The Covid-19 pandemic caused a surge in demand for boats almost as soon as lockdowns began to ease. But the pandemic has not been the only cause of the increased demand for boats. Catastrophic hurricanes in the recent past have also impacted demand as damaged boats flood the market and boat owners cash insurance checks. Unsurprisingly, this increase in demand has also caused an increase in the number of boat fraud reports.
In fact, according to the National Insurance Crime Bureau, “Boat theft and fraud cost owners and insurance companies millions of dollars every year.” The four largest hurricanes of the past 10 years caused nearly 200,000 boats damaged or destroyed, many of which were put back on the market without any disclosure of damage and sold to unsuspecting boat buyers with “clean” titles.
Rising demand, lack of inventory and large number of damaged boats being resold create the perfect storm for fraud as only five states currently issue boat titles that outline any previous damage while all other states issue titles (or in some cases no titles at all). ) for boats regardless of the history of the boat.
In a recent study, Boat History Report found that 36% of boats sold on Craigslist were listed with “proper titles” despite an undisclosed damage history, with 19% of those purchased at a salvage auction during the previous six months.
Since Boat History Report is like Carfax or Autocheck for boats, private used boat buyers aren’t the only ones using it. According to Jani Gyllenberg of Marine Connection, “Boat History Report gives our customers peace of mind when buying used boats from us. It is a valuable tool that we use to ensure that the used boats we buy or trade in do not have a hidden past.
That’s exactly why company founder and CEO Grant Brooks created Boat History Report. “We believe in transparency. Our service offers potential buyers an extra level of protection and peace of mind, as we are able to extract verified information from our database of over 120 million records comprised of hundreds of public data sources. and private nationwide,” he said.
According to Brooks, 1 of 17 Used boats on the market have suffered damage, so it is imperative to know the history of the boat before buying it. And knowing that the boat you want to buy is not the 1 in 17 can potentially save you a ton of time, aggravation, and most importantly, money.