Boat Buyers Beware: Are You Buying an Uninsurable Boat?
Buying a boat is exciting; but it can be quite expensive. Boats are definitely an investment and like all investments, you want to protect them with the ideal insurance. If you are buying a used boat, including vintage vessels, you want to make sure the vessel is eligible for boat insurance coverage. There are certain features in a boat that can make it uninsurable or worse, you will be stuck with an extremely high premium.
Before committing to the sale, you should always call our local Halifax insurance brokers at Eisenhauer Insurance for an insurance quote and check to ensure if the vessel is insurable.
Tips for Avoiding a “Bad Boat”
Bad boats are not just hard to insure through Nova Scotia insurance companies – they could be safety hazards for yourself and your passengers. Some sellers are talented at hiding the defects, but there are still ways to spot a bad boat. These include:
- Poorly Constructed Joints – The hull-to-deck joints are a critical component of the boat. These prevent the vessel from taking on water. Inside, look for signs of mildew, rust or mold. These indicate a slow leak. Any water spots on the interior of the vessel are a red flag.
- Poorly Designed Bulkheads – Bulkheads support the windows and features of the vessel. Inspect the actual support of the boat and never look only for cosmetic features. Cracks are a good indication of poorly designed bulkheads.
- Materials – If the boat has been renovated or remodeled, you need to assess the quality of the materials used. Low-quality plywood is often found on entry-level boats and poor quality renovations. A boat should always have Marine-quality plywood to withstand the excess moisture and salt.
- Freshly Painted Vessels – Some sellers may paint their boats to give a better first impression, but most sellers will offer the boat as-is. A vessel that is freshly painted should be inspected very carefully. The seller may have used paint to cover signs of water damage and other imperfections.
- Have an Inspection – Before you commit to a purchase, contact a professional boat inspector. If you are purchasing a vintage vessel, ensure the inspector specializes in these types of boats. A thorough inspection may cost a few hundred dollars, but offers you peace of mind – because you will know you are getting a seaworthy boat.