We are planning to purchase a sailboat that we already know first hand is in great shape. We are not financing the boat so is it a requirement that we have an inspection done?
Survey/Inspection when purchasing used sailboat
- Thread starter jeanchavez
- Start date
i would never ever never ever buy a boat without a survey.
i'm a highly trained sailor with great skills. one of these skills is to always have a survey done when buying a boat.
my $0.02. you asked
i'm a highly trained sailor with great skills. one of these skills is to always have a survey done when buying a boat.
my $0.02. you asked
Hello,
No, there is no requirement for a survey or inspection. Allstate, my insurance company, does not require a survey.
Barry
No, there is no requirement for a survey or inspection. Allstate, my insurance company, does not require a survey.
Barry
My insurance company didn't need a survey but they did want a letter from the yard where it was last haued to say that it was in reasonable shape.
Best to discuss this with the insurance company before you buy the boat.
Will title transfer in Mexico or the US? It might make a difference and if in Mexico make sure you have coverage for down there.
Best to discuss this with the insurance company before you buy the boat.
Will title transfer in Mexico or the US? It might make a difference and if in Mexico make sure you have coverage for down there.
That's unusable. Perhaps for brand new boat there wouldn't be a survey requirement or for a liability only policy.
Good point. The transaction may be much cleaner if the boat is repatriated by the current owner with the transaction occurring in the US.
While it is normal for in insurance company to require a survey, they may choose to overlook this for lower-value used boat with a low insured value. i.e. if they have little $ at risk, they might not be as picky.
A related caution: do NOT under-insure when setting an "agreed value" on your boat. A low premium calculated for less than it's worth to replace is (very) false economy.
A related caution: do NOT under-insure when setting an "agreed value" on your boat. A low premium calculated for less than it's worth to replace is (very) false economy.
It probably depends on the value of the boat and the coverage you want
i did not pay for a new survey when I purchased my 1988 O’Day 322. I insured it with StateFarm for an agreed upon value of $30k, and got them to use a previous survey(about a year old).
Also depends on your ability to inspect the boat. I am not sold on a hired surveyor, and rely on my inspection to a great extent. I would only survey a boat AFTER I have inspected it to my satisfaction…and only because the insurance company may require it. And again, my boats tend to be on the low end of the price spectrum.
Greg
i did not pay for a new survey when I purchased my 1988 O’Day 322. I insured it with StateFarm for an agreed upon value of $30k, and got them to use a previous survey(about a year old).
Also depends on your ability to inspect the boat. I am not sold on a hired surveyor, and rely on my inspection to a great extent. I would only survey a boat AFTER I have inspected it to my satisfaction…and only because the insurance company may require it. And again, my boats tend to be on the low end of the price spectrum.
Greg
A survey may not be necessary, but the fact that you ask this question suggests that one would be well-advised. A good surveyor will always find something that the purchaser - and perhaps the seller too - was not aware of. A boat may appear in great condition, but have problems hidden behind paint, bulkheads, or veneer. A surveyor found problems in a boat we purchased that enabled us to lower the price by about 20%. It is of course, your money, but a survey usually provides a better ROI than not.
I'm a pretty experienced and knowledgeable sailor, the broker was a pretty experienced sailor and knowledgeable, imagine our surprise when the surveyor mentioned the rudder was split down the aft side. I was especially surprised because I specifically had checked the rudder for play in the shaft by grabbing the rudder and shaking it. So what happened? The boat had been backed up against a container so it was not easy to see the rudder's trailing edge and when I grabbed the rudder to check the bearings, I grabbed it just above the split so I didn't notice the split. This is why you hire a surveyor, even when you know the boat and its owner, perhaps because you know the boat and its owner you need to have an independent set of eyes inspecting the boat.
So for myself, it depends upon the cost of the boat. I figure anything under a particular value and I can handle the inspection and if I screw up, oh well, not that much money anyway. Pick the number for yourself that you consider throw-away money....
Now, if that value exceeds that "throw-away" value, then I definitely hire a surveyor. The main reason from my perspective is that if I'm looking and I want to buy the boat, then I have fallen in love.... I don't buy boats I'm not in love with, period.
Since I'm in love - there is the old saying, "Love is blind". That most certainly applies to me so I need a set of unbiased eyes looking at the same boat to give me a written assessment. I do seem able to hear defects when I see them in writing....
dj
I bought my sailboat without a survey. The purchase price was small enough that if it was a mess I could walk away. Insurance company (Progressive) never asked for a survey. It was an agreed value policy. They paid one claim, it was a decent size claim and they were awesome. Sold that boat in 2022 for three times what I paid, which covered all my upgrades.
Progressive didn't require a survey for me either - but I had one done and wouldn't buy a significant boat without one. I know plenty but another set of objective eyes is worth it.