Boat stolen and stripped

[jmarines]

My last boat was insured for the new price then 8 years later became a total loss and of course got the full agreed value. 8 years of use and got every dime that it cost back.

must be nice!!!!!

 

[jmarines]

My gut is because of the outdrive, it's going to be a total loss and they will then offer you to be able to buy it at the salvage value and deduct that from the agreed value amount they will pay you. .

I'm now curious what the buy back price would be... wheels turning in my head

 

[jkust]

I'm now curious what the buy back price would be... wheels turning in my head

Betting it will be maybe 500$. I had the option to buy mine for what amounted to 22% of the insured value which was the salvage value but didn't have any use for it so watched it go up for auction online. The copart auctions (Copart auctions off insurance vehicles) don't tell you what it sold for but the last bid I saw on it a day before the hammer was almost exactly what the salvage value was. Mine was totaled because the company that was supposed to store it inside, instead stored it outside behind their storage facility, bow down, no cover when they ran out of room and water intruded after it was completely full of water sitting for 8 months or so. Looked like a brand new boat and had only a few years worth of hours on it so I'm betting whoever bought it wondered what the heck it was doing at an insurance auction. If I was a dbag, I could have kept it and sold it to an unsuspecting person because if you didn't know the boat, you wouldn't realize it was water logged. It was an interesting experience to go through because things don't work like you are used to when totaling a car with insurance.

 

[WIMUSKY]

Agreed value is a wonderful thing. My last boat was insured for the new price then 8 years later became a total loss and of course got the full agreed value. 8 years of use and got every dime that it cost back.

A buddy of mine had a shed collapse from heavy snow on his boat. He received full value too on his older boat..

 

[jkust]

A buddy of mine had a shed collapse from heavy snow on his boat. He received full value too on his older boat..

What's crazy is my insurance didn't really go up much after adding a much more expensive boat with a much higher agreed value and trailer combo plus I brought the deductible down from $1000 to $100. I went for my sig boat which was older than the previous Chaparral that got totaled but is 6 feet longer (23'9")and just a much better fit for our lake. Because my damage was not visible, and because the storage place of course wouldn't own up to what they did, I had to fight tooth and nail with the insurance company given the third party liability situation whereby I had to finally force the issue with a $2,000 marine survey which the insurance company paid for and finally agreed to pay then subrogate.

 

[jmarines]

Well the marine shop finally came back with a repair number... right under $10k to get the boat back to its original state. The entire boat isn't even worth that amount.. more like $5k in great condition. Lets see what the insurance company says about it. Hopefully they can move on this quickly so I can salvage at least part of the boating season. Looks like I may be boat shopping in my near future.

 

[82rude]

Theres a special place in hell for thieves like that.Me if the tire was there I would of changed it.Ialways have my 18v l-ion impact gun and 2 batteries and impact sockets plus 2 ton jack and assorted other tools in truck at all times.Changed my brothers blown tire on his trailer up at the camp launch in exactly 10 minutes.That impact is so friggin handy.

 

[Alumarine]

Theres a special place in hell for thieves like that.Me if the tire was there I would of changed it.Ialways have my 18v l-ion impact gun and 2 batteries and impact sockets plus 2 ton jack and assorted other tools in truck at all times.Changed my brothers blown tire on his trailer up at the camp launch in exactly 10 minutes.That impact is so friggin handy.

Darn, too bad you weren't there...

 

[jmarines]

Update

Adjuster called. They finally got the final repair bill on the boat... $11k for the boat and $500 for the trailer. I'll be getting full value for the boat .. and they do not even want the boat back... they said I can keep it . The trailer is a different story... since the repair is only $500.. and it's insured for $1k they will not total the boat but instead pay only $500 for repaires. Doesn't seem fair but what ever...

 

[jkust]

Alright....good for you. I had a boat trailer one time take some damage on the freeway from a lose spare tire that hit it and damaged it. The insurance company wouldn't even repair it as they said they pay to repair trailers and just totaled for 5k. They didn't want it back but it was no longer insurable. I never replaced it as the damage was so minor. Just corrected the issues and kept right on using it.

 

[Patfromny]

At least they covered the cost to repair the trailer. If you repair the trailer and sell the boat as is you will more than make up the 500 dollar difference. Totaling boat and leaving it for you sounds like a home run to me. Maybe put it back together with used parts and keep or sell for more cash. All the parts that were stolen where used right? Nothing wrong with putting it back together and using or selling to get something else. Sounds like a great outcome for a bummer of a situation. I think you can CL AND flea Bay the boat back together for alot less than the 11K. I'm guessing the boat is no longer insurable though right? How about once it is fixed? If it can't be insured again it might be worth selling.

 

[jmarines]

I've been thinking the same thing. Wife already said she wanted to upgrade so looks like I'll try and sell it. I've already sourced the carburetor... seat cushions and motor cover and I think I have a lead on the entire dash with used original gauges. Hopefully I can just get rid of it without the outdrive on it..

 

[Pusher]

How does that work anyway? Do they insure the boat for the next potential owner? If I ever buy a newer boat should I call the insurance company first to see if it's insurable?

 

[Patfromny]

If you get everything else cheap...buy a decent outdrive and get a much better price for the boat. If the boat is complete you will get a much better group of people looking at the boat. Say a guy and his family looking for their first boat versus someone looking to flip the boat and get it super cheap. The flipper will try and cut your price over every little imperfection. The family might fall in love and have to have it. Very least I would do is buy the outdrive and throw it in the boat. Not sure if your apprehension in buying the outdrive is due to the installation. If you're not handy, just be honest and say the unit is here, just needs to be installed. With 5k to play with, I'd say you will still have some cash left in the pocket before the sale. If you have no problem putting the thing back together then I would do so. You would lose too much money on the sale if not complete.

If not sure about the install, start a thread here or in rebuild and restoration section. You will get more info then you'll need. Lol. I'm an outboard guy but I imagine this is a job that can be completed by a diyer. Good luck and keep us posted about the final chapter here. Hoping you make out well and can get yourselves something even nicer in the end.

 

[AgnotGt]

Glad this seems to be working out in your favor with down time and a bad taste in your mouth the worst for now. Just wanted to say that even though I normally pack tools that would include the ability to change tires....

I now have a tire iron permanently attached to my trailer. (Secured against accidental dislodgement)

.

 

[Patfromny]

Glad this seems to be working out in your favor with down time and a bad taste in your mouth the worst for now. Just wanted to say that even though I normally pack tools that would include the ability to change tires....

I now have a tire iron permanently attached to my trailer. (Secured against accidental dislodgement)

.

There is an important message there. By your sharing this story here you have probably helped a bunch of us from future theft. I would bet a good majority of us will now carry tire changing equipment or at least not leave our boats on the side of the road in search of repair tools or parts. Although this is a terrible story and must have been horrible to live through, you still managed to help a bunch of us by sharing this story here. For that I thank you. This forum is all about learning and sharing storys. You have done both. It is a shame but a truer statement hasn't been uttered, "bad things happen to good people." Thanks for looking out for people here that you likely won't ever meet. True statement of your character there.

 

[Pusher]

Glad this seems to be working out in your favor with down time and a bad taste in your mouth the worst for now. Just wanted to say that even though I normally pack tools that would include the ability to change tires....

I now have a tire iron permanently attached to my trailer. (Secured against accidental dislodgement)

.

Does accidental dislodgement mean a lock and key so theives can't use it while you're on the water?

I actually just bought a tire iron today thanks for sharig OP