1975 CV-16SS Value

[fireman24mn]

I purchased a CV-16 SS a few weeks ago and it is time to get some insurance put on it. I was wondering how much to insure if for. I own my own insurance agency and the company I will insure it threw has a policy that I can state the value for it. Obviously it needs to be worth the stated value I cant just insure it for a million. But I was wondering what kind of price something like this would sell for. I found it in a garage in Iowa the boat is in Excellent condition. Only thing it could use is some new carpet. It has the 130hp 4cyl and Volvo 270 outdrive. The floor, Paint, transom, every thing is in good to excellent condition. Had it out for a short ride on Sat and runs and drives Excellent as well. It is in original condition no drilled holes or modifications.
So my question is on an open market what's it worth ball park idea. I have NO intentions of selling it just need a value for insurance purposes.

Thanks
Shawn

[fireman24mn]

O and the trailer will get blasted and repainted this winter.

[Jason]

I insured my 74 CV16SS for 8K. Basically you pay for what you decide the value is. I doubt I could even get $5K for mine but I wouldn't sell it for $15K either. I mostly got the insurace in case I hit someone on the water. Accidents happen.

[fireman24mn]

I insured my 74 CV16SS for 8K. Basically you pay for what you decide the value is. I doubt I could even get $5K for mine but I wouldn't sell it for $15K either. I mostly got the insurace in case I hit someone on the water. Accidents happen.

What I am looking for is the aprox retail/ Appraisal value. I could insure it for 1 million but that would be pointless because if it totaled I would only get what the actual cash value. It would be pointless to insure it for more than it is worth. All I would be doing is paying extra money. So in your case if the boat is only worth 5K then why insure it for 8k when you would never get that if it were total loss. Yes the other limits are to protect me from lawsuits if there were accidents and my limits are set accordingly for Liability.

As stated I am just looking for the Aprox / appraised value to replace it with a comparable boat of like kind and quality.
Thanks
Shawn

[Jason]

My point is that it's hard to estimate a value on these when they are in really good condition. You should get whatever you insure your boat for in cash as the insurace company agreed to it when you set up the contract. They don't have anything more to base the value you on then you do. Old cars are the same way. There value is whatever someone is willing to pay and finding that person and the right time. Anyway, I don't think 8K is outside of a reasonable value. Your boat is beautiful. The difference you pay from a value of 5K to 8K is going to be $2-3 per month max.

[fireman24mn]

I called and talked to one of are underwriters as well as a one of are local claims reps. I am speaking about the policies that I offer (although I did call some of my competitors and their policies seem to be the same). In the event of a Total loss and your boat is insured at say 9k. If you have a Agreed Value policy they would pay you the 9k. If you have an Actual Cash Value you would be paid the fair/ current market price minus deductible. (Everyone should look at your current policy and see what you have)  In the event of a partial loss you would just be paid for the loss minus deductible. Actual Cash Value policies are how pretty much all auto policies are. There are always options if you don't agree with the settlement offer, but that is a whole other topic.

Shawn

[fireman24mn]

I was also thinking of insuring it for around the 8k as well. But just wanted some more opinions.

[ffotter]

I don't think $8k is out of line.  I would also consider repair expenses especially if large areas are damaged.  Structural repair as well as metal flake gelcoat repair can be very expensive. Windshields and hardware for these boats can not readily available and sometimes require purchasing an entire donor boat to get the right parts.

[wiliermdb]

I have my '77 CVX 16 insured for $4500 for the whole package with a $500 deductible. It's kind of tough to over insure it if you're with a major insurance company unless it's a pristine special specimen. What we think it's worth is way different than what they feel it's worth in the fair market world. I've got about 3K into the whole package now.

Basically just set your coverage at a value that exceeds what you have into it (within reason) by probably 60 - 70%.  If you have $3500 tied up you should be good for around $5500 - $6000 for replacement. Tough thing is there isn't much of a market to go by with these boats. It's what someone is willing to pay for it. Now, if you've spent 15k on restoring a boat it's insurable value is still probably way less than that.

My previous boat that took a skid on the road was insured for $3800 with a $500 deductible. The hull was history. The insurance company offered me $3200 and let me keep the entire package. The motor (1996 Evinrude 88 SPL) was fine except for the cover and one spark plug. Fixed that for $175 total and my local dealer says the motor is worth between $2200 and $2500 alone. I scrapped the aluminum hull for $350, sold the trailer for $300 and parts off the boat for about $250. Ended up with $4100 cash in the end, extra motor and that's how I bought the CVX. The remaining $1100 will go to the new floor and seats this winter with about $300 leftover for gas money in the spring. 

Speaking of gas. I can get NON-ETHANOL fuel here for $2.97 at my favorite station.