Boat Insurer Guide to Selling a Boat

boat for saleWith the aim of helping those that wish to ensure that they receive the true worth of their vessel in a timely fashion when selling it (that's all of us we assume!), here are just a few quick suggestions/ ideas for things to think about. This list is for existing boat insurance customers and is provided with best and fully honest intent only, if in doubt seek professional advice!

  1. Firstly, do your research on other similar vessels for sale before setting selling price. Also be aware that often people assume that the stated selling price for big ticket items is negotiable, know what your lowest price is and stick to it (no harm taking contact details and taking time to think over an offer).
  2. Make the boat tidy, do that full spring clean you put off for so long! Do all simple fixes that you are able to, whilst weight up the benefits of larger jobs (as a general rule make sure the boat starts well, is fully water tight and that any potential boat safety issues are attended to.. non-essential fixes should not be taken on unless they add value).
  3. It is worth considering getting an updated boat safety certificate, having a fresh boat service and collate all available documentation though (including manufacturers specifications, appliance documentation, details of any boat insurance claims)
  4. Consider using a sales broker. Of course it’s an obvious point, but this decision usually comes down to time and money. Selling the boat yourself avoids the 5-15% sales commission, but saves you time and effort as well as often better reducing your exposure to fraud (check your broker has appropriate professional indemnity insurance and that the service includes potential buyers vetting and accepts responsibility for this).
  5. Collate your advertisement: Provide full manufacturers specification and up to date photographs (a nice sunny day is best)! Highlight the key attributes that made you want to buy the boat.
  6. Consider where is best to advertise the boat. Where did you see it advertised, more specialist boats may require internet exposure, common boats are more likely to sell through local boating magazines/ club notice boards etc.
  7. Be realistic as it often takes between 3 and 6 months to sell a boat (maybe more in the current financial climate), so be patient.
  8. If selling the boat yourself, make sure you draw up an official bill of sale and agree how funds will be transferred (a bankers draft is often best as this guarantees the buyers has appropriate funds are in place). Sign the bill of sale in front of agreed witnesses and only once you are certain the appropriate funds have been cleared, only then should you hand over your ownership documentation.
  9. Finally, once the sale is complete, immediately alert your boat insurance company, this is both to protect yourself but will allow you to claim any refund owing if not purchasing an alternative vessel.

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