3 Things to Consider Before Buying a Hurricane-Damaged Boat

Hurricanes have become more destructive over the years and with more than 60,000 boats being destroyed in the US alone, it’d be safe to say that boat owners are facing the worst of it. Even though hurricanes cause massive losses, they give birth to a great opportunity to get bargain deals on hurricane-damaged boats. Having said that, you need to consider a number of key factors to ensure that you're investing your money in the right boat. In this article, we discuss three such key aspects to consider before buying hurricane-damaged boats for sale from boat auctions in the USA.

1. Types of Damage

Dismasting is one of the most common damages found in hurricane-damaged boats, followed by hull penetrations and extensive damage to the frame of the boat. If the damage is extensive, the cost to repair is most likely to be higher than the value of the boat. In some cases, the boat remains partially or completely submerged after the rescue operation. These boats are also beyond the scope of repair.

2. Insurance Value 

In many cases, the insured value of the boat is not too high. When these boats get damaged, even if the damage is minimal, their repair cost surpasses their insured value, due to which the insurance companies declare these boats as a constructive total loss (CTL). Typically, the owner in such cases collects the insurance and has the first option to retain the vessel. If not, then the insurance company will sell it in a public auction where they are sold at remarkably low prices. 

3. Reputation of the Boat Seller

Sometimes salvage yards make cosmetic upgrades to boats and sell them at much higher prices. It is only when the new owner surveys the boat that they realize the true damage. Although online reviews should help you select a reputable salvage auction house, it's always advisable to get the boat inspected by a professional.

Bottom Line

Although purchasing and repairing a hurricane-damaged boat can be highly rewarding, you need to know your way around. On one hand, buying hurricane-damaged boats for sale calls for some technical knowledge; on the other, you must have some financial buffer for any hidden damages that might appear during the repair/restoration process. Hope this article has cleared some of your doubts about buying a hurricane damaged boat and help you find a great deal.