Global Marine Insurance: Boat Auction Tips

Sep 4, 2012 | Blog Post | 0 comments

Boat auctions are on the increase across the country, as boat owners run into repayment problems and find their craft sadly repossessed by banks. Boats at these auctions can often be picked up on at a discounted price creating opportunities for first time boat owners and those looking to upgrade. However, there are a few things keep in mind when boat shopping at an auction.

First it is not always easy to find a suitable auction to begin with. Most of them are not held on a regular basis, but only as occasion demands and their locations may vary constantly rather than being limited to a particular building. You must make sure that you are there for the start of the auction if you want to get the best deal on a particular type of boat. Fortunately, you can use the Internet to keep an eye on when and where boat auctions are being held.

Similar to car auctions, you need to be fairly knowledgeable on the subject if you are to pick up the best deals. If you’re not, take someone along with you who knows what they are talking about. One of the biggest dangers is that you may not know the complete history of the vessel and unfortunately people that know their boat is going to be repossessed are more likely to ignore critical maintenance. You should consider getting a survey done on the boat in order to uncover any hidden damage. There is always the possibility, with used boats, that they are worth considerably less than what you pay or that the cost of repairs will outstrip the purchase price.

You may, on the other hand, pick up a great bargain. As with any boat purchase make sure to inquire about boat insurance first and have your policy activated immediately. Even if your boat is not in the water yet it could incur damage on the trailer being transported home. You can get an online boat insurance quote here or speak with a qualified Global Marine Insurance representative by calling 1-800-748-0224.

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