NADA values for insurance

[yellowfiero88]

So reading through the forum saw a post and it mentioned nada values. It reminded me of a topic I wanted to start back in the summer. This is very important in your insurance if there is a total loss........
1986 CHECKMATE BOATS INC ENCHANTER

Boats and Personal Watercraft Length: 21' Model Name/Description: ENCHANTER Boat Type: Stern Drive Power Boat Hull Material: Fiberglass Beam: 7' 4" Engine: 1
170 HP
Gasoline Net Weight: 1400 print this page email this page
PRICING


Low Retail Average Retail Base Price $1,550 $1,720 Reported Engine Range: 231 - 265 HP (5.0L - 5.7L) Total adjustment for your engine(s): Add $780 Options Power Boat: CANVAS Boat Cover - 20 ft. thru 25 ft. $95 $110 Cockpit Cover $160 $180 Power Boat: ENTERTAINMENT Stereo - am/fm CD player w/4 speakers $160 $180 Power Boat: MISCELLANEOUS OPTIONAL EQUIPMENT Propeller / Stainless Steel (3-Blade) $150 $170 Swim Step - Teak $175 $200
TOTAL PRICE $3,070 $3,340

Suggested List: $15,870

And lets not forget the trailer!!!!
1986 Boat Trailers 21 feet

February 21, 2010 Boat Trailers Length: 21 Brakes Standard: Yes Number of Axles: Tandem
PRICING


Base Price $340 $385 TOTAL PRICE $340 $385

WTF? I think its worth a little more than $3410 - $3725. Nada might be good for newer boats but older boats its way off. Over my dead body would I sell that boat for $3400. When my agent got the pic of the boat, he called me and said "lets get it appraised, just in case something happens" I wanted to post this up so others will check their value but forgot to back in the summer. If in a total loss, insurance will only pay NADA value. Most agents would not throw a flag and say "its worth more than the value" In the end, the boat is insured for $20k and it was only a couple dollars more per year. In the real world, buying and sending a boat out to have it custom painted, new higher end gauges, top of the line drive train built and top it off with custom interior for less than $20K would be hard to do.

With our high HP, high speed, and well loved boats, it would be a shame for someone out there to loose their boat and ass all in one day. In the end, cover your own ass because most of the time the insurance will not.

 

[TheNerd]

I think the NADA thing is a bunch of garbage. Often times "people" dont mention the NADA if they are seeing an older boat. But when they want to buy one they refer to it as the golden rule because the prices are low.

As for insurance, my agent and I decided on a value.

 

[john lamon]

When I had my accident with the avenger my insurance didn't want to cover anything saying it was mechanical failure, my dealer said to the guy if you get a flat tire on your car and crash it your covered right? then they offered to right it off and give me $3400 for it, I had receipts for over 11k, I had to fight with them for two months to get them to fix it, they finally agreed to pay for 70% of the damage only after my dealer talked to them. same guy I bought the CM from.

what I had to laugh at was NADA said my 220 efi is worth $410

I made sure the Eluder is covered for what I have into it.

 

[illMATTic]

For ANY boat you have to insure it for an agreed value. END of story.

 

[ndaniels]

Yep. Agreed value is the only way to go.

 

[ross]

my agent simply asked what i wanted it insured for.......

 

[groundloop]

This is a real good point about NADA. When I was looking for my first boat I gave a guy an offer based on what NADA said the boat was worth, pissed him off pretty good (and now I'd say I don't blame him). They ought to figure out how to incorporate actual selling prices into their information, as it is it's just fantasy-land.

 

[yellowfiero88]

I guess there is such a variety of conditions that's its hard to get a price range. A lot of people lessen the price also to save on sales tax so that changes the average price as well.