As more photos and video footage emerges, the world is able to see the devastation and power that was behind Hurricane Ian. Hurricane Ian ravaged Southwest Florida. Devastating many areas along the coast such as Ft. Myers Beach, Ft. Myers downtown and Cape Coral. These areas have some of the highest boat density in all of Florida. The southern part of Ft. Myers beach has been closed until this past week(Mid October), and lines in at the North entrance have had hours of traffic making final loss counts still unknown.
Insurance companies have been increasingly difficult to bind new policies over the past several years. Major companies have closed policies on long term customers. As new boat prices have increased, new boat owners have had extreme difficulty binding policies and coverages.
Traditional valuation methods NADA and BUC Value reports have lagged behind the change and yacht owners can expect low value offers on total losses. Yacht Brokerages have sold boat statistics which show the most to date accurate values in the current market. When considering an insurance payout it is imperative to have up to date accurate information in order to get the maximum payout value to be able to transition into a suitable replacement option.
For example the NADA guide price for a 2005 Sea Ray Sundancer, one of the most common models on the market, is $87,850 low retail and $99,550 average retail price there are currently 22 2005 Sea Ray 340s listed and 21/22 currently listed are listed over the average retail price prices ranging from $99,000-$275,000 and the average price is $129,522. In 2022 there were 25 2005 Sea Ray 340s reportedly sold. Prices ranging from $82,500-$139,300 with the average sale price of $111,582.
As you can see there is a massive gap in the NADA value and true market value of vessels.
Be sure to consult a yacht broker for a sold boat report. Hiring your own independent surveyor can provide additional value as well but will be an extra cost.
As a result of this event, our team at Calm Seas Yachting will be helping those who have been effected by the catastrophic event.
Give us a call at 443-797-3698 or click the link below to be redirected to our hurricane relief page where a member of our team will be able to reach out directly to you.