Cost of Valuation

[cafebloke]

After making a few thousand pounds worth of improvements, including new props, new trim tabs and motor, new fridge, telly, calorifier, vhf radio, new floors, new upholstery, everything repainted, ....I feel my boat is now underinsured..
My insurers want an independent valuation before they will make any changes to my policy..


Can anyone give me a rough idea what a valuation costs.. ??


The boat is a Birchwood Countess 27 , now in excellent condition. moored in London.. In my opinion it is worth about £16000 - £17000

It is currently out of the water but will be going back in and heading upriver next month...

 

[davidej]

Shame that it is now worth less than you have spent re-furbishing it!

Quite a common scenario in the classic car field

 

[davidej]

On ro-looking at you post did you mean £16-17k

sorry but i am a raggie so have no ideal of the value

 

[gjgm]

In my opinion it is worth about £1600 - £1700
*
Am I missing something here?
Anyway. replacing props doesnt add value.. a boat isnt much use without them, and I m not convinced about a fridge and telly doing so either.
I'd either talk to the insurers again and offer them some photos and invoices, or wait til next renewal and see who quotes what at your higher valuation. No reason to expect a right off imminently , is there?

 

[Trundlebug]

We're in a similar situation, having bought a fairly old motor cruiser and completed loads of work to improve and refurbish it.

Our insurers said the same thing when I said I wanted to raise its insurance value; I guess not an unreasonable request when you think about it.

So I asked our marina, who are also brokers, to carry out a revaluation. It cost us £50. They even asked us how much we wanted them to value it at..

I considered it well worth it, given the increase in the value of the boat was around £10k.

To get the best idea on value, check out similar boats to yours on e.g. www.apolloduck.com

I find that the easiest website to compare the same type of boat, although I'm sure it's possible to do it on other sites too.


Looking lovely by the way!

 

[cafebloke]

Thanks for the reply Trundle, I tried a few brokers to compare prices but can't find another one of these boats for sale....

Can anyone recommend somewhere on the Thames to get it done..??

 

[epervier]

or get a surveyor in to appraise her before she goes back in the wet stuff. but it will cost every thing does.

 

[yankeebloke]

On the Thames try Bray or Windsor Marina, they do boat sales ans will give you a valuation

 

[moonraker 36]

i got a builder's policy from nautical.
so as you improve with the restoration work,you can amend the value of the boat.
really designed though for boats been worked on the hard standing.
survay and valuation needed before it goe's in the water.