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  1. #1
    Thor's Avatar
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    How Do YOU determine Actual Cash Value?

    Just curious what others do in determining “actual cash value” or what it would cost to replace our ‘18 VXR which will pass 100 hours this coming (‘21) season?

    Or, short version question: what could one expect an ins co to pay out on a Total Loss (I.e., sunk or stolen) for a 2018 VXR?

    Reason I ask is, I was getting ready to renew our pwc insurance this am when my eye caught a paragraph advising “due to its age” our coverage for the ‘18 VXR was now “actual cash value” and “no longer eligible for the Total Loss Coverage” we’d originally purchased.

    I had been liberal back when we first purchased and insured the VXR and I estimated what Total Loss Coverage would’ve run and I gave em a high number of $13,200 but, clearly, they have no intention of paying anything close to that any longer (and yet, that is still what my premium is based on).

    So, I’m trying to figure out what it would cost to replace a 2018 VXR with, say, 110 to 120 hours on it?

    Once I have a more accurate figure that $13,200 I intend to notify my ins agent to change our coverage and premium before I renew ...

    Thanks in advance!


  2. #2
    Thor's Avatar
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    Update: I was denied access to Kelley Blue Book on my iPad but was able to use my phone and ascertain “$9,585.00” as “what we could expect to pay a dealer” for a 2018 VXR in “used but Good to Very Good condition.”

    (Our trailers are insured separately ...)

    Kinda sad but, the ONLY thing keeping me from pulling the trigger on the new Yamaha 4-stroke standup is taking the annual insurance and tax (and then tri-annual NC re-registration) bite

    Well, that AND the fact I as a rule try and avoid buying ANYthing the first or second year of new production (perfect example is the 2014-17 SeaDoo Sparks!)

  3. #3
    TimeBandit's Avatar
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    Try "Nada" guides .... although like KBB, can be off somewhat. Yet, for recent years like your 2018, it might be pretty close.
    Also consider market, as I know prices on previously owned have skyrocketed in some areas due to the pandemic - aka folks are bored and looking for outdoor toys. Although, I'm starting to see that tappering off somewhat in my area now - Tampa bay.
    Bottom line, PWCs are hard to price used.

  4. #4

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    Try a different insurance company. My insurance covers replacement value. if I had to buy a new ski the same as mine, thats what they would give me.

  5. #5
    steve45's Avatar
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    Quote Originally Posted by TimeBandit View Post
    ... Also consider market, as I know prices on previously owned have skyrocketed in some areas due to the pandemic - aka folks are bored and looking for outdoor toys...
    While this is certainly true, I doubt that an insurance company would consider it more than just a temporary spike. I bet they wouldn't actually pay more to replace a 'Ski now than they would a year ago.

  6. #6
    WaterDR's Avatar
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    Quote Originally Posted by Thor View Post
    Update: I was denied access to Kelley Blue Book on my iPad but was able to use my phone and ascertain “$9,585.00” as “what we could expect to pay a dealer” for a 2018 VXR in “used but Good to Very Good condition.”

    (Our trailers are insured separately ...)

    Kinda sad but, the ONLY thing keeping me from pulling the trigger on the new Yamaha 4-stroke standup is taking the annual insurance and tax (and then tri-annual NC re-registration) bite

    Well, that AND the fact I as a rule try and avoid buying ANYthing the first or second year of new production (perfect example is the 2014-17 SeaDoo Sparks!)
    The way it works generally is you state a value....any value you want. Your insurance will be based on that but they will only pay what it’s worth period. This actually allows you to pay for less coverage rather than more. Replacement value would be what THEY think it’s worth to replace. In reality there is really no difference.

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