Can You Insure a Boat Without a Survey in Cape Coral?

After buying a boat, one of the key things you have to think about is getting your boat insured. If you have never owned a boat before, this can be a tad confusing. One of the questions people ask is this: can you insure a boat without a survey? There is no simple answer to this question. There are several things that come into play.

Whether or not you can insure your boat without a marine survey will depend on a number of things.

  • The Insurance Company

There are many insurance companies that will not require a Cape Coral marine survey. However, even if an insurer doesn’t ask for a boat survey, that is not necessarily a good thing. This is because a marine survey is necessary when determining the safety and value of a vessel. Getting a survey done gives you a better picture of the condition of your boat. This can help you get fair insurance coverage.

  • Type of Vessel

The type of vessel you own will determine whether or not you will be required to provide a marine survey. In many cases, when you own a brand-new vessel, insurance companies may not require a boat survey. After passing a certain age, boats become harder to maintain and are more prone to problems. That is why at a certain age, the insurance company will make a survey report mandatory. Larger boats tend to sail further and cost more to repair and maintain. As a result, insurers may require that you provide a survey report when insuring a larger vessel.

  • Has Any Previous Claims

If you have made a claim in the past, your insurance company will most likely require a marine survey report. A survey is also requested to determine if you have been involved in an accident in the past and what kind of accident it was.

As you can see, you will not always be required to provide a marine survey before getting insured. In most cases, a survey is required on older boats. It is, however, not uncommon for a survey to be requested on a newer boat. The key is to ask your insurer if they require a marine survey. Do this when requesting an insurance quote. If a survey will be required, request the list of items that will have to be covered in the boat insurance survey.

As you can see, the question of whether can you insure a boat without a survey has no direct answer. It is up to you to talk to your insurance company to get all the details.

Cape Coral Marine Survey

How Much Does It Cost to Put a Boat in Survey in Cape Coral?

Obtaining a marine survey is an excellent idea for both new and used boats. A survey helps uncover any problems that a boat may have. Needless to say, the best way to determine the fair market value of a boat before purchasing is to have a marine survey. However, how much does it cost to put a boat in survey?

The price you pay for a Cape Coral marine survey depends on a number of things. On average, the survey of a recreational vessel will often cost you between $500 and $1,000. Although different marine surveyors have varied fees for their services, a boat survey will always cost a very small portion of the overall purchase price. Before deciding to buy a boat, it is worth every penny to get a professional boat survey.

Factors that determine cost

The length of a boat, like many other boating-related factors, has a significant impact on the typical cost of a boat survey. This is for the simple fact that a boat’s size will affect how long it takes to evaluate it. The more time a surveyor spends on your boat, the more they will charge. Because most surveyors charge by the foot, the size of the boat has a big impact on how much a maritime survey will cost.

The price of a boat survey will also depend on how sophisticated your boat is. The surveyor will need to evaluate every onboard system. If your vessel has several systems, more time will be needed to assess them. This will without a doubt cause the cost to go up. A competent surveyor will check the onboard systems’ functionality and identify any problems they may have. It goes without saying that a surveyor will take longer to evaluate systems that are more complex. The typical cost of a boat survey will therefore be influenced by the type of onboard systems your boat has.

When planning a budget for a marine survey, both buyers and sellers overlook the haul out. A haul-out is the process of removing the boat from the water so that the surveyor can evaluate the running gear and hull. Haulouts cost a lot of money. A haul out at a boatyard will be priced per foot. It is not uncommon to be charged fees that range from $10 to $15 per foot.

Now that you know the answer to the question of how much does it cost to put a boat in survey, it’s important to remember that even while a marine survey will cost money, it will likely end up saving you a lot of money. Always find a dependable marine surveyor in Fort Myers for this essential service.

Cape Coral Marine Survey

How Often Do I Need a Marine Survey in Cape Coral?

Getting a Cape Coral marine survey done as often as possible is recommended. This is because it is only with a survey that you will be able to identify issues on your boat and get them fixed before they worsen. Moreover, while some insurance companies will accept a survey that is 4 to 5 years old, you need to get a fresh survey whenever you are applying for boat insurance. This is the only way you will be guaranteed of getting the most comprehensive coverage.

As to the question of how often do I need a marine survey, the simple answer is at least once every 5 years. As a boat owner, it is imperative that you get a fresh boat survey done once the old survey is at least 5 years old. Doing so will help assess the current condition of your boat as well as determine the vessel’s fair market value. It is only with a fresh survey that you will be able to identify issues on your boat.

While waiting five years before the next boat survey is fine, it is important to note that you may require to update your boat survey report more frequently if you own a wooden boat. This is for the simple fact that wood has a higher risk of rot and damage. For wooden vessels, it is recommended to get a fresh survey at least once every 2 to 3 years. This is a common marine survey requirement for wooden boats. You should, however, note that some insurance companies are okay with extending the frequency of surveying a wooden boat to 10 or even 15 years. All in all, the more current your survey report is the better picture you will have of your boat.

Another factor that dictates the answer to how often do I need a marine survey is what you need the survey for. If you are frequently using your boat as collateral, you will have to get a fresh marine survey done every time you need financing. When applying for boat insurance, it is good to make sure that you get a fresh survey to present to the insurer. A marine survey that is 12 to 18 months old is better than one that is 4 to 5 years old. This is because the more current a survey, the better the coverage you will get.

There is no single answer to the question of how often you need a marine survey. Working closely with an experienced marine surveyor that comes highly recommended in Cape Coral will, however, guarantee that you get the most comprehensive survey report.

Cape Coral Marine Survey

How Do I Choose a Marine Surveyor Cape Coral?

When considering the purchase of a used boat, the first thing every expert will recommend you do is get a Cape Coral marine survey. This is because it is only with a survey that you will be able to get a clearer picture on the exact condition of your target boat. The issue, however, is not every surveyor you find will be able to offer the quality services you need. This is because there are many individuals that advertise their services as marine surveyors. Although there is no legal necessity for qualifications, experience, education, training, and ongoing professional growth are indispensable.

Certified and accredited

So how do I choose a marine surveyor that will not disappoint me? The answer is to seek surveyors that have membership in a regulatory body. That way you will get assurance because such surveyors adhere to a strict code of ethics and uphold high standards of the surveys that are set by the regulatory body. Moreover, if you have an issue with the survey, you can get remedy for the reports and get remedy if there is grounds for complaint. You simply contact the regulatory body with your complaints. Choosing a marine surveyor that has professional indemnity and public liability insurance will further keep you protected when working with a professional surveyor.

Good communication skills

Even if you have been in boating for years, there are certain terms that will be confusing to you. That is why you should only focus on hiring a surveyor that is able to respond effectively to your questions and explain your vessel survey to you in plain English. The last thing you want is to hire a surveyor that makes you feel stupid at every turn.

When choosing your surveyor, you ought to:

  • Ask about their practical experience. Have they surveyed a boat that is similar to the one you are considering?
  • Verify the scope of the survey and report. How comprehensive is the sample marine surveys they provide to you?
  • Ask about their practical experience. Have they offered the type of surveys you need?

Asking the question of how do I choose a marine surveyor is very important. This is more so when you consider the fact that there are so many surveyors in the market but only a handful of them are able to offer the professional services you need. Never cut corners when hiring a boat surveyor. This is because the input of the surveyor is what helps you know if you are making a wise or terrible investment.

How Do I Choose a Marine Surveyor

Cape Coral Marine Survey – Who Will Pay for the Boat Survey?

If you’ve never purchased a boat before, you’re definitely interested in learning about the process. Do you have to make a deposit? Should we slip the boat? Who covers this cost? Do I require a boat survey, and what steps are involved in it? Who typically pays for a boat survey? Buying a boat can seem intimidating if you’re new to boating. A boat purchase is different from other purchases. To accomplish the desired result, a specific process must be followed. There are several traps and rookie errors that may turn a fun boating adventure into a nightmare. In this post, we will be looking at the steps that are unavoidable.

Paying a deposit

As you get ready to buy a boat, it is important to note that you will have to pay a deposit. This must be paid long before you can bring in a professional for a Cape Coral marine survey. The majority of vendors and brokers will want a 5 to 10% deposit before the vessel is taken for a boat survey. The seller wants to know you are serious because it takes a lot of work to spend an entire day inspecting, testing, sliding, and sea-trialing a boat.

A 10% deposit for larger vessels, such as a $500,000 boat, would be $50,000. It’s crucial to pay a deposit because if you don’t want the broker to legally sell the boat to someone else after the boat survey procedure has begun. Having a deposit also enables the broker to persuade the seller that they have a serious buyer ready to buy in the event that problems with the survey necessitate a price drop.

Organizing a survey

Once the deposit has been paid and the contract has been signed, it will be your time to evaluate the condition of the vessel. For this part, you need an experienced marine surveyor in Cape Coral. But who typically pays for a boat survey? The answer is the person who hires a marine surveyor. Keep in mind that many surveyors do not include mechanical. This means if a further inspection is needed, you will be the one footing the bill of a mechanic or electrician.

For a thorough inspection, the boat may need to be slipped (removed from the water). You will be the person organizing and paying for the slipping and cleaning of the hull. The cost of slipping and cleaning varies. It mostly depends on where the boat is located and its size.

Last but not least, if you need a sea trial, you will be paying for that too. That is unless a seller offers an incentive by footing the bill of the sea trial.

Who Typically Pays for a Boat Survey

Is a Marine Survey Worth It – Used Boat Caveats

Shopping for a used boat can be a lot of fun. This is because the market is filled with all manner of vessels. You can start your search online and then contact the most promising sellers for a sea trial. However, as you shop around for a used boat, you have to consider working with an experienced surveyor to help with the initial inspection. But is a marine survey worth it? The answer is yes and here are the top reasons why.

Be wary of unknown brands

When shopping for a boat, you will come across less-known boat brands. You must be very careful when considering these brands. The reason for this is that less-known brands are not too concerned with the reputation of their brand. They can offer poor-quality workmanship and still manage to remain in business thanks to dealing with unsuspecting clients and offering low prices. Before you settle for a boat brand you have never heard about, you should consider getting a professional Cape Coral marine survey. An experienced marine surveyor will be able to help you know if the boat is a worthy investment or not. The surveyor will further help you dig up any dirt on the vessel and give you an estimate of the repair costs. You can use this information to determine whether to go forward with the purchase or not.

Beware that in preparation for the sale, some boat owners install home-built engines. While they may work perfectly in the first few weeks, these engines might fail on you. An experienced surveyor will help you know if the boat has a home-built engine and what the condition of the engine is.

Beware of signs of neglect

Most sellers make their vessels more attractive by doing some cosmetic work. The cosmetic work may include waxing or polishing the boat. Before you settle for a used boat that seems to be in perfect condition, take a step back and allow a surveyor to inspect it. The case is the same when the price is too low. Chances are the seller is not targeting a quick sale but simply trying to get rid of a piece of junk. It is only with the help you a boat surveyor that you will be able to know if the boat is in good condition or not.

The older a boat is, the riskier it is

With age comes risk. Some older boats will have been sitting on a trailer for months. It may have taken in water and may require major repairs. It is only with a professional survey that you will be able to determine the suitability of an old boat.

Hopefully, the above points have answered your question about is a marine survey worth it. Simply put, working with a surveyor is the best way to avoid spending money on a doomed vessel.

Is a Marine Survey Worth It