While plenty of information regarding boat warranties exists, many boat owners and buyers continue to be confused about the options available to them. Boat warranties can vary by type and coverage depending on a number of variables. In this article, we will attempt to provide clarity on the subject and help boat owners and buyers better understand how to protect their vessel. First, we’ll discuss boat warranties in general, then get into some specifics about the extended or enhanced warranty.
Manufacturer Warranties
New boat purchases typically come standard with a manufacturer warranty that covers defects in workmanship and early failure of major boat components. When purchasing an automobile, the manufacturer warranty typically covers everything inside the vehicle. However, with a boat purchase, some of the major components are covered separately by the manufacturer of the component itself. This is most common with the boat engine. In an oversimplified example of a person buying a new EdgeWater boat with a Yamaha outboard engine, Yamaha would typically provide a warranty on the engine while EdgeWater covers the rest.
There are a few different types of manufacturer warranties. First, a bow to stern warranty covers the entire boat and everything in it (except the engine). Note that these aren’t very common, and if they are in place, they are often only last for a single year or a short timeframe.
A structural warranty is focused on guaranteeing the major components of the boat such as the hull, deck, stringers and more. While most reputable builders provide these types of warranties, it’s important to look into the details as they can vary from builder to builder.
A hull warranty covers failure of the hull. In modern boat manufacturing, hull failure is pretty rare, so many builders will provide long-term warranties around hull integrity. Some builders, such as EdgeWater, even guarantee the hull for life.
Manufacturer warranties may or may not be transferable when the boat is re-sold. This can vary widely depending on the manufacturer and can come with restrictions. Look into whether or not the warranty is transferable and under what conditions when purchasing your boat.
Lastly, some manufacturer warranties can be voided if repairs are being done at unapproved service centers. Make sure you’re complying with your warranty terms when you get maintenance or repairs done.
The Extended Warranty (or Enhanced Warranty)
Extended or enhanced warranties can be purchased through third parties to cover non-defective breakdowns of your boat. The extended warranty essentially wraps the manufacturer warranty providing an additional level of coverage and peace of mind.
If something breaks on the boat and the manufacturer deems it not to be a defect, the extended warranty can cover the cost of the repair. Common non-defective breakdowns can include things such as engine overheating, sensor failures, valve issues and more.
Extended warranties can be custom tailored to the specific features and accessories of your boat ensuring total protection. Pricing is regulated by the state of Florida, and the cost of the warranty can be rolled into the financing of the boat – when it comes to protecting the boat asset, lenders are indeed onboard. It’s also important to remember that warranty claims require boat owners to keep up with maintenance, and this includes keeping detailed and organized records of all maintenance performed.
Extended and enhanced warranties can be especially useful for new boat buyers. For a new boat owner excited about getting out on the water, warranties offer peace of mind and help manage risk against unforeseen, costly repairs. A new boat owner that has clear plans in place ahead of time for maintenance and unforeseen breakdowns can more easily do what he or she intended to do with the purchase in the first place: simply enjoy the boat and being on the water.
Note that extended warranties are typically six to eight years in length for a new boat purchase. While it’s possible to purchase an extended warranty after the manufacturer warranty runs out, the price increase is higher than the typical amount saved by waiting a few years. So, the math is pretty straight forward: if you think an extended warranty makes sense, buy it when you’re purchasing the boat.
Tom George Yacht Group offers a number of extended and enhanced warranty options for boat buyers. Talk to our team about the specific pros and cons of your situation, and the TGYG professionals will guide you toward the best long-term option for you and your family.
Additional Options
For even further protection of your boat, owners can purchase protection plans for the exterior components of the boat including paint, vinyl, fiberglass, carpet and more. Florida boaters know that sun damage, mold and mildew, fading and discoloration and other risks are a natural part of owning a boat.
Tom Georga Yacht Group provides protection plans such as Vantage Protection Systems that will protect your boat and keep it looking brand new. If interested in more details about such options, please contact the TGYG team.