Before you make any type of marine purchase, it makes sense to arrange for an appraisal. What you learn from something like a boat appraisal will provide a good idea of what sort of expenses to expect in the future. Here are some examples of what you will learn.
The General Condition of the Boat
An appraisal provides a great overview of the boat itself. The appraisal takes into consideration factors like the make, model, age, any customization that’s been done, and a number of other factors. What results is an honest evaluation of the boat’s general condition.
This is helpful, since the appraisal may uncover something that you haven’t noticed. If so, then you have the chance to consider the boat in a new and more informed manner. Keep in mind that the appraisal may also confirm that your original assessment is correct.
Any Repairs That Must Be Made Soon
Based on the results, you may find that the boat will need specific types of attention withing a relatively short period of time. While an appraisal is not like peering into a crystal ball, it can indicate there are issues that will need to be resolved sooner rather than later. This puts you in a position to determine if buying the boat and taking on the cost of those repairs is the best move.
You may be able to utilize the appraisal results to negotiate the price. That’s sometimes true if the repairs that should be done soon happen to be costly. If the owner is willing to consider a lower price, you could still end up with the boat you want, and free up financial resources to have the repairs done now.
Upgrades to Safety Measures
A key element in any boat appraisal is looking closely at the safety measures that are in place. Those measures must be in compliance with current safety regulations. In fact, what you hope to find is that the boat is currently set up to exceed the required safety measures.
Why does this matter? Upgrading safety measures can be just as expensive as replacing an engine or repairing a hull. If the boat would not pass a safety inspection now, you want to know why. Armed with that knowledge, you can decide if proceeding with the purchase is a good idea.
The Amount of Insurance Coverage to Maintain
Those appraisal results provide information about the current value of the boat. That’s helpful when it comes to seeking boat insurance. You want to secure protection that is adequate, but also in line with what the boat is worth.
Your insurance agent can take the appraisal results and factor them into the preparation of a quote. There will still be some room to adjust the quote, based on what sort of deductibles and co-pays you want to go along with each benefit. In any event, you will have a good idea of what the insurance will cost before buying the boat.
Remember that a boat appraisal can be helpful in more situations than preparing to buy a craft. You may want to arrange one after an accident, or if you plan on selling a boat. With any scenario, the information that you gain from the appraisal will allow you to make the right choices.