Forty year old Contessa 32, £200,000
- Thread starter elton
- Start date
Aardee
Well-Known Member
To build and fit out a new, one-off C32 may well end up costing that much, but surely the insurance value would be based on the cost of buying a similar age boat in similar condition rather than replacing with brand new?
elton
Well-Known Member
Exactly. Insurance always works on a like-for-like replacement basis.
Refueler
Well-Known Member
There's also the media maybe stating the total for 'sensationalism' 200,000 .... but conveniently ignoring the make up of the total from salvaging the yacht and lift ashore etc..... failing to show clearly each cost separately.
Just_sayin'
Well-Known Member
No it doesn't. Mine is agreed value.
RichardS
N/A
Indeed. Some of my policies even work on a new-for-old basis.
Within reason, insurance works on whatever basis you are prepared to pay for.
Richard
john_morris_uk
Well-Known Member
No it doesn’t. Lots of insurance is on a ‘new for old’ basis.
Resolution
Well-Known Member
I cannot imagine many insurance companies would be willing to do agreed value of £200,000 on a Contessa.
An Anderson 22 probably, but not a Contessa.
Aardee
Well-Known Member
Agreed, but difficult on any car/ boat/ bike/ aircraft that's been out of production for some time. If your E Type is written off in a crash your insurer wouldn't have Jaguar build you a new one.
john_morris_uk
Well-Known Member
Excep classic car insurance is usually on ‘agreed value’. At least when I’ve taken it out it was...
awol
Well-Known Member
But CO32s are still in production. A boat you have owned and maintained for 40 years is not the same as any other 40 year old Contessa.
RichardS
N/A
Indeed. We have to send dozens of photos to a schedule prescribed by the insurance Company before they will agree to the agreed value. Even then, there is always some negotiation required before the figure is acceptable as, with Land Rovers, looks can be very deceiving.
Richard
Just_sayin'
Well-Known Member
Mine would if that was the purchase price but that's clearly not the case with such an old boat
Agree about the priceless Anderson though
awol
Well-Known Member
I'm not sure what the CO32's insurance has to do with this. The claim was against the ferry company and the owner seems satisfied with the outcome.
pvb
Well-Known Member
He's in the real world! He was quoted as saying that a "bespoke replacement" would cost around £200K. He was actually underestimating; new build Contessa 32s start at about £250K!
Contessa 32 New Build | Jeremy Rogers Limited
john_morris_uk
Well-Known Member
Exactly. And presumably it covered loss of amenity as well as the replacement of the craft. The owner was deprived enjoyment of his/her boat and presumably was compensated as part of the settlement.
AntarcticPilot
Well-Known Member
This seems to me to be the heart of the matter - it isn't an insurance claim, it's a compensation claim against the ferry operators. Such a claim would certainly include matters such as loss of amenity. suffering (if I'd owned a boat for 40 years from new, I'm sure I'd be wanting compensation for the heartache involved in losing her in such a manner!). It would also include clearing and disposing of the wreck; no doubt that would be a 5 figure number on its own. Remember, we're looking at commercial costs for all of these things, too, not DIY costs.
zoidberg
Well-Known Member
Didn't he do well!
With that money he could buy another half-decent CO32 and have enough left over for half a dozen holidays with Princess Cruises.
GTom
Well-Known Member
Second hand
He could get a second hand co32 for chips but spend 3x the purchase price and 1-2 years of headache with the yards for a half-decent refit. There is a reason why old boats cost 1/10th of a new one...
Mark-1
Well-Known Member
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