bucvalu question

[ophthodawg]

regarding bucvalu.com

how does the forum regard this site ?

the scoring conditions appear reasonable if not very simplistic and not granular but a decent starting point ?

but I'm curious how forum members feel

thanks

Patrick

 

[Larry M]

No current experience but I remember back in the 80s and early 90s when brokers would refer to the “BucBook” for values. I wonder if insurance companies use it?

Today, I think most brokers use Soldboats which is a subscription portion of Yachtworld.

 

[Comodave]

Geico uses BUC book to value boats. That is the reason I moved away from them after 40+ years. They said my boat wasn’t worth what I paid for it and when I added $80K+ to it. I went with Peter at Novamar and he got me even more value than I asked Geico for and got better coverage too.

 

[ophthodawg]

No current experience but I remember back in the 80s and early 90s when brokers would refer to the “BucBook” for values. I wonder if insurance companies use it?

Today, I think most brokers use Soldboats which is a subscription portion of Yachtworld.

Thanks Larry,

I figured agents use some Yachtworld book value...

For insurance I've moved to "agreed upon value" for my vessels. I had Geico but moved to State Farm, lower rates and nicer to work with

Patrick

 

[ophthodawg]

Geico uses BUC book to value boats. That is the reason I moved away from them after 40+ years. They said my boat wasn’t worth what I paid for it and when I added $80K+ to it. I went with Peter at Novamar and he got me even more value than I asked Geico for and got better coverage too.

thanks Comodave,

My experience with Geico is not great. They cancelled my policy on my Beneteau 57 sailboat indicating they were getting out of the business for boats greater than 50' in California. That doesn't seem to be the case across the board so maybe geography plays a roll... ? idk

Anyway, with Geico giving me the boot I moved to State Farm and it was a blessing , superior agreed upon value and saved almost 30% ! kinda crazy.

Valuation metrics must be pretty crude, I assume the values come from sales data ? ... the BUC value seems to help buyers set a floor but maybe not so great for insurance payouts or sellers unless the condition and grading (Bristol, Above BUC, BUC, Fair, Poor, Restorable) of the vessel reflects the whole picture of the vessel (upgrades, maintenance, condition).

thanks

Patrick