Posted by Chuck Woodcock on 03/25/08 - 6:58 PM
#1
I am pulling out of mothballs a 1968 sakonnet with a forward shelter and rear cover shelter, wood center console, wood seat with movable seat back, white painted fron deck and a~1980 evinrude 70 hp 3 cyl motor. the boat is on a tee nee trailer. It has not been in the water for 8 years, has only been in LI Sound 3 times ever..and completely hosed off and engine flushed after each use. All my boating has been in Canada or on the Susquehanna River in PA. I am wondering what level of insurance I should take out on the unit when I take it out this summer. When I say it is a creampuff I truly am not exagerating. My Dad bought it new in 1968 with a 40 hp and we've kept it all these years. What is a realistic worth of the boat/ motor/ trailer. many thanks
Posted by danedg on 04/11/08 - 6:20 PM
#2
Chuck,
This is all worst scenario...I've been there...
Trailer:
Tires are dried out.
Bearings need replacement.
Tongue latch is rusted...
Springs are rusted together....
Wiring Bad...
Motor:
Any 26 year old outboard that hasn't run in 8 years should be looked at by a "trusted" outboard mechanic....
Internal wiring on any '68 Whaler should be very carefully checked/repaired or replaced...
Battery....
Teleflex should be lubed....
The list could grow....
The very fact that it's been sitting idle for so long, means that all facets need to be checked and tested before putting the family on it for it's not so Maiden Voyage....
All of these items have been repaired or replaced on my '63....
I'm trying real hard not to be negative...but experience has taught me the reality of the older units...
The reality is ....I appreciate and would never part with the Whaler my Dad bought years ago...which after much TLC....means the world to me and my Family!:)
Best of luck with yours!
PS...I'll give you $250.00 bucks for the whole shootin' match!:o
Edited by danedg on 04/11/08 - 6:25 PM
Posted by Binkie on 04/11/08 - 6:47 PM
#3
Its hard to say how much you should insure your boat for. Obviously the more value you put on the boat the higher your premiums will be. If your boat is damaged can you repair it yourself? Your labor will have little value. If your boat is stolen and not recovered, you will have to start over again. I think what I would do is think of a figure, that if someone offered you, you would sell the boat to them. I would insure the boat for that value. If you cannot afford the premiums at that value, then lower the value to where you can afford the insurance.
rich
Posted by Davidk on 04/11/08 - 7:17 PM
#4
Since I just went through this last week, I think I can help. I just finished a restoration on my Whaler. I wanted to insure my 1963 Nauset at "agreed value" (something in excess of $10,000). The boat had not been registered or insured for 15 years. Due to this, the insurance companies would only give me liability insurance. They tell me I can not have "agreed value" until I have had insurance for a year.
Notable issues:
1. Contacted several insurance companies.
2. Boat US actually had the least expensive coverage (that's a first)
3. Cost is about $125 a year.
4. "Agreed Value" is an amount of value agreed between the insured and the insurance company. They will pay this amount if the vessel is a total loss.