Owning a pleasure boat is a lot of fun. Along with the general upkeep and maintenance, it’s a good idea to have the boat appraised from time to time. In fact, it might be a good idea to arrange for a boat appraisal in the next few weeks. Here are a few reasons why this may be just what you need to do.
The Last Appraisal Was Several Years Ago
In general, it’s wise to have boats appraised every couple of years. Appraisals do more than determine value. The appraisal process may reveal some minor issues that have escaped your notice. This provides you with the chance to make the repairs before those issues can become big problems.
See this as a way to protect your investment. Using the appraisal results to identify things that need attention will help keep the boat in top condition. Along with protecting the value, this can also ensure that the boat remains safe for use.
It Will Soon Be Time to Renew Your Boat Insurance
In a month or two, it will be time to renew your boat insurance. How will you know if the scope of coverage is still sufficient? One of the best ways is to have the boat appraised.
This can be helpful in terms of determining if the boat is no longer worth as much as it was when you secured the insurance. In this case, you may find that switching from a policy that provides benefits based on replacement value to one that has an agreed value would be in your best interests.
You Wonder About The Value After a Recent Accident
Your boat was involved in an accident recently, through no fault of your own. While the insurance company is paying for the repairs, it does leave a question in your mind; what’s the boat going to be worth once the repairs are made?
A boat appraisal will provide you with that value. In addition, the appraiser can tell you the amount of diminished value, or the difference between what the boat was worth before the accident and what it’s worth after the repairs are finished. You may be able to file a claim and recoup part of the diminished value.
The Boat Will Soon Be Offered For Sale
It’s been great, but the time has come to put the boat up for sale. How much will you ask for it? One of the best ways to arrive at a price is to have an appraisal done.
You will find that the appraiser can provide a figure that reflects the current market value. That figure is based on factors like make, model, age, engine mileage, and general condition. As a bonus, having a written appraisal in hand can provide sellers with something from a professional that attests to the boat’s current value. Having it in hand may increase the odds of making a sale sooner rather than later.
Why not check into having a boat appraisal done today? Whether you’re thinking about selling the boat or want to keep it for several more years, the appraisal results can be put to good use.