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Value of 189

no_rEGRETsno_rEGRETs Posts: 9 Greenhorn
edited June 3 in Boating #1
Trying to establish a value for our 189 for insurance and other purposes. My grandfather bought it new so it is, in essence, a one owner boat. It's a 1999 189 C/k. The hull is in good shape, most always indoors gel has no cracking or fading. It is all original though. Electronics and switches all work. Nice trolling motor, recent aluminum trailer. Engine is the original 1999 Johnson 175 in fair shape, runs ok, should probably be replaced before too long. Any ideas what this boat is worth in real terms? NADA puts it at 14k which I feel isn't truly accurate given the real supply/demand of these boats.

Any input appreciated.

Replies

  • camgcicamgci Posts: 192 Deckhand
    It's going to be hard to insure it for it's replacement value due to it's age. Most insurance companies never heard of egrets or have any comps on them. I had a Progressive agent that was familiar with them tell me he could insure my 1995 for replacement value, but when I read my insurance policy he had lied. The person I sold it to had the same issue. I have a newer one now that I at least got it insured for what I paid for it with a non declining value.
  • Last-CastLast-Cast Posts: 233 Deckhand
    I have my 97 insured with Progressive for $25K for boat, motor and trailer. The engine is a '97 Yamaha 150 Pro V and the trailer is 2001 Loadmaster I had made. It's at agreed value.
    Egret 189
    Maverick 17T sold
  • 91tiger91tiger Posts: 555 Officer
    I have been curious about this for awhile. I have an agreed value on mine as well. But I have a suspicion if an 18 wheeler T-boned my boat and totaled it, that Progressive would try to bring out some blue book or marine appraiser and give me much less than we agreed on and I would be coming up with an extra 20 or 30K to have Frank build me another one. Anyone with any actual claims experience on these agreed value policies?
  • camgcicamgci Posts: 192 Deckhand
    91tiger wrote: »
    I have been curious about this for awhile. I have an agreed value on mine as well. But I have a suspicion if an 18 wheeler T-boned my boat and totaled it, that Progressive would try to bring out some blue book or marine appraiser and give me much less than we agreed on and I would be coming up with an extra 20 or 30K to have Frank build me another one. Anyone with any actual claims experience on these agreed value policies?

    That's what I was told would happen when I talked to the new agent at renewal time. He told me to read the fine print. Who knows? I switched insurance companies, it kind of ticked me off.
  • no_rEGRETsno_rEGRETs Posts: 9 Greenhorn
    So I'm gathering 20-25k real value?? Which sucks because I know that trying to replace this bird would cost substantially more than that. Part of the reason I would like to have an accurate idea on value is because it is a jointly-owned inherited boat and would like to have a good idea of a price to buy out the other party's interests.
  • TXWahooTXWahoo Posts: 572 Officer
    How is "agreed value" not agreed value? I asked my insurance company this exact question when I bought the boat and was told if it sank, was totaled, etc then I would receive the full agreed value. Of course, I haven't read the fine print. Can you elaborate?
  • Last-CastLast-Cast Posts: 233 Deckhand
    I have Progressive and I am also an agent. When you insure a boat for an agreed value it means that if it is totaled then they have to pay you for the mount that it is insured for. If you have a claim as an example a tire blows out and cause a lot of damage to the boat while trailering and you file a claim the carrier can base the repair work on either totaling the boat or repairing it. So if it's going to cost $28k to repair a boat insured for $25K they will total it and cut you a check for the agreed amount. Many have been times when a person has taken the check then turned around and purchased the boat back for salvage and repaired it themselves. When this happens you usualy can only get liability insurance and the carrier can require a marine survey of the repaired boat.
    Egret 189
    Maverick 17T sold
  • 91tiger91tiger Posts: 555 Officer
    Excellent information Last Cast. Glad to know someone in the industry is comfortable using the same Progressive Agreed Value insurance I am using.
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