After a hurricane, the used boat market is flooded with boats that have been damaged in a hurricane, deemed a total loss by insurance companies, and sold at auction for a low price. Buying a hurricane-damaged boat offers the opportunity to acquire a high-value boat at a low price, but involves a certain amount of risk. It's a good idea to ask a yacht broker or marine surveyor to assess potential problems before purchasing this type of boat. This article offers some ways to buy a boat damaged in a hurricane that can help you make an informed choice.
Figure out the value of the damaged boat
The value of a boat damaged in a hurricane can be thought of as the good value of the boat on the used boat market minus the cost of repairs. For example, a boat worth $100,000 would be worth roughly $25,000 after damage if repairs would cost about $70,000. The value of a damaged boat is affected by a number of factors, one being that potential buyers are reduced by the fact that the boat was once damaged after the repairs are made, and the other being that the value is reduced by the fact that the boat is not available for use during the repairs. To find out the value of a damaged boat, you can estimate it based on the extent of the damage as determined by the insurance company.
Buying a boat with engine damage
Damage to a boat's engine after a hurricane can come in many forms. Engines that are submerged in water, especially in salt water, are usually severely damaged. There can also be engines that are not fully submerged, but have inhaled water, or engines that have been damaged by impact. An engine that has inhaled water may be scrapped or salvageable, but it is a case-by-case judgement. Generally, this is not as bad as an engine that is completely submerged in water. The extent of damage to an engine from an impact varies greatly and can be negligible or extremely severe. When buying a boat with engine damage, you need to carefully consider the extent of the damage to the engine, and if you can live with that level of damage, those are the options to buy.
Buying a boat with damaged electrical systems
In the aftermath of a hurricane, a boat's electrical system can be damaged, mainly due to water intrusion or flooding of the boat. In most cases, the electrical system will require a complete and thorough rebuild. As a result of water intrusion, corrosion can occur in connection areas, wires can absorb moisture within their insulating shields and deteriorate in places that are difficult to detect, and switches, fuses, and busbars may need to be replaced. When purchasing a boat with a damaged electrical system, carefully consider the damage to the electrical system and, if you decide to purchase, consider a comprehensive plan for replacing the electrical system to ensure that it can function properly.
Buying a boat with severe hull damage
Damage to a boat's hull is usually repairable, but the way the boat was originally built may affect the difficulty of repairs. For example, a hull with a cored structure can cause a number of tricky problems. Because the core has been exposed to the water, it is likely to be waterlogged, there may be multiple separations between the core material and the laminate, and there may be damage to much of the hull and core that is difficult to detect with the naked eye. When purchasing a boat with severe hull damage, it is important to keep this key point in mind: the hull is the key to keeping the boat afloat, even if it is a matter of life and limb.
Buying a Sinking Boat
When a boat is unfortunate enough to sink in a hurricane, the extent of the damage it sustains should not be underestimated, and is often very severe. There are some exceptions, such as sailboats with simple electronics. Typically, all of the contents and electronics on the boat will be severely damaged, and even if the electrical systems don't need to be replaced, they will at least require special attention and overhaul.
The market in which a vessel sinks and the nature of the waters in which it sinks can have a significant impact on the damage. A vessel sunk for a short period of time will have a completely different damage profile compared to a vessel that has been submerged for a long period of time. There are also differences in damage between a vessel sunk in fresh water and one sunk in salt water. For example, if a boat is briefly sunk in fresh water, there is still a chance that its electrical system can be salvaged, but prolonged immersion or exposure to salt water will virtually scrap the wires, connections, switches and anything damaged by corrosion. Overall, there are many potential issues to carefully consider when purchasing a sunken boat.
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