4 questions to help you decide whether to repair or sell your boat
Is your boat getting a little tired? Does it need a little work or just a facelift to make it feel more up-to-date? The decision you face, then, is whether you should fix it up and keep it, or sell it and buy something new. Here are 4 quick questions to help your decision-making process:
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How much do you like it?
If you love your boat, it might be worthwhile to fix it up, especially if you’d like to keep it for a while longer. Be sure to get solid estimates before you make your final decision, though. If the fixes cost too much, you may not like your boat as much as you thought you did.
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Have your needs changed?
Life has a way of changing, and your boat may not have kept up with your current family situation or lifestyle. For example, your kids may have grown up and moved away, so you don’t need such a large boat. You may have gotten married to someone who likes the “fast lane” and your boat doesn’t have the speed you need. Or you may decide that you just don’t want to deal with the repairs anymore. Either way, it sounds like it’s time for a new boat.
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What kind of repairs does it need?
This should probably be your first question, because the extent of needed repairs can make a big difference in how you feel about your boat. Make sure you thoroughly investigate all of the potential repairs needed.
- Have your boat inspected by an experienced, certified surveyor. Among other things, ask the surveyor to look for any problems with the boat’s structure, since those issues are the most expensive to repair.
- Hire a good mechanic to check the engine, compression, exhaust system, fuel lines, and cooling system. Those types of problems can be expensive and complex.
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How much do you use it?
If you use your boat a lot, you’ll need to figure out if the needed repairs are small enough to happen over the winter – or during the week if it’s summer, so you can use it on the weekends. If not, you may want to think about investing in a new boat, so you and your family or friends aren’t left frustrated and without a boat during cruising season.
This document is advisory in nature and is offered as a resource to be used together with your professional insurance advisors in maintaining a loss prevention program. It is an overview only and is not intended as a substitute for consultation with your insurance broker, or for legal, engineering or other professional advice.
Chubb is the marketing name used to refer to subsidiaries of Chubb Limited providing insurance and related services. For a list of these subsidiaries, please visit our website at chubb.com. Insurance provided by ACE American Insurance Company and its U.S. based Chubb underwriting company affiliates. All products may not be available in all states. This communication contains product summaries only. Coverage is subject to the language of the policies as actually issued. Surplus lines insurance sold only through licensed surplus lines producers. Chubb, 202 Hall's Mill Road, Whitehouse Station, NJ 08889-1600.
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