Boat Value ??

[tpenfield]

Re: Boat Value ??

In my experience . . . NADA typically runs higher than "the market" for newer boats, say up to about 12 years . . and runs low for older boats, 14+ years.

BUCValue seems to be closer to reality, but in today's market, many boats are not selling near BUC value either.

In this case 2008 Glastron 185GT - $14K with trailer is below BUC value as well as NADA.

There was a thread on this forum a few months ago about someone who had wiped out their Glaston and trailer on a highway crash. There became an issue with the guy's insurance coverage falling short of what the replacement cost of a same year boat and a trailer would be. So, you might want to make sure you are insured for an 'agreed value' closer to BUC or NADA, as you may not be able to replace the 'rig' for the $14k purchase price.

 

[MJG24]

Re: Boat Value ??

When you 'book' this boat on NADA and add the 4.3-5.0 engine option, it gives a 'high retail' value of $19,750. It breaks it down $16,760 for boat and $2,990 for engine. Does the same when I book my boat. Maybe it doesn't for all boats, but it seems to if it has an engine upgrade.

 

[BoatDrinksQ5]

Re: Boat Value ??

That seems like a very low price for the engine... i thought when i bought my boat it had it itemized and the engine was a very good chunk of the dough. Like near half, if not more.... i would think the 2990 would be the upcharge from 'base'

 

[tpenfield]

Re: Boat Value ??

When you 'book' this boat on NADA and add the 4.3-5.0 engine option, it gives a 'high retail' value of $19,750. It breaks it down $16,760 for boat and $2,990 for engine. Does the same when I book my boat. Maybe it doesn't for all boats, but it seems to if it has an engine upgrade.

That is just an adjustment for the optional engine (5.0) not that cost of the engine . . .

 

[MJG24]

Re: Boat Value ??

That is just an adjustment for the optional engine (5.0) not that cost of the engine . . .

That's true, it is the upcharge from the base (I was mistaken). But the actual cost of a new 4.3 marine engine is right around $3,000, not including installation of course. Acual value of a 2008 engine is subjective. I can't see valuing the engine for what it would cost to replace. An engine loss is not likely on a I/O as far as a situation that is an insurance claim.

I still don't get why an insurance company would even need a breakdown for an I/O. I think this insurance company has no idea what they are doing.

 

[Brewman61]

Re: Boat Value ??

That is just an adjustment for the optional engine (5.0) not that cost of the engine . . .

Exactly. The base engine is included in the base value of the boat, it's not split out anyhere I can see. Therefore the value listed for an upgraded engine is only the increase in value above the base engine, and since it's not possible to see the value of the base engine, it's not possible to know the value of the upgraded engine. My 220 HP engine, according to NADA is worth about $2000 more than the 135 HP base engine. The 220 HP engine is worth $2000 more than the 135 HP engine. Since we don't know what NADA values the 135 engine at (it's lumped in with the boat's overall base value) it's not possible to know what NADA's value of the engine actually is.

 

[tpenfield]

Re: Boat Value ??

Yea, I don't think this guy will ever get insurance with all the confusion about the value and how it breaks out

 

[Zerbel04]

Re: Boat Value ??

Got it all sorted out. In the end they set up a separate boat policy and only needed the trailer value broken out since its an inboard. I insured it for what I feel the value is ($17,000) instead of the purchase price ($14,000). Thanks for all you help everyone