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Old 03-13-2015, 10:23 AM   #21
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I think that condition still trumps all. Average sales prices are dragged down by barely floating hulks and don't always reflect what people will pay for an especially well-maintained boat.

If the object is just to get a good boat at a good price or a steal--and you're open to pretty much any boat that's close to your needs--then keeping your offer at or below market price makes sense to me.

But if you've settled on specific models that rarely come on the market in superb condition--and are quickly snapped up when they do--the comps that drive surveyors and bankers may not reflect what a willing buyer will pay.
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Old 03-13-2015, 06:32 PM   #22
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As to the financing, you said those were not the real numbers and so hard to answer. However, depends on who is financing. If a "boat lender" they're going to use the lowest value they find, either survey, purchase price, or their guides. If a regular bank you deal with they may be putting more on you than the boat and so might go a bit higher. Still no lending institution wants an upside down loan.

As to insured value. Think of it as a "not more than" value. They're far more liberal in insuring for purchase price or even a higher declared value. Why? Because if you over value for insurance purposes that just means you pay more but you won't get more in the event of a claim. The claim will be based on market value at the time of the claim.
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Old 03-13-2015, 07:14 PM   #23
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Quote:
Originally Posted by BandB View Post
As to insured value. Think of it as a "not more than" value.... They're far more liberal in insuring for purchase price or even a higher declared value. Why? Because if you over value for insurance purposes that just means you pay more butyou won't get more in the event of a claim. The claim will be based on market value at the time of the claim.
BandB,
I don't think that is the case w/ BoatUS Insurance. Their policy states...
"Total or Constructive Total Loss
We will pay you the agreed hull value as defined by the policy if the boat is lost absolutely, or if the reasonable cost of repair exceeds the agreed value. We reserve the right to declare the boat a constructive total loss and pay you the agreed value if in our judgment costs of salvage and/or repair exceed such value"


I agree in the case of partial loss they take into account depreciation of equipment, etc but not in the case of total loss... at least that's how I interpret the policy wording. Fortunately I have never had to file even a partial claim...
Am I missing something?
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Old 03-13-2015, 07:28 PM   #24
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BandB,
I don't think that is the case w/ BoatUS Insurance.
I've never dealt with them but still would imagine somewhere there are terms that protect them against inflated values. I haven't seen one of their complete policies, however, and so I could be completely wrong.
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