Boat Value ??

Zerbel04 · Sep 6, 2012

Just purchased a boat a few weeks ago. My insurance company is asking me to value the boat hull, engine and trailer separately for insurance purposes. I don't even know where to start with that. I've tried searching the web and various for sale by owner sites but came up empty handed. Anyone have a clue where else I can look or any educated guesses for me to give them?

2008 Glastron GT185
4.3 Volvo Penta GL
2008 EZ Loader single axle trailer

Paid $14,000 total.

I was thinking $1,500 for trailer, $4,500 for the motor and $7,500 for the hull??? That's just a wild *** guess.

MJG24 · Sep 6, 2012

Re: Boat Value ??

http://www.nadaguides.com/Boats

Brewman61 · Sep 6, 2012

Re: Boat Value ??

You appear to have an I/O- Volvo Penta GL 4.3L GM Block. So I don't see why they would make you value the motor seperately from the boat, the NADA guide won't let you calc. it that way.
Does your insurance company understand you have an I/O?
NADA does have a trailer calc. so try the NADA guide on your boat, remember to ilnclude all the add on's you may have- some of them add considerable value. Especially that 4.3L if the base boat came with a 4 cyl, and if you have fuel injection that will add a lot more, up to a couple thousand.
Then do the same for the trailer, then compare that to what you paid for the boat and see if NADA was reasonable.
Many insurance policies allow you to lock in the value of your boat and it doesn't depreciate each year.
You can also look at what similar boats are selling for in your area if you want additional data for your valuation.

MJG24 · Sep 6, 2012

Re: Boat Value ??

NADA does value the engine seperately, even for I/O's.

Tail_Gunner · Sep 6, 2012

Re: Boat Value ??

MJG24 said:
NADA does value the engine seperately, even for I/O's.

Nada is a very poor guide for both whole sale and retail values. 24 yrs experience...I know of very few profesional car people who use it as a guide...The opinion is they would be off the market by 50%

greenbush future · Sep 6, 2012

Re: Boat Value ??

Tail_Gunner said:
Nada is a very poor guide for both whole sale and retail values. 24 yrs experience...I know of very few profesional car people who use it as a guide...The opinion is they would be off the market by 50%

Consider insuring for the value you paid instead of what NADA is telling you. So many variables that NADA can be way off in many cases. If you paid $14K then insure it for $14K.

MJG24 · Sep 6, 2012

Re: Boat Value ??

Tail_Gunner said:
Nada is a very poor guide for both whole sale and retail values. 24 yrs experience...I know of very few profesional car people who use it as a guide...The opinion is they would be off the market by 50%

In my area both car dealers and banks use NADA for cars.

oldjeep · Sep 6, 2012

Re: Boat Value ??

I'd consider who you are insuring with if they are asking you for the values.

wlg · Sep 6, 2012

Re: Boat Value ??

Don't undervalue your trailer.

tpenfield · Sep 6, 2012

Re: Boat Value ??

Your insurance company is thinking that you have an outboard motor, not an I/o . . .

Clarify that with them . . . You should then be giving them only 2 values . . Boat and trailer. Let's go $12k and $2k .. .

WIMUSKY · Sep 6, 2012

Re: Boat Value ??

MJG24 said:
In my area both car dealers and banks use NADA for cars.

Around here they've been using Kelly for quite a while. NADA has gone by the wayside.

For boats, NADA has been lower than what they actually sell for. Most boats around here go for more than what NADA sez....

I didn't see in NADA where they listed engine values seperate for I/Os, just OBs. They let you chose different power plants, but I didn't see any values.

Zerbel04 · Sep 6, 2012

Re: Boat Value ??

Wow thanks for all the quick informative responses once again. Love this forum.

I contacted my insurer to clarify and let them know that I was a bit stumped on what they were looking for and why.

Seems somewhat clear that the lady who asked for this information originally is very unsure of herself. I'm not sure she's ever even seen a boat.

Sounds like they will be adding the boat to my homeowners policy as opposed to a separate boat policy.

She also sort of recanted and said one number would be fine. I'm not overly confident with this lady's information but I'm not about to switch insurers over it.....I have 4 motorcycles, 2 vehicles, a house, 3 trailers and now this boat all with the company and would be a huge pain to switch.

Oh and BTW checked out nadaguides and it valued my boat between $19,600 and $21,900. Considering I paid $14,000 i was happy to see that regardless of how accurate nada is.

MWBoatFan · Sep 6, 2012

Re: Boat Value ??

What he said ^^^^ NADA is always WAY off my local market here in KC, I did a bunch of local research based on actual replacement value for my boat. Around here boats go for anywhere from a couple thousand more than NADA to several thousand depending on brand, model, size and age. I added to that research that in my case Mariah boats are no longer produced and kinda rare and mine is a particularly rare version of an already rare brand. So for TRUE replacement I took into consideration that I'd have to FIND one as well as probably TRAVEL to get it and then potentially pay a premium. Just my 2c

BoatDrinksQ5 · Sep 6, 2012

Re: Boat Value ??

Often any decent sized boat isn't covered under a house coverage... make sure you review or get in writing a description of HOW the boat is covered...and how boat is replaced (what value?)

I would be very leary based on what you describe....seems like you could quickly have "no coverage" in a 2yrs when you need it.... and this lady....working somewhere else.

JEBar · Sep 6, 2012

Re: Boat Value ??

if you purchased the boat from a dealership, they should be able to provide you with a written statement of value .... if you bought from an individual, it might be worth having a dealer look it over and give you a statement

Jim

Home Cookin' · Sep 6, 2012

Re: Boat Value ??

NADA and Kelly are not very reliable for true market value of boats, especially old ones, but (a) yours is newer and (b) you are looking for insured value, not what you paid for it or what you would sell it for.
So go for the highest between what you paid and the guides--in your case, the guides.

I agree with the comment that it is unusual to add a boat of that size to a HO policy. Some may have riders if they write marine insurance. They may be adding it to liability but not property loss (called "fire" or "marine" sometimes; not to be confused with property damage, which is liability). So be very careful and never trust anyone on the phone.

Look into increasing your general liability with an umbrella while you're at it. Look into $1 million coverage.

UncleWillie · Sep 6, 2012

Re: Boat Value ??

What it is Worth/Valued and what you paid for it are two separate item.

Value:
Trailer $2000
Motor $5000
Hull $10000
Total $17.000

If you paid $14,000 for the package you got a good deal.
That does not change the value of the items.
If you bought the package from a relative for a token amount of $100, it would still be worth $17,000.

If you had to replace any of the items, what would it cost?
That is what you should insure it for.

MJG24 · Sep 6, 2012

Re: Boat Value ??

We can debate NADA and other valuation sites to no end, especially with older or rare boats. In this case, NADA says the boat and motor is worth over $17,000 with NO add on's. It does give a seperate engine value - in the final value after you submit the engine size. So in this case NADA is much higher than 'market' value or purchase price.

When I worked in auto wholesale finance. everyone used blackbook/NADA. I currently work in retail finance, and NADA is the best for our area, used by almost all lenders. Bluebook is used by some dealers because they have inflated retail and low trade values.

The good thing about boat insurance is many times you can insure it for just about whatever replacement value you want within reason.

palace · Sep 6, 2012

Re: Boat Value ??

Welcome aboard! You may want to check out BoatUS this is what they do, marine insurance. They also have a unlimited tow assist for $59-$69? I had to use it this summer when I had a blow out on my trailer. I saved a friend in the beginning of the summer, by giving him a tow. He has gotten towed before, about $300+! Enjoy and remember to winterize if you live in an area where it freezes. Good Luck!

Brewman61 · Sep 6, 2012

Re: Boat Value ??

WIMUSKY said:
I didn't see in NADA where they listed engine values seperate for I/Os, just OBs. They let you chose different power plants, but I didn't see any values.

Same here. The incremental value of the upgraded power plant is listed as an option, but it's not the same thing as the value of the engine, since the base engine seems to be lumped into the value of the boat, I don't see where it was listed seperately.

Boat Value ??

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