Boat appraisal service inspects a boat to determine it condition and market value. Boat appraisal entails accessing, monitoring and reporting on the different parts and components of the vessel.
Now that you know what a boat appraisal is, you should also know of the circumstances that would warrant one.
- Before You Buy a Boat
Money spent on conducting an appraisal on a boat that you wish to buy is one that would have been wisely spent. There are many benefits to doing so and many use for the report that you’ll get after the appraisal is conducted.
Under this circumstance, it is better you hire a professional boat surveyor that can carefully inspect and give you a detailed report on the present condition of the boat. If the appraisal reveals that there is a fault that the buyer has failed to point out to you before, then you can either walk away from the deal or use the new information to negotiate a new one.
Copies of the report that the boat surveyor gives to you will also be demanded by your boat insurance company and your finance company if there is one involved. It is thus very important that you conduct the appraisal before you make a purchase.
- To Renew Your Insurance Policy
This is an activity that is usually carried out on a boat that is more than 20 years old. The insurance company before renewing the boat owners’ policy would normally request that an appraisal be carried out to ensure that they can still cover it.
- Post Damage
An appraisal is also usually demanded by an insurance company in the event that an insured boat has recently incurred some damage. This is to ascertain how safe the boat is, it present value and if the terms of the boat insurance needs be changed.
- After You Buy a Boat
The post purchase appraisal is usually carried out on boats that are not brand new. This normally includes a sea trial.
Other times you might need a boat appraisal are
- Immediately after repairs have been carried out on it:An appraisal is important to ascertain that the repairer did an efficient job.
- Before purchasing a new boat: In this case, the aim of appraising the boat isn’t to look for damages but rather for components or accessories that might be missing from it. it is strongly advised for those that are newbies to the boat world.
- Before you sell a boat: an appraisal is as important to a boat seller as much as it is to who wants to buy it. A boat appraisal in this case gives the seller an idea on the perfect price to sell the boat for.
While it is possible for people to appraise boats themselves, it is best left to the professionals just so that you are completely assured that the boat has been thoroughly checked and evaluated.