Our boat an 1989 Catalina 30 Mark II was involved in a accident. Our boat was at anchor and was struck and the anchor rode cut buy an other sailor that had lost control of his 36 ft. sailboat and both ended up on the rocks. Now we are dealing with both his and our insurance companies. The other sailor has accepted responsibility for the accident and we are still in the survey process to determine the damage that is extensive due to two holes that allowed sea water in. What is at issue is the ACTUAL CASH VALUE (ACV) of our Catalina 30. Does anyone know of a resource that could be considered authoritative on how to arrive at what the ACV for our boat is in dealing with the insurance companies. I have looked at a number of websites such as this one and the Catalina 30 association, boat.com, and Yachtworld.com and all have provide asking prices from owners. I am looking for a source to get a stronger understanding of the ACV and all the additional equipment on the boat along condition and location factors. Any thought's?
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Survey Thoughts/ACV
If you have a paid surveyor, he/she will have access to WEB sites that show what boats like yours actually sold for. Boat salesman have access to those as well. I don't but wish I did. You can get a close idea by looking at boats forsale and what they are asking. Good luck.
If you have a paid surveyor, he/she will have access to WEB sites that show what boats like yours actually sold for. Boat salesman have access to those as well. I don't but wish I did. You can get a close idea by looking at boats forsale and what they are asking. Good luck.
Seems to me....
That your boat insurance carrier would know what the value would be. Aren't they in the business of selling boat insurance? Doesn't your car insurance carrier have adjusters?
That your boat insurance carrier would know what the value would be. Aren't they in the business of selling boat insurance? Doesn't your car insurance carrier have adjusters?
Surveyor-but know who s/he works for!
As a part of the process, any surveyor should put a value on the loss (or ACV on the vessel if totalled.) However, if the surveyor is working for the insurance company, whether YOURS or the RESPONSIBLE PARTY'S, it will be in the bset interest of the surveyor's employer (whichever insurance company), to have a lower value, and therefore pay you a lower settlement. That said, I've always found surveyors to be pretty independent, and give a fair value. Just be aware. If you know a good surveyor, you might want to consider paying him or her to review the insurance companys' surveyor report to be sure you're treated fairly. Good Luck! Peter
As a part of the process, any surveyor should put a value on the loss (or ACV on the vessel if totalled.) However, if the surveyor is working for the insurance company, whether YOURS or the RESPONSIBLE PARTY'S, it will be in the bset interest of the surveyor's employer (whichever insurance company), to have a lower value, and therefore pay you a lower settlement. That said, I've always found surveyors to be pretty independent, and give a fair value. Just be aware. If you know a good surveyor, you might want to consider paying him or her to review the insurance companys' surveyor report to be sure you're treated fairly. Good Luck! Peter
There is the BUC value guide, which is
supposedly used by dealers etc., I know I've always been disappointed by the values they put on my boats: http://www.bucnet.com/index.cfm Also boats us will send value estimate by E-mail: http://www.boatus.com/buyer/valueform.htm These are estimates but should help although may be disappointing, the emphasis on ACV by the insurer is worrying, does it mean they would rather total the boat then pay for the repairs because that may be cheaper for them ? God Bless & good luck.
supposedly used by dealers etc., I know I've always been disappointed by the values they put on my boats: http://www.bucnet.com/index.cfm Also boats us will send value estimate by E-mail: http://www.boatus.com/buyer/valueform.htm These are estimates but should help although may be disappointing, the emphasis on ACV by the insurer is worrying, does it mean they would rather total the boat then pay for the repairs because that may be cheaper for them ? God Bless & good luck.
Bucnet
The pros seem to use Bucnet most often. However, they use the subscription side, not the free side...don't know the difference. I would not recommend NADA. They are notoriously low raters.
The pros seem to use Bucnet most often. However, they use the subscription side, not the free side...don't know the difference. I would not recommend NADA. They are notoriously low raters.
ADDITIONAL DATA
Thank you for your responses The reason I asked this question was due to our initial contact with the other insurance Co. adjuster who emphasized that the Actual cash value was what they were basing their determination on if the boat is a constructive total loss or if it is repairable and if it is not reparable the maximum we could expect to receive in the insurance settlement. In this discussion he stated an inital value that was over 22% less then we paid for the boat 2½ years ago, I WAS ALARMED! We had shopped around for over 3 months for this boat and looked at approximately 20 Catalina 30s and at the time we thought we had a very good idea what the boat was worth. Since yesterday I have received many other sources of info on determining the Actual Cash Value of our boat and the ranges are quite Interesting. First of all is NADA National Automobile Dealers Association Guides www.nadaguides.com who has a website and boats are listed on it. Low Base retail of $21,350 to an average retail of $26,350 This also had a list of options and equipment but it is limited in scope. With what options I could equate to our Cat 30 the low Retail moved up to $24,050 and the Average Retail up to $29,555. Second BUC service www.buc.com who also has a website. This site provides a range of $31,600 to $35,100 plus a adjustment factor’s for condition. The Boat US gave a estimated Resale value of $30,144 but had a few caveats to that number that need to be verified with a surveyor . Lastly I was informed that the boating industry has it’s own website called Soldboats.com that is not available to the public according to a source. I have heard is that at the present time it has a data base of 63 sales in the past 4 years +/- of the same model and year where it has the listed price and date and the eventual sale price and date and location. The upshot is that the average price is approximately $34,000. with a range from a high of $42,500 to a low of $23,500. My goal in this get the most in the way of a ACV so that we can get our boat repaired or replaced. PS Good article on Cruisingworld Magazine on the 30th anniversary of the Catalina 30.
Thank you for your responses The reason I asked this question was due to our initial contact with the other insurance Co. adjuster who emphasized that the Actual cash value was what they were basing their determination on if the boat is a constructive total loss or if it is repairable and if it is not reparable the maximum we could expect to receive in the insurance settlement. In this discussion he stated an inital value that was over 22% less then we paid for the boat 2½ years ago, I WAS ALARMED! We had shopped around for over 3 months for this boat and looked at approximately 20 Catalina 30s and at the time we thought we had a very good idea what the boat was worth. Since yesterday I have received many other sources of info on determining the Actual Cash Value of our boat and the ranges are quite Interesting. First of all is NADA National Automobile Dealers Association Guides www.nadaguides.com who has a website and boats are listed on it. Low Base retail of $21,350 to an average retail of $26,350 This also had a list of options and equipment but it is limited in scope. With what options I could equate to our Cat 30 the low Retail moved up to $24,050 and the Average Retail up to $29,555. Second BUC service www.buc.com who also has a website. This site provides a range of $31,600 to $35,100 plus a adjustment factor’s for condition. The Boat US gave a estimated Resale value of $30,144 but had a few caveats to that number that need to be verified with a surveyor . Lastly I was informed that the boating industry has it’s own website called Soldboats.com that is not available to the public according to a source. I have heard is that at the present time it has a data base of 63 sales in the past 4 years +/- of the same model and year where it has the listed price and date and the eventual sale price and date and location. The upshot is that the average price is approximately $34,000. with a range from a high of $42,500 to a low of $23,500. My goal in this get the most in the way of a ACV so that we can get our boat repaired or replaced. PS Good article on Cruisingworld Magazine on the 30th anniversary of the Catalina 30.
ACV
My boat ACV was agread apon when I bought it and the insurince company took the policy over. I think it was 36000 (about)But that was if they had to pay out.I think You can get ACV from your insurince compony and add Cash for anty improvements and start there. I think they should pay you for your trouble. I have a88 TRC30 JohnOlson
My boat ACV was agread apon when I bought it and the insurince company took the policy over. I think it was 36000 (about)But that was if they had to pay out.I think You can get ACV from your insurince compony and add Cash for anty improvements and start there. I think they should pay you for your trouble. I have a88 TRC30 JohnOlson
ACV ?? RC?? full RC??
are all insurance terms and you should not be concerned with them at all. screw the adjuster! you know or should know what your boat is worth! how much did you pay for it? how many upgrades? etc, etc! another consideration, this is a liability claim ie; it's the other guys fault! much different than a property claim, one which is against your own insurance company! get what you KNOW your boat is worth! Ive been in the insurance biz for 20 yrs as an agency owner, Ivan just totaled my C30! I expect to get a check (or all hell is going to break loose) for the insured value plus the personal property lost! ps: always make 'em pay you for the sales taxes on top of the value of the boat! pss:in the years Ive been cruis'n round this site, Ive seen lots of EXPERT ADVICE on insurance and insurance companies!!! LOL!!! beware!!!
are all insurance terms and you should not be concerned with them at all. screw the adjuster! you know or should know what your boat is worth! how much did you pay for it? how many upgrades? etc, etc! another consideration, this is a liability claim ie; it's the other guys fault! much different than a property claim, one which is against your own insurance company! get what you KNOW your boat is worth! Ive been in the insurance biz for 20 yrs as an agency owner, Ivan just totaled my C30! I expect to get a check (or all hell is going to break loose) for the insured value plus the personal property lost! ps: always make 'em pay you for the sales taxes on top of the value of the boat! pss:in the years Ive been cruis'n round this site, Ive seen lots of EXPERT ADVICE on insurance and insurance companies!!! LOL!!! beware!!!
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