NADA Value Vs. Actual Value

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Bresnahan

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I am insurance shopping, and have only been able to insure my 1995 192 tournament for $10,000.00 (nada value $9,000.00 and $1,000.00 for trailer)

My boat is worth approximately 13,000-16,000 according to all the current listings i can find on the internet. If thats what it would cost to replace, how do i get it insured for that amount?

Any suggestions would be appreciated,

Thanks
Ray Bresnahan
 
Any suggestions would be appreciated,

Negotiate an "agreed value" policy. It will cost you more, though. I got that on an '86 T-22, so it is available out there. If your company won't give you an "agreed value" policy, find another. :?
 
NADA is close

There is quite a difference between listing and sold prices, boats are selling very close to the NADA book price.
 
BoatUS policies are declared or agreed value coverage. Great rates too.
I just renewed mine, was just over $400 for the year. They have a new 'fisherman policy' that covers gear and stuff too.
 
I have noticed there is a different in boat prices depending on the area and particular brand. There is a definite difference. For example A 5 yr old GW may sell for 50k in Coastal town Virginia but same boat may sell for 65k near big lake NC. there are variances.
 
NOTHING ELSE MATTERS said:
NADA pricing for Gradies, does not include motors. You have to price the motor(s) separate.
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Reviving an old thread...

Is this why the MSRP price for the boat in NADA is so far off from what the dealer advertises on new boat pricing?
 
Agreed value policy is by far the best. No chiseling if the worse happens. As for pricing, who cares. It only matters when you buy or sell.
 
I have agreed value from Progressive.( FYI, they were very good after the Sandy storm) Each year the policy would renew for the original agreed value which was what I paid for the boat. The boat isn't worth that amount and for the last two years I called and had the agreed value lowered. That saved me some bucks in premiums.
Note that for agreed value policy option, you may be asked for a survey or possible just photos of the boat. That depends on the policy amount and the 'book' value of the boat.
 
Fishtales said:
Agreed value policy is by far the best. No chiseling if the worse happens. As for pricing, who cares. It only matters when you buy or sell.
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That is the point I’m trying to make. Looking at NADA’s MSRP, and then the low and high retail, I’m trying to ascertain depreciation from new on used advertised models I’m looking at. One example is that MSRP comes in at ~$105k when new and I know the boat lists this year for ~$165k with a Yammy 300. The advertised used price at the marina is ~$85k.

How am I ever supposed to figure out a fair price on a used Grady boat with these price discrepancies?

My understanding is that depreciation slows substantially at ~50% around the 5 year old mark.
 
Jargon said:
That is the point I’m trying to make. Looking at NADA’s MSRP, and then the low and high retail, I’m trying to ascertain depreciation from new on used advertised models I’m looking at. One example is that MSRP comes in at ~$105k when new and I know the boat lists this year for ~$165k with a Yammy 300. The advertised used price at the marina is ~$85k.

How am I ever supposed to figure out a fair price on a used Grady boat with these price discrepancies?

My understanding is that depreciation slows substantially at ~50% around the 5 year old mark.
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Don't rely the NADA data. Look up similar boats for sale to get a ballpark estimate. Even with that it is difficult to get more exact since you really can't tell condition from an online listing.Figure that brokers up the price by 15% to 20% but that doesn't mean you will get your offer accepted if you offer 20% less. Remember that asking price may not tell you what certain boats actually sell for.

If you see several similar boats and one is a lot less expensive, it often means that something is wrong. Likewise, if one is much higher priced it may mean that the seller is not serious but would sell for the 'right' price.

Some features may be turn offs( to me at least), like Yami F350s and early 2000 F225s. A boat is worth whatever the market will bear.
NADA won't tell you that the asking price for a boat can go up or down depending on the season especially in areas that have winters.Prices also vary as the economy does.

As to your example about the MSRP of $105k and the listing of $165: Unless you know exactly what is included in terms of options, you can't just compare the figures. To make maters worse, the NADA values for options are often way off.

Unfortunately, there are no sites I know of that list 'divorce' sales:) Those sellers are usually eager to sell and more receptive to lower offers!
 
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