CONTINUOUSWAVE

My insurance company and I differ on the TOTAL LOSS VALUE of my 1964 NAUSET 16 with a 2023 Yamaha engine. This 1964 NAUSET has been completely refurbished, and everything is new.

The cost for me to hire a surveyor to assess the boat would be more expensive than the insurance policy cost.

[Inferred question: how can I convince the insurance company to accept a higher TOTAL LOSS VALUE for this 1964 NAUSET?]

Most insurance company values on Whalers are typically low with no connection to market value.

If you post/email photos that show the boat, we can give you a better number.

If the company is under valuing the boat, you should purchase a policy with a declared value.

I did a bow-to-stern overhaul on my boat back in 2019-2020. New trailer, engine, canvas, wiring, accessories, you get the gist. I insured it for a set value. I use an insurance agent that is a Whaler owner and knows the true values and works with knowledgeable underwriters.

Contact my broker for quotes:

Larry Goltz
630.601.6975
https://www.lawrencegolzcompany.com/

All insurance policies are agreements to share a risk. The insurance company takes on a particular risk for a particular fee, the policy cost. To get the insurance company to take on more risk—the higher TOTAL LOSS VALUE for your boat—you will need to pay more for that policy.

An agent does not set the insurance costs, the underwriter does. You need to find an agent who works more closely with underwriters that are familiar with boats, and particularly older boats.

I have an agreed upon value policy of $20,000. If you don't count my labor, that value is probably close to reality. I have $16,000 in parts and hired labor at this point.

SAFECO, the insurer, has been requesting additional justification as their “book" says $6,000 value.

What has happened is my local agency—who has all my business—sat on the underwriter's request for 45 days without communicating with me about the need for information. Frustrated by no response SAFECO’s initial response was I have 24-hours to present additional info to them, s as a survey or the outboard engine purchase receipt. A royal mess to be sure as I am 1,200-miles away from the receipt. Cooler heads prevailed and additional time to resolve the concern was granted. I can't wait to make a claim.

Does BUC (http://www.bucnet.com/) have used boat values going back to the 1960's?

It's a subscription only service typically used by boat dealers for valuations (like a KBB/NADA in the car business).

ASIDE

PHIL—my rigging marina will be raising the engine on their nickel when I get back to Florida. The performance at full throttle now is 3ngine accelerares to 6,100-RPM and boat speed is 38-MPH. The Tech agreed that the present was too low after a test run.
[MODERATOR’s note: refer to engine mounting height only with reference to the number of units of 0.75-inch or “holes” raised above lowest possible position. Please start a new thread to discuss further performance data in the PERFORMANCE sub-forum.]

BUC puts the value of a 1964 NAUSET at $9,950 to $11,300, not including any engine or trailer.

The value of a rehabbed NAUSET with quality brightwork and gel coat finish, with a modern FOUR-stroke-power-cycle engine, a roadworthy trailer, basic equipment, and gear is way north of $20,000.

Check the [asking price on a STRIPER 15 in an advertisement] seen below.

The advertised STRIPER 15 may be priced for New York city, but at that price it will not sell in a New York minute.

Take the BUC price, add 20-percent for perfect condition, add the engine and trailer values. Let’s see:

BOAT = 1.20 * $11,300 = $13,560
ENGINE = $11,000 (guessing the total sales cost for engine rigging, propeller, and so on)
TRAILER = $4,000
TOTAL = $28,560

There will also be at least $1,000 in fuel tanks, canvas, cushions, covers, electronics, batteries, lines, anchor, fender, and so on aboard the boat, which will add to the total value being insured. A good policy should cover $30,000 in total loss value.

I would check with other insurance companies. However, you should expect to have to have a "value survey" done before any of them will sign up for an agreed value policy at or above the $20,000 level. Some companies also require additional periodic surveys to maintain the coverage. A high deductible will help offset the cost of a survey.

I am not sure why you want tp pay a higher premium to get the insurance company to assume a higher risk for the rare case of a total loss of the boat and everything associated with it. Why not just save the cost of the higher premiums and YOU take on the extra risk yourself.

People seem to have an obsession with buying insurance to reduce their exposure to risk, and in some instances that is prudent. If you have a boating accident and your brother-in-law falls out of the boat and you run over him and the propeller chops off his arm and he sues you for five-million dollars, then, yeah, you probably want to get insurance to limit your exposure to that sort of risk.

But to carry insurance on your boat for an unusually large declared value to prevent a loss of a few thousand dollars compared to what the underwriter thinks is an appropriate value seems like it might not save you any money, unless you do get a total loss in the first year of the policy.

I tend to agree with Jim. Cover your real world loss in dollars. Going beyond that to a theoretical valuation based on asking prices may be good for the ego, not my pocket book.
I'll disregard my labor costs... as I would have the most expensive Nauset known to man.