I captained a motor yacht for 4 years and the owner did not want to spend money on an epirb so I bought an ACR PLB. It is not as accurate nor does it have the battery life of an EPIRB but it is better than nothing.....plus you are not just limited to your boat. Since it is portable you can use it hiking, walking through the Bronx!, etc.
Just make sure you get one that has GPS signal capability.
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