You probably spend as much time in your boat as possible and get to the lakes in the Rhode Island area as often as you can. Watercraft and boats are significant investments, and it’s essential to protect those investments as soon as you can. When you are ready to safeguard your investment, call us for the most accurate watercraft values Rhode Island has to offer.
When you want insurance, you need to have an appraisal ready to go to submit to various insurance companies. You won’t have to work with an insurance appraiser who may not be experienced in appraising watercraft when you have your own appraisal done by an independent appraiser. Our appraisers have appraised many different types of watercraft. The insurance appraiser may also not have access to a comprehensive database like our appraisers do. This database contains information on recent comparable sales.
Before you buy insurance, you can get an appraisal, and you can also get one if your boat or other watercraft is damaged or in an accident. It will be worth significantly less than it was, and you won’t be able to sell it for the price you could have before the damage happened. Diminished value is the difference between what you could have sold it for before the damage occurred and what you could sell it for afterwards.
You can file a diminished value claim with the at-fault party’s insurance if the damage wasn’t your fault. This can help you get your money back that you lost due to the damage to your investment, and lessen the pain of having damage done to your watercraft.
If you want to sell your watercraft, whether it’s been damaged or not, an appraisal can help you determine the right amount to sell it for. The appraisal can bring in buyers faster because you’ll know exactly what it’s worth.
The appraisal will include dozens of high-resolution photographs and detailed notes to help you see exactly what is wrong with the watercraft and what its strong points are. If you are going to buy a watercraft, this kind of inspection information is invaluable.
An appraisal can also be helpful in situations of divorce, bankruptcy, financial audit, donations for tax purposes, or estate settlement. The IRS makes you turn in an appraisal when you donate your boat to a nonprofit organization, and you will need one for other official purposes, like those mentioned previously. A current appraisal can help proceedings go more smoothly.
Contact us for the most accurate watercraft values Rhode Island can provide.