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valuation / insurance

Posted by MikeInBoise 
valuation / insurance
October 19, 2015 10:58PM
Fellow builders,
How does one value one of the boats we build? I'd like to insure my Honkey and searched the phorum for some discussion on this but to no avail? What should I expect to pay? What steps am I going to need to take? I sat down with my insurance broker and he had some suggestions but he was going to check with his firm. While I am waiting for him to get back to me, I figured I better work to get an idea of what to expect. What are your experiences?

Thanks,
MikeInBoise
Re: valuation / insurance
October 20, 2015 01:25AM
I pay $25 a year I believe. I provided some pictures of my boat, an idea of what the value was and some comparable boats on Craigslist so they could see how I determined the value. I pay for liability and damage I think. It is tied to my Homeowners policy. I use Farmer's Insurance.

Rick N
Re: valuation / insurance
October 20, 2015 01:25AM
I'm won't say anything concrete. I'm interested to see what others might say.

But in big picture terms homemade, custom made boats can bring a good price. But only when they are brand new. Which might work for insurance purposes.

But for reasons I can't explain with words homemade boats lose their value quickly. More quickly than factory made boats. It's one of the reasons I went back to building houses. And then on to other things after that.

The best prices right now are all associated with big decked white water boats. Of which there is no factory made. There have been a few but right now I don't think you can buy one. If you want one you have to build one or hire someone. Ken Hankinson makes a few every year, no? He does good work too. And he gets a lot for them. Decked white water boats hold their value too, perhaps because there are so few of them around.

Homemade open fishing boats, on the other hand.............



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