New survey shows boat enthusiasts willing to pay to play
COLUMBUS, Ohio, May 15 /PRNewswire/ -- Boat owners say high gas prices
won't keep them 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 http://www.nationwide.com .
Nationwide and the Nationwide Framework are federally registered
service marks of Nationwide Mutual Insurance Company. On Your Side is a
service mark of Nationwide Mutual Insurance Company.
Contacts:
Elizabeth Stelzer (614) 249-1025
stelzee@nationwide.com
Charley Gillespie (614) 249-5701
gillesc1@nationwide.com
SOURCE Nationwide
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Related links:
http://www.nationwide.com/
CONTACT:
Elizabeth Stelzer, +1-614-249-1025, or
stelzee@nationwide.com, or Charley Gillespie, +1-614-249-5701, or
gillesc1@nationwide.com, both of Nationwide
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