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Newsaltfishing1
Ol'Salt
Joined: Oct 14, 2007
Posts: 659
Location: Sanford, NC
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 Posted: Sat Feb 04, 2012 1:14 am Post subject: Used boat value |
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So if you're buying a boat from an indivual....what price is acceptable? Average retail, low retail, etc?
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4reellife
Ol'Salt
Joined: Jun 25, 2008
Posts: 116
Location: emerald isle
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| Posted: Sat Feb 04, 2012 8:02 am Post subject: |
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What ever it is worth to you
If it is what you want at a price you are
willing to pay buy it
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eric0731
Ol'Salt
Joined: Aug 17, 2011
Posts: 334
Location: Smithfield, NC
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| Posted: Sat Feb 04, 2012 9:52 am Post subject: |
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I think the condition of the vessel contributes. If you're referring to nada value, there means of determining value SUCKS
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Newsaltfishing1
Ol'Salt
Joined: Oct 14, 2007
Posts: 659
Location: Sanford, NC
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| Posted: Sat Feb 04, 2012 10:12 am Post subject: |
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Yeah....NADA only gives retail values. KBB gives personal sale numbers on cars, but unable to find anything like that on boats.
As a side note, I know they ain't saltwater boats, but has anyone had any experience with the Tahoe boats? Good, bad or ugly?
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amandagailfishingteam
Ol'Salt
Joined: Apr 03, 2008
Posts: 605
Location: Atlantic, NC
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| Posted: Sat Feb 04, 2012 12:41 pm Post subject: |
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I'm a adjuster by trade and my advice is don't pay more than what the insurance co would pay you if it was to get totaled. Your agent will put all the coverage you want to put on it but what they fail to tell you it is a actual cash value at the time of the loss policy. For instance, you call your agent and tell him you just bought a boat and you want to insure it. He's going to ask you how much coverage you want on it ? You tell him 50,000.00 so thats the coverage he writes and you pay a premium for. 3 months later for what ever reason it catches on fire and now its a total loss. Lets just say for an example when you bought the Boat you paid the sellers price and in actual market value you paid 10,000.00 to much and even though you have 50,000.00 coverage, what you paid for it, if in reality its only worth 40 thats what you will get paid. Keep in mind, your policy is not a stated amount, its actual cash value at the time of loss no mater how much coverage you have on it. Also if you bought a boat new and paid 100,000.00 for it and something happens 5 years later, don't expect to get 100,000.00 back, remember its acv so you will get whatever a 5 year old boat is worth. in closing, you need to re-evaluate your policy with your agent every couple of years because you are paying for coverage you are not getting as your boat depreciates. Hope this helps.
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amandagailfishingteam
Ol'Salt
Joined: Apr 03, 2008
Posts: 605
Location: Atlantic, NC
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| Posted: Sat Feb 04, 2012 12:45 pm Post subject: |
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I'm a adjuster by trade and my advice is don't pay more than what the insurance co would pay you if it was to get totaled. Your agent will put all the coverage you want to put on it but what they fail to tell you it is a actual cash value at the time of the loss policy. For instance, you call your agent and tell him you just bought a boat and you want to insure it. He's going to ask you how much coverage you want on it ? You tell him 50,000.00 so thats the coverage he writes and you pay a premium for. 3 months later for what ever reason it catches on fire and now its a total loss. Lets just say for an example when you bought the Boat you paid the sellers price and in actual market value you paid 10,000.00 to much and even though you have 50,000.00 coverage, what you paid for it, if in reality its only worth 40 thats what you will get paid. Keep in mind, your policy is not a stated amount, its actual cash value at the time of loss no mater how much coverage you have on it. Also if you bought a boat new and paid 100,000.00 for it and something happens 5 years later, don't expect to get 100,000.00 back, remember its acv so you will get whatever a 5 year old boat is worth. in closing, you need to re-evaluate your policy with your agent every couple of years because you are paying for coverage you are not getting as your boat depreciates. Hope this helps.
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aftergolf
Ol'Salt
Joined: Mar 08, 2004
Posts: 1142
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| Posted: Sat Feb 04, 2012 2:45 pm Post subject: |
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I thought if your coverage was an ACV - actual cash value policy, that is what they pay. Is that not correct?
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Curmudgeon
Ol'Salt
Joined: Mar 03, 2006
Posts: 565
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| Posted: Sat Feb 04, 2012 5:07 pm Post subject: |
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but what they fail to tell you it is a actual cash value at the time of the loss policy.
Depends on who underwrites your insurance. I have 'agreed value' on my boat, motor, and trailer which is greater than ACV. I pay more for it, but it's what I get if any part (or all) of my stuff gets totaled ...  |
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seapower
Ol'Salt
Joined: Jun 18, 2009
Posts: 358
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| Posted: Sat Feb 04, 2012 5:45 pm Post subject: |
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| amandagailfishingteam wrote: | | I'm a adjuster by trade and my advice is don't pay more than what the insurance co would pay you if it was to get totaled. Your agent will put all the coverage you want to put on it but what they fail to tell you it is a actual cash value at the time of the loss policy. For instance, you call your agent and tell him you just bought a boat and you want to insure it. He's going to ask you how much coverage you want on it ? You tell him 50,000.00 so thats the coverage he writes and you pay a premium for. 3 months later for what ever reason it catches on fire and now its a total loss. Lets just say for an example when you bought the Boat you paid the sellers price and in actual market value you paid 10,000.00 to much and even though you have 50,000.00 coverage, what you paid for it, if in reality its only worth 40 thats what you will get paid. Keep in mind, your policy is not a stated amount, its actual cash value at the time of loss no mater how much coverage you have on it. Also if you bought a boat new and paid 100,000.00 for it and something happens 5 years later, don't expect to get 100,000.00 back, remember its acv so you will get whatever a 5 year old boat is worth. in closing, you need to re-evaluate your policy with your agent every couple of years because you are paying for coverage you are not getting as your boat depreciates. Hope this helps. |
Very good, sound advice from someone in the industry. You can't begin to believe how much weight an adjuster carry's. My advice (as given by a marine surveyor/adjuster friend) is, when buying a marine policy. Ask "what the policy DOES NOT cover", you will be amazed at some of the "escape clauses. Find out for sure what you have or more importantly DON'T have, before you need it. From my experience in the marine repair business, all insurance company's are not created equal !!!! Frank |
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amandagailfishingteam
Ol'Salt
Joined: Apr 03, 2008
Posts: 605
Location: Atlantic, NC
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| Posted: Sat Feb 04, 2012 6:38 pm Post subject: |
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| aftergolf wrote: | | I thought if your coverage was an ACV - actual cash value policy, that is what they pay. Is that not correct? |
If you have a cost replacement policy they will pay you the value at the time of loss until you replace it, then they will make up the difference but most policies are ACV which means no mater how much coverage you have on it they only pay the value at the time of loss. That is why I said you need to have your policy updated every couple of years. Theres no need in paying for 50,000.00 in coverage and they are only going to pay you 40,000.00. Most cost replacement policies are only good for up to five years of age, after that it reverts back to an ACV policy. Some company's will write a cost replacement policy after its 5 years old but not many. Like I said read your policy good.
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Curmudgeon
Ol'Salt
Joined: Mar 03, 2006
Posts: 565
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| Posted: Sun Feb 05, 2012 2:14 am Post subject: |
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| The fun part is trying to find get them to tell you what ACV really is at any given time so as to not 'over-insure'. An 'agreed value' policy eliminates that problem and is not that much more unless you get too proud of your stuff. They know what the book figures are and will charge you accordingly up to a point they refuse a policy ... |
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