Owning a boat is a dream for many Americans, but one that can turn into a nightmare of unforeseen costs. Many novice boaters don't realize all the costs associated with purchasing a boat and wind up with an expensive driveway ornament aside their car instead because they can't afford gas, insurance or the other myriad things boat owners must pay for.

In recent years, enterprising business people have begun offering a solution for the high price of boat ownership: Boat rental clubs. These clubs rent out their fleet of boats to members on a daily, weekend or even monthly basis at a discounted cost.

Typically, boat rental club members must pay yearly dues in order to receive the discounted prices. However, once most boaters add up the costs of insurance, gasoline, storage, docking and maintenance, not to mention the actual purchase of the boat itself, they find that joining a rental club saves them money. Boat rental clubs may also offer their members other benefits such as discounts on equipment rentals like skis or scuba gear, discounts at local restaurants and a special price on gasoline and oil.

Membership plans vary from club to club. Some offer annual memberships with a high initial cost and lower costs for renewals. Some offer a flat annual fee with no further rental costs. Some offer seasonal memberships. Be sure you understand all the terms of the membership agreement and don't allow yourself to be pressured into more of a membership than you feel you need. For example, if you're new to boating and unsure how much you will actually use your membership, a multi-year contract is probably not the best choice for you.

Finally, if you are an avid boater and plan on taking your boat out for several days every week, or for a series of long trips, a boat rental club may not offer you the same savings as it would a more casual boater. To see if a rental club would save you money, total up all the costs associated with your boat and divide that by the number of days you plan to use it in a year. Then add up all the costs associated with a boat rental club membership and divide by the number of days you will use your membership. Whichever number is lower will be the most cost-effective option for you.