
Are you thinking about buying a boat? Two major things to research before buying are insurance and slip availability.
Insurance is an issue everywhere; even very experienced boaters are finding it difficult to get. Factors affecting insurance availability include:
- Age of boat – many companies won’t insure boats over 15 or 20 years old
- Material – wood boats are almost impossible to insure
- Size of boats – many companies have either minimum or maximum lengths
- Value of boat – again, many companies have either minimums or maximums
- Condition of boat – many require a survey (often every 2 or 3 years) and any safety items to be fixed
- Experience of operators – years of boating on similar or larger boats, claims, courses
- Location
- If it is your full-time homeÂ
Few companies still offer liability-only policies, even if you desire it.
I’m hearing of purchase offers being made contingent on being issued an insurance binder. NOTE: If you take out a loan to buy a boat, you’ll be required to keep it insured. If you can’t get insurance, the full amount of your loan may become due!
Slips are a huge issue on most of the west coast, with 3- to 5-year waiting lists common. They’re not nearly as much of a problem on most of the east coast, but you may be surprised by prices. Do your homework before buying a boat so you have a place to put her!
Complicating issues can include:
- Liveaboard
- Children
- Pets
Insurance is often a requirement for renting a slip. Further, more and more marinas require all boats to leave in the event of a named storm, so be sure you’ve got plans.
On the west coast, offers to purchase are often made contingent on the slip being transferred to the new owner.
I don’t want to discourage anyone from getting a boat – far from it – but I do want you to have all your ducks in a row before making a major investment.
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Carolyn Shearlock has lived aboard full-time for 17 years, splitting her time between a Tayana 37 monohull and a Gemini 105 catamaran. She’s cruised over 14,000 miles, from Pacific Mexico and Central America to Florida and the Bahamas, gaining firsthand experience with the joys and challenges of life on the water.
Through The Boat Galley, Carolyn has helped thousands of people explore, prepare for, and enjoy life afloat. She shares her expertise as an instructor at Cruisers University, in leading boating publications, and through her bestselling book, The Boat Galley Cookbook. She is passionate about helping others embark on their liveaboard journey—making life on the water simpler, safer, and more enjoyable.
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