Don't Worry, Be Happy Boating

Are you buying a boat? 

When you are buying a boat, there are so many decisions you need to make from the type of boat, engine, size, accessories, finance, insurance, and the list goes on. Oftentimes, we get so overwhelmed with all the excitement that we don't take time to think about protecting our new purchase. Below are some questions to ask yourself to help you decide if you need additional protection on your boat.     

Does your boat come with any type of warranty? 

There are three main types of warranty on your boat:  

1) Hull Warranties cover just that, the boat’s hull. Catastrophic hull failure is a rare event with modern boats. This is where you’ll sometimes see extremely long or even lifetime warranties apply.

2) Engine Warranties come from the engine manufacturer and begin on the date the boat was initially purchased. It is important to understand that on most occasions this is a different warranty than your boat warranty. The engine warranty typically covers only your engine and comes from the engine manufacturer and not the boat manufacturer. The terms of these warranties vary from manufacturer to manufacturer.  

3) Component Warranties include the mechanical parts of the boat outside the engine. The components of the boat like electrical, HVAC, fishing equipment, bow thrusters, appliances, bilge pumps, etc. are not included in your engine warranty. These component warranties are typically much shorter than the engine warranties unless the boat has a bow to stern warranty.   

Does the term of your warranty equal your anticipated ownership term? 

While boat manufacturers are coming out with longer and longer warranties, typically those warranties are still not long enough to include your entire ownership. It is important to remember that there are good reasons why engines and boats don't have warranties that last forever. As a boat ages, repairs become more frequent.    

How do you plan to pay for your repairs? 

As most boat owners already know, boat repairs are unavoidable and can sometimes be expensive and unexpected. It is important to have a plan to pay for repairs when they arise. Typically, the older the boat is, the more repairs it may require.  

Have you priced out an extended service contract (extended warranty)? 

An extended warranty is technically an extended service contract. These extended service contracts pay for covered repairs when they arise. This type of protection can cover your engine, the components, or both. In addition to paying for repairs, coverage includes other benefits like towing, blocking, dockside assistance, and hoist/lift out.  

Do you prefer a known cost for repairs or a variable cost for repairs?

A service contract provides you with a choice. If you purchase a service contract, you can rest assured that if a mechanical issue comes up with your boat, you will be covered and pay only your deductible. If you go without a service contract, then you roll the dice and pay for repairs as you go. The choice is yours.  

What can an extended service contract do for you? 

An extended service contract gives you peace of mind that a huge repair bill won't be coming your way. It offers assistance with towing, hoist/lift out, dockside assistance if necessary. Finally, it increase the value of your boat when you go to sell it by allowing coverage to transfer to a new owner.