How to value a rebuilt boat

[geneseo1911]

So I spent a good chunk of my summer replacing the transom and a few other bits on my 1982 Cobalt. She is a 19' deep V bowrider with a 260 HP Mercruiser 5.7L. Anyway, I didn't keep careful track, but I would estimate I spent around 200hrs and $1000 on the project. I never want to do that job again, and I really like this old girl, so I would consider myself "married" to this boat. Lately I've started having nightmares about somebody rear-ending me and then my insurance company promptly writing the check for the $4000 I paid for it. I figure that to buy a boat of similar size & performance that I can be confident has no rot, I'm looking at what....$10-20K? Maybe more?

So I decided I better up my coverage, but the fact is that regardless what I say she's worth, or what she's worth to me, they will pay by what they can find for comparables, plus my upgrades (and labor doesn't count). So here's the questions;

1) where the heck do I find an honest comparable....as in a 30YO boat known to be rot-free, leak free, and maintained to tip-top shape?

2) How do I prove to an adjuster that what I have is in fact more valuable than most 30YO runabouts?

3) What say you? Whats' she worth? Original interior in great shape, Monster MT1, KMT6's powered by a BIG Kicker Marine amp, Clarion M309 head unit, GPS chart plotter, gauges all work, runs like a champ, somewhere in the neighborhood of 1000 hours indicated, but a look into the spark plug holes while the engine was out showed visible cross hatching in the cylinders, so she might have been rebuilt at some point, I don't know. She runs 52MPH GPS @ 4200 RPM with a 21 pitch SS prop. Lots of teak including the factory swim platform. I admit the color scheme is not the most resale friendly, but the gelcoat still shines and no one believes me when I tell them she just turned 30

4) Those of you who have rebuilt your boats, how have you handled this issue?

 

[Home Cookin']

Re: How to value a rebuilt boat

some insurance policies let you have coverage for a "stated value" which as long as it's reasonable, pays that amount if it's totalled no matter what the actual value is.

Other than that, the insurance company will pay you what a 1982 Cobalt 19' would sell for on Craiglist. Condition may add or subtract a couple bucks but at that age, it won't matter. Your work is worth nothing and may even hurt the value. Your electronics are probably not covered or have limited coverage. You might get the $4000 you paid for it, maybe less.

It's a 30 year old i/o bowrider, no matter what.

 

[H20Rat]

Re: How to value a rebuilt boat

As much as you are attached to it and the value you put on it, it isn't worth that much more than any other 30 year old boat on the open market. As cookin' mentioned, you can get a stated value policy, but it has to be within reason. $10k for that boat is probably pushing it.

 

[pckeen]

Re: How to value a rebuilt boat

Hi,

I get Home's point, and I doubt that the boat is worth $10-20k, however.....

An insurance contract is a contract...which means they will pay you what they are contracted to pay you.

I have a 1967 Starcraft Holiday. The value on resale as it was when I bought it was probably $1000, with a trailer that was worth only a few hundred dollars. But I put new tires on the trailer, re-wired it, removed the old motor, and put and a nearly new motor, controls, and harness into the boat. The cost of doing that was about $9,000. I went into the insurance company, with receipts in hand, advised them of what I had put into it, and they agree to insure the boat, motor and trailer, for $12,000, which is a fair replacement cost, if I had to go out and purchase a 'new' boat, motor and trailer.

One option is to go into the insurance adjuster with the receipts and information about what money you have put into this, and attempt to insure it for your purchase price plus a fair increase for the value you have put into it. I don't know what that value would be. You'll need to negotiate that with them. I see that didn't work for you so......

Your other option may be to get an appraisal of the boat, and take that into the insurance company. Boat dealers should be able to appraise it for you.

Unfortunately, restored boats, while worth a fair bit to the owner, and while they may be as good as new, are often not worth as much as you would hope on the resale market. Best of luck!

Oh yes - your boat looks great. Keep it!

 

[crabby captain john]

Re: How to value a rebuilt boat

WoW!!!!!!!!!!!! You did a fantastic job! She looks fantastic. Still, she is a 30 year old boat and not one of the collectable classics. Around here my guess is value plus twice your dollar investment and your labor is donated. Sad as she is a beauty which would put her at the top of the list in that price range for the size.

 

[geneseo1911]

Re: How to value a rebuilt boat

I understood going into the rebuild that I wouldn't really be increasing the resale value much, if any, although I would think that the right buyer would appreciate the fact that she takes on zero water. I think that in my area, my features and condition, compared to boats on CL, I could realistically get $6K from the right buyer. My problem is that it would cost SO much more to replace it with another boat of equal condition.

I should have asked: Is there an insurance company that will write a stated value policy on an old boat?

I suppose I'm worrying too much about a remote possibility, but I've been working to get everything "just right" on this boat since I bought it three years ago, and I don't want to have to start over. I'm sure you all know what I mean. I feel like $10K would be it's value TO ME, but outside of a stated value policy, I think that would be a hard sell to an adjuster.

 

[26aftcab454]

Re: How to value a rebuilt boat

I had the insurance person look up the 1100 page restoration on iboats Frisco Boater posted on my boat and was able to insure it for what I paid vs. the Craigslist price for a 32 year old boat . It is about $200 a year for full coverage. US Boats

 

[SWD]

Re: How to value a rebuilt boat

I hear you bud! I have a 26 year old boat and she is still in mint condition. A very rare find these days. Looked after and pampered all these years. Hard to find something like that now a days.

 

[Grandad]

Re: How to value a rebuilt boat

Those of you who have rebuilt your boats, how have you handled this issue?

I have the same nightmare. If they're not gonna pay what it's worth, why buy insurance? It's less likely to be stolen than a new boat and is most likely easy to identify if stolen. Other than liability, you're not likely to get much benefit from insurance on an old boat. - Grandad

 

[geneseo1911]

Re: How to value a rebuilt boat

I have the same nightmare. If they're not gonna pay what it's worth, why buy insurance? It's less likely to be stolen than a new boat and is most likely easy to identify if stolen. Other than liability, you're not likely to get much benefit from insurance on an old boat. - Grandad

You have a point, but for the $158/yr I'm paying now, I guess I'd rather have the $4K in the event of a total loss. I also worry about sinking or swamping and having fuel & oil cleanup costs as well as recovery, all of which my current policy covers. I guess all I can do is increase my limit and be careful. I tried Boat US and NBOA, but they would only insure the hull for $6500 max, which I suspect I could convince my current company its worth. I'm currently insured through Farm Bureau, and the claims I've dealt with have all been handled very fairly.

I wish I lived closer to Frisco....I could just buy one of his projects. Last I saw the Sea Ray is for sale....

 

[Alwhite00]

Re: How to value a rebuilt boat

I have BoatUS and also had it on my last boat - I had a agreed value policy on a 86 Sea Ray Seville 210MC - They wanted in & out pics and was not a problem.

LK

 

[haulnazz15]

Re: How to value a rebuilt boat

I hear ya. I have the same situation. A mid-70's runabout with a newly-rebuilt engine, original interior in great condition, hull in great condition, and a new composite transom. The boat is basically new aside from the fiberglass and upholstery. I could get a solid $5K out of it on CL, maaaybe $6K to the right buyer. I don't worry about insuring it, but I know if I did they'd never give me what it'd cost to replace it with something equivalent.