Value of Suzuki DF70 (2012, 32 hours' use)?

jimbojambo · 26 March 2014, 21:13

Hello all,

I posted about 4 weeks ago after my 2012 Suzuki DF70 was stolen from my driveway. *Finally* I have had a settlement proposal from the insurance company.

The company who sold me the boat were kind enough to send me the diagnostics from just before I bought the package, which showed that the engine had 32 hours of total use, 25 of which were at tick over (0-1000 RPM). It was pristine and I sent photos to the insurers to demonstrate that it was "as new".

Does anyone (trade members in particular?) have an equivalent to the "Parkers Car Guide", as to let me know what such an engine would be worth? If so, please can you PM me?

I need to negotiate with the insurers as the value they've proposed is £1.3k less than the value I insured the engine for - just 3 weeks after taking the policy out. Not ideal!

Jim

Chris Caton · 26 March 2014, 21:45

Quote:

Originally Posted by jimbojambo

Hello all,

I posted about 4 weeks ago after my 2012 Suzuki DF70 was stolen from my driveway. *Finally* I have had a settlement proposal from the insurance company.

The company who sold me the boat were kind enough to send me the diagnostics from just before I bought the package, which showed that the engine had 32 hours of total use, 25 of which were at tick over (0-1000 RPM). It was pristine and I sent photos to the insurers to demonstrate that it was "as new".

Does anyone (trade members in particular?) have an equivalent to the "Parkers Car Guide", as to let me know what such an engine would be worth? If so, please can you PM me?

I need to negotiate with the insurers as the value they've proposed is £1.3k less than the value I insured the engine for - just 3 weeks after taking the policy out. Not ideal!

Jim

from previous experience from when our Honda 150 was stolen at 12 months old, I would suggest you argue the point that as the hours are so low and the engine was as new, then the should either replace it with a new engine or one with similar hours, which will be near impossible to find!!

jimbojambo · 26 March 2014, 21:55

Exactly what I was thinking. Regardless of what the standard depreciation tables state, there is no way I can buy an engine of equivalent quality for that value. The reason I bought it was because it was "as new". Not an average 2012 example with typical usage for an engine built that year. There's no way I could buy the same engine in the same condition for that valuation. Impossible.

Hmm. I wonder where I stand legally. I have sent the insurers a 10 page document with photos of the theft, photos of the engine (showing how good the condition was) and the diagnostics stating it had low running time.

I'm sure all insurance companies go in low, but I wonder how's best to get a proper settlement...

Any tips gratefully appreciated.

Boats&Outboards · 26 March 2014, 21:58

Here you go This is from the loss adjusters themselves. Or at least what they use to quote on

The first figure is list price, the middle figure dealer retail and the 3rd figure is dealer PX

What have they offered you ?

www.BoatsandOutboards4Sale.co.uk

Chris Caton · 26 March 2014, 22:05

I would guess from a legal point of view they have offered you a settlement figure, which unless you can negotiate a better deal, is their offer. if you want to take it to court it could cost you more than you would need to find to buy a new engine. I would ask them what they based their offer on, and where they have found a similar engine for sale at that value

jimbojambo · 26 March 2014, 22:14

Thanks. I'm not too sure what the columns mean but they have offered something in the region of the second column from the right (5300). A new engine seems to be around 8.5k and I insured it for 6.5k (which was a bit low, considering the low usage). But to get a valuation as low as I have seems a tad harsh. It's not as thought I can go to eBay (or another second hand website) and buy an equivalent engine for that sort of price. if so, I'd accept it as being fair game! I just want to be back where I started...

I know I'll be out of pocket to some extent but this is a bitter pill to swallow and I cannot accept it.

steco1958 · 26 March 2014, 23:29

The problem is you agreed a price of £6500 when you took the insurance out, as there has been usage and time since start of policy, they have taken £800 depreciation , it sounds fair to me, if the engine was worth £8500, then really you should have insured it for that.

Sorry to be harsh.

I would be asking for the full value of the agreed insurance , it is a game you sometimes have to play (bartering)

Steve

SteveHall · 27 March 2014, 07:03

Good luck.

This is one of my worries!.

Boats&Outboards · 27 March 2014, 07:15

That was last years book price and excludes VAT, the 2nd (dealer retail) and 3rd (dealer trade in value) figures includes VAT. I don't have the latest one as its a waste of money. I buy every two years.

Pacer marine have a DF70 listed on eBay brand new for £7,250 (which is lower than the insurance estimated new list price). So its understandable how they have offered you the figure they have for a 2 year old one.

There was a DF90 on eBay which was 2012, I think it was something like £6,000. I'd be seeking the full cover, plus fitting costs. Its going to be a fight bough. Good luck

www.BoatsandOutboards4Sale.co.uk

paintman · 27 March 2014, 10:01

Think the nail's already been hit on the head.
If you insured it for 6500 then they aren't going to pay out more than that. They may pay out a bit more than the current market value of your engine due to low usage but you aren't going to get a new engine out of them
This is why 'agreed value' is common with rarer items & in the classic vehicle world.
If necessary & you can't agree a figure with your insurers you may want to refer it to the Insurance Ombudsman. Bear in mind they may agree with your insurers, you will need to produce evidence of identical engines currently for sale to support your claims - which may be difficult as I expect they will mostly have normal usage hours - and it is the long game. I did this a couple of years ago with my eldest's car using pics of identical spec cars on Autotrader at the time & whilst we did finally get a more realistic figure it took 9 months.

jimbojambo · 03 April 2014, 22:08

Update:

*Finally* I have the insurance claim settled. To be fair to the Insurers (Towergate) they went in low initially with the first proposal, which I rejected and gave good reason, and a few days later they came back with a reasonable offer which I accepted. Money was in the bank the day later and new engine (I cannot get one second hand so new) ordered now for fitting hopefully at the end of next week.

I will be a few quid out of pocket but I will have a brand new engine with a 5 year warranty so the money can pretty much be justified. I'd much rather have the old engine back but it could be damn sight worse.

I cannot emphasise enough that if you have insurance, read the policy and make sure you tick all the boxes with engine locks etc. The first thing I was asked for was a copy of the invoice for the lock (which I kept). No invoice, and I would suspect no settlement.

Jerry Springer thought for the day: Having your engine nicked is a crappy experience but to anyone who has the same thing happen (and I do not wish it on anyone) - persevere, be methodical with your claim and it can be sorted out. Send as much information as you can to the insurer. I sent a 10 page document with photos, rather than just completing a paragraph in the standard form, sent the engine diagnostics from the previous service and managed to be polite with the claims department every time we spoke. Look forward and not back and before you know it the 28 days of waiting are up and you can get things arranged to get back on the water.

Chris Caton · 04 April 2014, 06:10

well done, excellent news

and don't forget to follow your own advice with the new engine

PeterM · 04 April 2014, 09:11

Result

CJL · 04 April 2014, 13:06

Really pleased to hear you had a positive outcome of this!

Chris

Barrowboy · 04 April 2014, 13:12

Good stuff. I sent my insurance company a timed/dated photograph of the new outboard lock fitted to the boat on the day of fitting, together with the serial number of the lock. I have to confess I'd probably struggle to find the invoice but I'll ask the supplier for a copy next week when I'm back on dry land again. Every little helps (apparently).

Thanks for sharing your experience, painful as it is; hopefully you'll be able to put it all behind you soon and enjoy this fabulous summer we're gonna have!

jimbojambo · 04 April 2014, 13:53

Thanks guys. One member in particular was hugely generous in terms of time and effort with PMs and emails of advice (who I won't name!) but thanks to him, and this forum, it was not nearly as painful as it would have been without!

Itching to get it all rigged up and on the water for spring/summer. Yeeehaw!