so they don't get hit with burdensome repair or replacement costs.
"Protecting your investments by making sure they are insured to value is
an important step in protecting your lifestyle," said Blanchard. "The
money crunch really hits home if something happens and you don't have
adequate insurance to repair or replace your baby."
According to the survey, one in five power boat owners and one in three
bass boat owners do not have insurance on their boat. Of those with
insurance, about 35 percent don't have liability coverage. About 40
percent of power boat owners and 53 percent of bass boat owners don't
have collision coverage. About one in five power boat owners and a
quarter of all bass boat owners would rather take their chances than pay
to fully insure their boats.
Nationwide, based in Columbus, Ohio, is one of the largest diversified
insurance and financial services organizations in the world, with more
than $158 billion in assets. Nationwide ranks #98 on the Fortune 100
list. The company provides a full range of insurance and financial
services, including auto, motorcycle, boat, homeowners, life, commercial
insurance, administrative services, annuities, mortgages, mutual funds,
pensions and long-term savings plans. The Nationwide companies include
the country's seventh-largest property/casualty, the fourth-largest
homeowners, the sixth-largest auto insurance group and the country's
largest farm owners insurer. Nationwide Life Insurance Company, the
major subsidiary of Nationwide Financial, ranks 11th in assets according
to A.M. Best. For more information, visit www.nationwide.com.
###
Press Contact: Elizabeth Stelzer
Company Name: Nationwide
Email: email protected from spam bots
Phone: 614-249-1025
Website: www.nationwide.com
AndhraNews.net News for May 15, 2006