Estimation of Boats Value

GrowingLad

GrowingLad

Well-Known Member
Joined
11 Jul 2007
Messages
1,710
Location
Zurich, Switzerland
Visit site
Hi Guys,

Following on from my previous thread regarding Insurance.
I was having a think about what I should value my boat at.

I currently have the value stated as 5000 pounds sterling.
I've just been having a look on boatsandoutboards and wonder whether I've got the value stated too low.

I know if I state the value higher I'm going in the opposite direction of trying to lower my premium, but there's no point of insurance if the worst does happen you are left up the swanny without a paddle.

She's got a petrol VP AQ115, I believe she's from the late 60's / early 70's.
A few years back I've pretty much had everything apart from the engine/leg (which were rebuilt before going back in) replaced and re-fitted, from complete new wiring to new foam in the cushions. She's a pretty tidy boat for the age and a full survey was carried out at the time which says she's all in good shape.

26072009091.jpg


03092009157.jpg


DSC03787-1.jpg



So, what do you guys reckon, 5000 reasonable value for insurance?
 
All that "value" does is provide the limit of the insurance payout if the boat is written off. On many boats it is difficult to put a value on them because the market is so thin. Normally insurance companies take a view about what is being asked for, and when taking on new business they will often ask for a professional survey and valuation so that they have a third party view on value.

When I did a major refit on my boat which cost me as much as the boat when I bought it, I submitted a statement of my expenditure and a survey confirming the work was carried out properly (I did it myself - the work that is) to support the higher value. This was accepted, even though the value was above typical market value.
 
cadser said:
Well i don't know anything about insurance, but would be proud if she was mine.

Happy boating
Click to expand...

Nice of you to say so, but unfortunately the insurance companies don't see it that way. She's old and many don't want to offer full comp....Funny thing is, they built em like brick out houses in those days, and everything else has been replaced/updated...backed up by survey, but it's just not profitable to do niche policies, so they don't bother....oh well.

Makes the decision to get full comp or not easier...3rd party it will be!
 
I'm sure you could easily double it to £10000 without affecting the premium, it would probably fall into a sub £20K premium bracket or such like, its only a figure to start negoitations from in the event of a write off so better to be a bit too high than too low.
 
In the condition your boat is in I would insure it for not less than £10,000, Plus the value of the trailer. If you looked around would you find another. But one thing that dates boats is the navigation equipment, that Echo Sounder, I had one in 1973, very good at the time but todays stuff is far better.
 
Jim@sea said:
In the condition your boat is in I would insure it for not less than £10,000, Plus the value of the trailer. If you looked around would you find another. But one thing that dates boats is the navigation equipment, that Echo Sounder, I had one in 1973, very good at the time but todays stuff is far better.
Click to expand...

Hehehehe, I've actually still got the original. That one is an updated version. Must admit, it's a bit naff when bombing along, but works quite well at 6-7 knots. Although I do keep thinking about getting a new digital one, but with the amount of times I get out on the boat I can't justify it just yet.

The area where I pootle about is either blooming deep, or you're on the beach. And if it is shallow you can see the bottom.

Actually, that radio in the photo was the old one, I've now got a new one with DSC.
 
Lovely classic boat and you did a great job on the refit!

I'd say you cant get much for under £10k as good to replace it in the unfortunate event that you had to plus the trailer has to be worth at least 1-2K depending on condition and load capacity.

The insurers will always look for a way out or at least down, so down from 11k is better than down from 5k, at this end of the market its unlikely to affect your premium much anyway?

Iv'e mine on with Navigator and General and find it quite reasonable? Kept my value high too.

Hope that helps Franky.
 
I thought that you could only insure a boat for the amount that you actualy paid for it. If you want to increase the insured value then you need to get a surveyor to put a value on it for the insurance company. This is what I had to do a few years back when I bought a 'bargain' and then spent tens of thousands on it - the insurer would only accept the purchase price at first (not much use to me).

Of course the case may be different at the cheaper end of the market or if the boat is of a common type and the insurer has a 'window' of values which is acceptable to them.
 
You must log in or register to reply here.

Share this page

Top