Viking 23 - value?

[magpie patrick]

I told my insurers that I had fitted a new outboard to Juno - they've asked what the boat is now worth as it was insured for £5k.

 

The £5k was based on having bought her for £10k 11 years ago, a price that in part reflected that she came with a mooring on the Coal Canal - the mooring isn't part of the replacement value of the boat - and that she is not in as good a condition as when I bought her (and she wasn't great then), indeed before replacing the engine I doubt she was worth 5K as NOTHING worked! No gas, no motive power, no interior lights... 

Before sending a reply I decided to have a look at the resale price of Viking 23 cruisers and was slightly taken aback... 

 

https://www.boatshop24.co.uk/inland-cruisers/viking-23/576898

 

This one is allegedly the same age as Juno although undoubtedly in better condition, but if I'm going to have to find £15k to replace Juno then I need to rethink the insurance valuation... 

Any thoughts? 

[Tracy D'arth]

10 minutes ago, magpie patrick said:

I told my insurers that I had fitted a new outboard to Juno - they've asked what the boat is now worth as it was insured for £5k.

 

The £5k was based on having bought her for £10k 11 years ago, a price that in part reflected that she came with a mooring on the Coal Canal - the mooring isn't part of the replacement value of the boat - and that she is not in as good a condition as when I bought her (and she wasn't great then), indeed before replacing the engine I doubt she was worth 5K as NOTHING worked! No gas, no motive power, no interior lights... 

Before sending a reply I decided to have a look at the resale price of Viking 23 cruisers and was slightly taken aback... 

 

https://www.boatshop24.co.uk/inland-cruisers/viking-23/576898

 

This one is allegedly the same age as Juno although undoubtedly in better condition, but if I'm going to have to find £15k to replace Juno then I need to rethink the insurance valuation... 

Any thoughts? 

I reinsured with my valuation considering the grossly inflated  present day values. It was considerably more than what I paid 20 odd years ago. I phone Craftinsure and established that if I paid the premium they would insure it for whatever I said even as a total loss  OR what a valuer considered the current value to be prior to the loss or damage. The purchasre price did not concern them.

I was happy with that.

As boat insurance is so cheap in real terms I don't mind paying the inflated premium.

[GUMPY]

With GJW insurance value runs on what you paid not on its replacement value. They  have allowed me a 10% uplift in value this year without a survey more than that and they wanted a survey/valuation to confirm what it might be worth.

I would just tell them £15k, if they query it tell them it's  what you paid plus the cost (£5k) of the outboard.

Edited September 1, 2021 by Loddon

[Alan de Enfield]

38 minutes ago, Loddon said:

would just tell them £15k, if they query it tell them it's  what you paid plus the cost (£5k) of the outboard.

 

 

I very much doubt that the insurers would accept that you are putting a £5k outboard onto a 23 foot GRP

 

There is a nice secondhand 2006 model 150hp Evinrude on ebay at £5,500

[BEngo]

The added value of the outboard is more than the book purchase price of the motor alone.   It is the whole cost of a professionally fitted motor.

 

The transom has required some new bolts to secure the o/b ( incidentally thereby reducing the insurers risks for theft and dropping off or falling overboard) and some special holes  in the GRP, as well as filling the previous holes.   No doubt there were control modifications and perhaps new fuel tanks and pipework.

 

 

N

[magpie patrick]

Thanks guys, food for thought - looking more closely at the one for sale I wouldn't part with that money for it, it look a quick freshen up to sell rather than a thorough refurb. Indeed, one of the points to think about with insurance value is the amount spent doesn't necessarily lift the value of the boat to the same extent. I could splash white paint everywhere and lift the value, but the refurb is for me and I don't want a boat with the interior decor of a railway waiting room.

On the new engine I paid around £2,400 all in, including new cables, new remote box, new fuel tank - only the starter battery has not been replaced. It's still a boat that needs a bit of work doing to it. It hasn't added £2.4k to the value of the boat compared to having a working engine. 

My thoughts are that the realistic value once refurbed is around £10-12k, as in that's what I'd have to pay to get another. 

On the engine fixing, I'm working on the basis that, if the insurance company insist it is fixed to the transom, they will pay for repairs when thieves cut the transom to get it off.  

[BilgePump]

37 minutes ago, magpie patrick said:

Thanks guys, food for thought - looking more closely at the one for sale I wouldn't part with that money for it, it look a quick freshen up to sell rather than a thorough refurb. Indeed, one of the points to think about with insurance value is the amount spent doesn't necessarily lift the value of the boat to the same extent. I could splash white paint everywhere and lift the value, but the refurb is for me and I don't want a boat with the interior decor of a railway waiting room.

On the new engine I paid around £2,400 all in, including new cables, new remote box, new fuel tank - only the starter battery has not been replaced. It's still a boat that needs a bit of work doing to it. It hasn't added £2.4k to the value of the boat compared to having a working engine. 

My thoughts are that the realistic value once refurbed is around £10-12k, as in that's what I'd have to pay to get another. 

On the engine fixing, I'm working on the basis that, if the insurance company insist it is fixed to the transom, they will pay for repairs when thieves cut the transom to get it off.  

Possibly it doesn't look like it's worth the asking price, to those of us who have had boats for years, but this year, next year, who knows? You've done the biggest thing though, that will have an enduring effect on the value of your boat relative to similar craft, by putting a new turnkey engine on it. That's a known value to buy and replace and on a smaller GRP boat is a significant part of its value. With a lot of used small boat, trailer and engine packages, the engine is the most valuable bit, followed by the trailer with the hull lagging way behind. However, a Viking 23 isn't in this category. Just shy of 50k for a new one with 15hp Mariner (https://www.tingdeneboatsales.net/boat-spec.php?BoatID=4956431) Very popular and respected boat with strong demand for used ones, especially this year, I suspect you could still struggle to find a good one even at the upper end of your valuation.