how accurate is the nada pricing?

I just inherited my dads 34 foot californian sedan.

i had to get insurance on it and im not able to pull it out and do a survey so i used the NADA listing and it says its worth 12,200..

i got progressive insurance as i was not able to get insurance anywhere else short notice and the insurance my dad used would not transfer the policy.

is that a decent estimate or should i adjust it?


the boat is in pretty good shape.. its a 1978 model. dual perkins engines with a separate generator.

i dont know a lot about boats, but i plan on fixing it up and using it to fish.

NADA is ok for small boats like under 25'. But for trawlers they often understate the value. Look on Yachtworld for similar boats and discount the listing price by 10-20% for actual closing values. The Soldboats version of Yachtworld is even better but it is only available to paid subscribers like brokers. If you can find one who will talk to you then a broker can give you a decent estimate.

Right now there are four 34' Californians (excluding the Honolulu one) listed in your age group on Yachtworld ranging from $34,000 to $50,000 but I have seen similar boats that were run down sell for about $20,000. Condition is all important in boats of this age and a broker or a surveyor would have to take a look at it to give you a reasonable estimate.

Make sure your policy is "agreed value" which means that is what you will get from the insurance company if it is totaled. If not they will only give you the depreciated replacement value, no matter what your policy is based on.


As noted by Pete below, consider foregoing hull insurance and only taking out liability which is what you need and most marinas want for your/their protection.


Finally I agree with Pau Hana below that BUC is better but not as good as Soldboats IMO.


David

I'll probably get a lot of discussion on this. It's just a personal feeling so be gentile with me..

Value sounds reasonable but remember it is arbitrary, The insurance company will never pay the agreed upon amount anyway. In the event of a total loss they will pro rate or age adjust or find some way to pay less than you have stated or agreed upon.

It is my feeling, in an old boat that owes you nothing you are just buying liability insurance. If the boat is gone, it's gone. On an inherited boat you don't have a loan or an investment. If it crashes or burns or sinks just kiss it good-bye.

What about if it leaves an oil slick when it goes down, what if it burns a neighboring boat when it ignites, what if it breaks loose and bashes a number of other more expensive boats, what about someone breaking a leg, or a finger on your boat? That's where the insurance comes in. Almost nobody can afford those types of expenses.

Most marinas will not let you store or dock without insurance. Are they worried about your old ten thousand dollar boat? Not likely. Are they worried about fire, oil slicks, dock damage?
Damn right they are.

It's the liability part of the insurance you need to be concerned with. Forget about your boat, worry about the other boats around yours.

pete

IMO, NADA sucks.

It’s the opinion of the National Auto Dealers Association, and in almost 29 years of insuring boats, I’ve found its valuation tables to be grossly off.

BUC value guide is much better.

Pau Hana said:

IMO, NADA sucks.

It’s the opinion of the National Auto Dealers Association, and in almost 29 years of insuring boats, I’ve found its valuation tables to be grossly off.

BUC value guide is much better.

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Slightly less accurate than spitting in the wind.

When I sell a boat if I like the NADA value then I print it out to show buyers. If I don’t agree then I don’t. As said in smaller boats that have a volume then it may be close. Larger and older boats it is guessing. Agree that soldboats is probably the best but you need to find someone to access it for you. As said look at Yachtworld and maybe Boattrader.

thanks for the replies..
i upped the value to 30,000.. it seems to be a decent 34 foot dual engine value.

i know that in the off season when i have the money i should pull it and get it surveyed so it has an actual value from an expert.. but for now i feel now that if something does happen to it, i will at least get a fair amount.

aarons6 said:

thanks for the replies..
i upped the value to 30,000.. it seems to be a decent 34 foot dual engine value.

i know that in the off season when i have the money i should pull it and get it surveyed so it has an actual value from an expert.. but for now i feel now that if something does happen to it, i will at least get a fair amount.

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Sending you a PM...

djmarchand said:

Right now there are four 34' Californians (excluding the Honolulu one) listed in your age group on Yachtworld ranging from $34,000 to $50,000 but I have seen similar boats that were run down sell for about $20,000. Condition is all important in boats of this age and a broker or a surveyor would have to take a look at it to give you a reasonable estimate.

David

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I think David's target of roughly $35-50K is an accurate one, with a project boat in the $25-30k range and a turnkey vessel fetching $50K-ish. NADA estimates are useless for larger boats.

The 70's vintage Californian hulls are built like tanks since they were just starting out in the fiberglass hulls and not really knowing what was needed, seriously 'overbuilt' them. I was told this by Gil Marshall with his Dad, designer-builder Jule Marshall, listening in on the speakerphone.

I own 34 LRC Hull #1 built in 1977. It was a $60K-ish turnkey boat when I bought it 12 years ago. The interior was redone in the mid-2000's by the PO and I have maintained and upgraded systems over the last 12 years to make the vessel capable of 2 week extended trips in the SF Bay and CA Delta without reprovisioning, refueling, pumping out, plugging in or re-watering. It really a very capable vessel for its size and if I lost mine today, I'd buy another like it (maybe the 38 LRC sedan) tomorrow.

Sorry for your loss but congrats on your new vessel. I hope your enjoyment onboard reminds you of your good times with your father.

FlyWright said:

I think David's target of roughly $35-50K is an accurate one, with a project boat in the $25-30k range and a turnkey vessel fetching $50K-ish. NADA estimates are useless for larger boats.

The 70's vintage Californian hulls are built like tanks since they were just starting out in the fiberglass hulls and not really knowing what was needed, seriously 'overbuilt' them. I was told this by Gil Marshall with his Dad, designer-builder Jule Marshall, listening in on the speakerphone.

I own 34 LRC Hull #1 built in 1977. It was a $60K-ish turnkey boat when I bought it 12 years ago. The interior was redone in the mid-2000's by the PO and I have maintained and upgraded systems over the last 12 years to make the vessel capable of 2 week extended trips in the SF Bay and CA Delta without reprovisioning, refueling, pumping out, plugging in or re-watering. It really a very capable vessel for its size and if I lost mine today, I'd buy another like it (maybe the 38 LRC sedan) tomorrow.

Sorry for your loss but congrats on your new vessel. I hope your enjoyment onboard reminds you of your good times with your father.

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i think its in pretty good shape for its age.. everything works, the radar and sonar and auto pilot.

it has some minor cosmetic issues like the wood needs sanded and oiled and can probably use some new carpet.

the engines and generator were just serviced a couple months ago with new impellers and water separators.

one engine does smoke a little until it warms up, but thats a diesel thing?


the boat has less than 2000 hours on it.. one timer shows about 400 hours less than the other, i think the key was left on..

NADA is worthless for bigger boats. It is market value that counts. That is why you can have a 40 year old boat that still has a lot of value. Be cautious of older vessels with really low hours. I would rather buy a well loved and taken care of vessel with high engine hours than a vessel with low hours that was a dock queen and lots of differed maintenance. You can keep a boat clean for a long time but if you don't use them systems start to break down.