Jump to content

Welcome to TheMalibuCrew!

As a guest, you are welcome to poke around and view the majority of the content that we have to offer, but in order to post, search, contact members, and get full use out of the website you will need to Register for an Account. It's free and it's easy, so don't hesitate to join the TheMalibuCrew Family today!

seperate value of boat and motor


Recommended Posts

My insurance company wants the value of the boat, motor, and trailer listed separately. NADA doesn't help with this. Does anyone have some estimates or know where I can find it?

The boat we are picking up today is a 1998 Malibu Response LX with the Indmar 325hp Monsoon and a custom Malibu trailer by Elite. It is in PRISTINE condition with under 400 hours. We paid $17,000.

PS. I got on this forum last month and am very impressed and thankful for everyone's help. You all are part of the reason I didn't buy a Ski Nautique (the boats I grew up with.) Starting today I am a Malibu owner! :rockon::biggrin::clap:

Link to comment

You need to talk to them about that and explain fundamental differences between an inboard and an outboard. By breaking up coverage (if that's what they're trying to do) that almost makes insuring the boat pointless (with that company). For sake of an easy example (though it's not too far off), let's say that boat and trailer was 34k new and the value of the trailer was 4, the engine 7, and the boat 23. Assuming everything depreciated on same schedule, then the current ratios the trailer is worth 2, the engine 3,500, and the boat 11,500. The problem is, if you have an insurable event, like let's say something with the engine occurs, there is no way you can buy an engine for 3,500. IF, however, they just need the values for their actuarial tables and they will in fact pay current replacement cost, then I would say my "current" example numbers above are pretty close, maybe high on the trailer. If not, and they will only cover the present value of the component parts, find a different insurer because the boat without a motor is useless and vice versa (and same with trailer).

Link to comment

Congrats on the new boat.

Just curious what insurance company your dealing with. In 17 yrs of boat ownership, I've had them break up the value of the boat & trailer before. But never the motor too.

Link to comment

My insurance company wants the value of the boat, motor, and trailer listed separately. NADA doesn't help with this. Does anyone have some estimates or know where I can find it?

The boat we are picking up today is a 1998 Malibu Response LX with the Indmar 325hp Monsoon and a custom Malibu trailer by Elite. It is in PRISTINE condition with under 400 hours. We paid $17,000.

PS. I got on this forum last month and am very impressed and thankful for everyone's help. You all are part of the reason I didn't buy a Ski Nautique (the boats I grew up with.) Starting today I am a Malibu owner! :rockon::biggrin::clap:

I used SkiSafe. No problems thus far and no hassles. They only needed boat and trailer values. Cheaper than my auto and home insurance dealers too.

Link to comment

Your insurance company probably thinks the engine is simply removeable from the boat, an outboard, so that is why they areasking. Inform them the engine is integral to the boat. If they still require information, get an engine price from the marinizer (Indmar, Mercruiser).

Link to comment

state Farm didnt ask for a differnt value on the motor but I did need to give them 3 separate serial numbers, one for the boat, one for the motor, one for the trailer. The engine does have its own serial number.

Link to comment

...get a different insurance company. One that specializes in BOAT insurance. If you have a claim you'll be glad you did!

It's been discussed too many times here, but non BOAT insurers have HORRIBLE policies.

Link to comment

Liberty mutual is the insurance company and we have had excellent service from them. I tried explaining the inboard and she seemed to know boats but insisted I still needed separate values. I said that is like insuring my car and car motor separately. I like the idea of boat specific insurance and what I've found so far is cheaper than the house/car insurance quote. Anyone have strong feelings on which company is best?

Link to comment

I use Westmar. Only because I got a screaming deal and they threw in several upgrades when I bought my boat from a dealer that they had a sweetheart deal with. My upgrades are still in effect even though my dealer is LONG GONE!

My second choice would be Twin Rivers Marine. They are a BOAT ONLY agency, representing several companies. GOOD PEOPLE!! I have spoken with Gary Clausen (Agent/CEO) several times at boat shows etc.. and he knew he was not going to get my business as he knew my situation and still took the time to answer my questions why BOAT only specific policies are better.

I have no affiliation with this company other than several conversations with a "stand up" guy!

Twin Rivers

Good luck!

Edited by Faceplant409
Link to comment

Liberty mutual is the insurance company and we have had excellent service from them. I tried explaining the inboard and she seemed to know boats but insisted I still needed separate values. I said that is like insuring my car and car motor separately. I like the idea of boat specific insurance and what I've found so far is cheaper than the house/car insurance quote. Anyone have strong feelings on which company is best?

You will hear a lot of skiers use global marine. They have ties to USAwaterski. Our club boat is through them. Good rates even on $1M liability and UB. If you have an umbrella policy make sure the boat insurer is on the "approved" list of carriers underlying exposures and that you have sufficient limits to keep umbrella carrier happy.

Link to comment

Liberty mutual is the insurance company and we have had excellent service from them. I tried explaining the inboard and she seemed to know boats but insisted I still needed separate values. I said that is like insuring my car and car motor separately. I like the idea of boat specific insurance and what I've found so far is cheaper than the house/car insurance quote. Anyone have strong feelings on which company is best?

Liberty Mutual is a joke. They are in good with the company I work for. And they are persistent about getting our personal business. But everytime I've had them run the numbers, they have no been able to even get close to the rates we're currently getting from Safeco. Then a year or two ago, Liberty Mutual bought controlling interest in Safeco. :Doh: I figured I was going to be a Liberty Mutual customer soon. But they have no been able to get that transition in place yet.

Link to comment

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...