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Old 12 July 2011, 10:54   #1
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Depreciation on RIBs

Just had a quote for my insurance renewal. I have a 6m Humber Destroyer with 90hp suzuki on the back and single axle trailer purchased July 2009. Came to do my insurance and questioned the quote I was given. Towergate Mardon pointed out to me that the sum insured was still the purchase price and that in the event of total loss they would only pay the market value so no point in insuring for more than this.

My question is, has anyone got a rule of thumb to apply to depreciation on RIBs to give an idea of market value. OR Any dealers out there give me an idea of what a low hours, (circa 90hrs) Suzuki DF 90, 6m Destroyer with dual console 4 seats Garmin 555 plotter and radio, etc is worth?

Paul
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Old 12 July 2011, 11:03   #2
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I would estimate 60% of the purchase price
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Old 12 July 2011, 11:06   #3
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I have been led to believe it is 10% depreciation per year!
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Old 12 July 2011, 11:18   #4
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Quote:
Originally Posted by Puffin View Post
My question is, has anyone got a rule of thumb to apply to depreciation on RIBs to give an idea of market value. OR Any dealers out there give me an idea of what a low hours, (circa 90hrs) Suzuki DF 90, 6m Destroyer with dual console 4 seats Garmin 555 plotter and radio, etc is worth?
Your real question is how much would it cost you to go and buy the equivalent to replace it. You can probably get an idea of that on B&O, the classifieds here, back of rib international etc. Whilst there is no point being 'overinsured' if they won't pay out the full amount, it would be crazy to be under insured. I'd be surprised if it made that big a difference to your premium.

I'd shop around - I'm not sure if anyone offers an "agreed value" rather than arguing about the cost of replacement after the event?

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I would estimate 60% of the purchase price
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I have been led to believe it is 10% depreciation per year!
The number I have heard is take the vat off, then deduct 10% per annum (compound) for each year. So that's more like 70% of original price for a 2 yr old boat. I should point out that there are people on here who would argue that is far too aggressive a rate of depreciation.
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Old 12 July 2011, 11:46   #5
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Given the current state of the market I think that good ribs are currently making small money
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Old 12 July 2011, 12:36   #6
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I had exactly the same situation with bishop skinner, they were happy to take my premium for the insured value, but the small print said "market value" in a total loss. I am now insured with Mercial Marine, they have an agreed value & better cover for a similar price. They also cover me from The Elbe to Brest with no offshore limitations.
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Old 12 July 2011, 13:28   #7
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Porthcawl Insurance do an agreed sum policy at reasonable cost
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Old 12 July 2011, 18:21   #8
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Try Pantaenius, they don't have problem with questioning prices. They pay what you quote.
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Old 13 July 2011, 03:43   #9
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We normally go by a the rule of thumb of "new purchase price less the VAT then 20% for the first year and 10% for every year after that". However, that is a "rule of thumb" and can be distorted if you've added equipment, used commercially, done a lot of hours, chosen a weird colour scheme or engine, etc.
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Old 13 July 2011, 13:03   #10
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Try Pantaenius, they don't have problem with questioning prices. They pay what you quote.
Can support that. Have been customer of them with a J24 (WAFI), am now with the Parker. They are not an insurance, they are a broker. Have a fixed price insurance with copayment and with a clause "new for old". If something breaks (or is stolen) I get it new.

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