Rib depreciation

[maxg]

My first anniversary is coming up
So is the insurance.
How do you work out boat depreciation?
Is there a rule of thumb?

Thanks for any help.

[moore288]

Hi -i Google my boat and see how much they are selling for, seems to vary year to year. Richard

[London_RIB]

Year 1 20% to 30% if heavily used for charter etc.
Year 2 another 5% to 10%
Year 3 another 5% to 10%
And then about 5% year on year.

But again after 10 years I've found ribs and boats in general tend to have a fixed market value and the depreciation is due to Retail Price Index(RPI).

[Pikey Dave]

You're better off (imho) finding an insurer that will offer a fixed value, regardless of market value. E.g. if you think your boat is worth £10k you insure it for that amount & pay the appropriate premium. If it's stolen or a total loss, the insurance pays out the agreed value, not the market value.

[moore288]

Agree with PikeyDave - that is what I do, hence why I giggle to see what a replacement would cost if the worst happened. Just watch what they actually pay though in the small print. Not all actually pay out the insured amount! Richard

[moore288]

Giggle . Google. Whatever :-)

[maxg]

I use bing no giggleing ever again.....................

Thanks for the help.

Hmm just need to find a good insurer.

[Pikey Dave]

Originally Posted by maxg

I use bing no giggleing ever again.....................

Thanks for the help.

Hmm just need to find a good insurer.

I use Mercia Marine, probably not the cheapest you could find, but you gets what you pays for.

[Exe treme]

Originally Posted by Pikey Dave

I use Mercia Marine, probably not the cheapest you could find, but you gets what you pays for.

+1 for Mercia Marine. Quality boat insurance and a real person on the other end of the phone!

Although not the cheapest, still very competitive and good bang for your buck!