JoshS Posted August 29, 2011 Report Share Posted August 29, 2011 (edited) Hey guys, I posted awhile back about a how I was shopping for a used boat. Well, I've been shopping (aggressively) for a few months, missed out on quit a few good ones, and have finally almost settled on this: http://grandrapids.craigslist.org/boa/2544032803.html I'm pretty sold on this one.. I got the marina to knock it down to 6k and all the engine tests check out and boat in good condition. What do you guys think? This is my first boat purchase... It's not the 4 stroke, 17ft I was looking for but I'm thinking I can get some use out of it and sell it and upgrade with little depreciation loss in the next few years. I'm also shopping for insurance today but don't know too much about it. Do you guys recommend Actual Cash value or Agreed Value insurance? Any recommendations on companies to go with and things to look out for? Also looking for good boat storage in Toronto because I live in an apt with no garage. I fish everywhere so location would be best close to home (live downtown College/Bathurst for the time being). The majority of my fishing will be done on kawartha lakes, quinte, GB, simcoe etc.. If anyone knows of anywhere good, pass it along. Thanks everyone. Edited August 29, 2011 by JoshS Link to comment Share on other sites More sharing options...
Roy Posted August 29, 2011 Report Share Posted August 29, 2011 If you really like this boat, messing around looking for insurance rates and parking spaces will make you lose it. If you get a price on insurance then get a lead on a good parking space and the boat is sold to someone else it'll be time to start the process all over again. But it appears to be a good boat if the price is right. Link to comment Share on other sites More sharing options...
JoshS Posted August 29, 2011 Author Report Share Posted August 29, 2011 If you really like this boat, messing around looking for insurance rates and parking spaces will make you lose it. If you get a price on insurance then get a lead on a good parking space and the boat is sold to someone else it'll be time to start the process all over again. But it appears to be a good boat if the price is right. Thanks Roy, I agree, this is just some last minute logistics. I've bought some time and have the guy holding it for me until the planned trip down to get it this Thursday. Link to comment Share on other sites More sharing options...
landry Posted August 29, 2011 Report Share Posted August 29, 2011 Hi Josh, Good luck on the mission on Thursday. I would insure it for what you feel the Cdn value is - that way if a careless driver wrecks it you have no worries in replacing it with a similar or better boat I think that is a great deal. Landry Link to comment Share on other sites More sharing options...
HTHM Posted August 29, 2011 Report Share Posted August 29, 2011 Ask him for a print out of the fault history on the motor and review it with a trusted mechanic. As well, be prepared to walk away if it does not check out. The fuel cost for going there will be less than the cost of unexpected repairs. Good Luck, it looks like a very nice vessel! Link to comment Share on other sites More sharing options...
craigdritchie Posted August 29, 2011 Report Share Posted August 29, 2011 Josh, Where insurance is concerned, pay the small extra and demand full replacement cost coverage for everything. It will cost you a tiny bit more, but save you tons of headaches. The problem with actual cash value coverage is that everything is depreciated. So let's say you hit a rock and need to replace the lower unit and fix some internal damage to the engine. And, just for example, the required parts (new parts) cost $1,800. If you have full replacement cost coverage, the insurance company pays to fix the engine and you're back in business. But with actual cash value coverage it's different. The actual cash value of the parts you broke will not be as high as the value of brand new replacement parts. Why? The ones you broke are used - and depreciated. So their value might be calculated as .... say .... $600. So the insurance company gives you a cheque for $600, and you get stuck paying the $1,200 difference. Some guys would say they got screwed by the insurance company, but that's not true. The insurance company held up its end - it paid out the actual cash value of the parts you needed to replace. The problem is that your mechanic will never be able to source the exact parts you need used. He'll have to get new parts to fix your engine, and you'll have to pay the difference in value between those new parts and the depreciated, used ones you were insured for. The difference can be huge. The problem with agreed value insurance is that the insurance company may agree with you on a valuation - at least till a claim comes in. Then, all sorts of little things will pop up that somehow were never discussed before. Once again, you'll be left holding the bag. Full replacement cost insurance does not cost a whole lot more money, and it relieves all these problems. Strongly suggest you go that route. Can't help you with storage in Toronto - I escaped Hogtown almost 20 years ago. Craig Link to comment Share on other sites More sharing options...
motion Posted August 29, 2011 Report Share Posted August 29, 2011 Josh, boat parking spots in the city can get pricey. Many people don't mind a car but may not like the eyesore of a boat in their driveway 12 months of the year. I would have suggested finding a parking spot before you went looking for a boat. Just my $0.02 worth. Link to comment Share on other sites More sharing options...
Raf Posted August 30, 2011 Report Share Posted August 30, 2011 expect to pay in the vicinity of $50/mnth to park your boat at one of those self-storage places. check around kijii/craigslist for someone on the outskirts of town with extra land they use for renting out to rvers/boaters. definately get it insured. Link to comment Share on other sites More sharing options...
Rizzo Posted August 30, 2011 Report Share Posted August 30, 2011 sorry Josh you're too late. The deal was so good I went and bought it myself Link to comment Share on other sites More sharing options...
JoshS Posted August 31, 2011 Author Report Share Posted August 31, 2011 Thanks for the responses and the insurance breakdown Craig. Looks like the deal is going down Thursday if Rizzo doesn't beat me to it!! After fishing out of tin boats for years, finally going to have that casting deck to stand on! Link to comment Share on other sites More sharing options...
Rizzo Posted August 31, 2011 Report Share Posted August 31, 2011 you'll love it. Casting deck with bowmount is a huge advantage (at least for the types of fishing I do) Link to comment Share on other sites More sharing options...
JoshS Posted August 31, 2011 Author Report Share Posted August 31, 2011 you'll love it. Casting deck with bowmount is a huge advantage (at least for the types of fishing I do) Man you have no idea I cannot wait! Dream come true Link to comment Share on other sites More sharing options...
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