Advice on soon to be totaled Boat

[Chudwick]

Hello. I was in a collision 2 weeks ago and unfortunately it looks like insurance is going to total it. I love the boat and I want to repair it. What they say it's going to cost and what it's really going to cost are way out of whack. Seems to me that people love to overcharge insurance companies. Dude at the marina says the price should be 10% of actual cash value but I don't want to offer too low and lose the boat to some salvage company. I've scoured the web and I'm seeing all kinds of answers. Has anybody ever dealt with this situation ? I'm getting desperate.

 

[R055]

Call the insurance company and ask them what the buy out price is. Then buy the boat back and fix it. Enjoy the extra cash.

Any pictures of the boat after the accident?

 

[H20Rat]

In my experience buy back prices aren't negotiable. They give you a number, and you either take it, or it goes to a salvage guy.

 

[Scott Danforth]

call the insurance company and ask. my buddy bought his '88 carver back from the insurance because the drive blew up. insurance totaled the boat, paid him $8k and he bought it back for $2200, dumped $3k into a new drive and then sold the boat for $8k

 

[Chudwick]

Thanks for the advice. Problems uploading the pic where the real damage is. I'll figure it out.

 

[Chudwick]

No Title

 

[Chudwick]

No Title

A little bigger

 

[Bondo]

Ayuh,.... Welcome Aboard,.... Just what is the boat,..??

What I see in that picture looks quite minor,...

 

[Chudwick]

It's a 2007 bayliner 225 bowrider. There's a couple more issues but that's by far the worst one. The swim platform has a small chunk missing, a little gel coat damage on the starboard chine, and a couple missing cushions. They went flying off the boat and we weren't about to fish them out. Whatever that thing was we hit we definitely weren't going anywhere near it to get to them. There's also a small chunk that broke off on the very bottom of the outdrive. The guy put down 15k in damage but I'm coming up with much less. If they want anything over 2.5k I'm walking.

 

[airshot]

Structural integrity is a serious consideration on a glass boat !! Totaled out an aluminum boat years back, caved in the whole bottom about 6-7' from the front to the back. Never took a drop of water on.....speaks highly for StarCraft !! My insurance guy said you should be glad you were not in a glass boat or you would have been swimming as glass fractures and comes apart internally where you can't see it. After that accident I have never owned another glass boat again. With that said, perhaps the ins co is looking for internal damage that you can't see. Not wanting to be negative to your boat brand but, the Bayliner brand has had issues with structural integrity for some time so the ins agent is being very cautious for your own safety. Back to salvage buying....yes I bought my StarCraft back from the ins company, salvaged all the interior and hardware, then sold the scrap alum hull. I paid 650 to the ins company and sold all the stuff for 1250, and got 250 from the scrap hull. Buyout price was set by the ins company and was a take it or leave it thing.

 

[5thcorps]

Wrecked a car I had worth about $400 once. totaled. bought the car back for $50.00 put a used bumper on for $20 drove for 5 more years

 

[redneck joe]

if they are paying you 15k for a 10 year old Bayliner that is awesome.

I'd maybe go up to $5k to buy if no engine damage. As Bondo said that is failry minor looking

 

[jkust]

My previous but newer Chaparral was totaled last year by insurance. They simply gave me the agreed to value determined by me from eight years prior when I bought it one season used with 20 hours on it that was never decreased then offered the boat to me for practically nothing. I don't have time for rehabbing stuff so I let them take it to auction. In my case the place I paid to store it indoors ran out of space and decided they store it outside, bow down, and no cover for nine months and thought I wouldn't notice. My own insurance company then went after the shop. Unless you get repair estimates from various marine repair places, I don't see how we can overcome the off balance situation you are describing with any hard numbers.

 

[jbcurt00]

Joe, I think the 15K was the repair estimate, and why Chud expects them to total the boat... Not worth enough to warrant 15K in repairs. Likely a generous adjuster or someone who wrote a low estimate that didn't cover hidden major damage in the past and they got burned.

If there's a chunk missing off the outdrive, it took a hit. So the 15K should cover outdrive, motor, motor mounts, transom (wood and glass) and any number of other bits and pieces he thought might be suspect. Might be just the guy you WANT looking at your boat. Be absolutely sure you know exactly what's ahead if you want to buy it back. Have you crawled all over it and done your own extremely thorough inspection, esp of the outdrive and motor?

Good luck and let us know what the buy back number is.....

 

[SDSeville]

call the insurance company and ask. my buddy bought his '88 carver back from the insurance because the drive blew up. insurance totaled the boat, paid him $8k and he bought it back for $2200, dumped $3k into a new drive and then sold the boat for $8k

What kind of policy covers a blown drive? I would buy that policy for sure.

 

[jkust]

What kind of policy covers a blown drive? I would buy that policy for sure.

Sounds crazy....I got a note from Progressive late last year, who I use, and they explained that they now offer coverage for mechanical failure. The reasonthey explained in the letter is because they end up declining so many damage claims that they deem to be mechanical failure that begets unhappy customers. I don't recall the rest of the details. I don't know how they get past the anti selection issues shy of doing an audit of each boat that opts for that rider.

 

[Toyelectroman]

Yes progressive offers that coverage, from what i understand it covers pretty much anything mechanical, example you crack your block from not winterizing, it's covered. I tried to get it for my boat but they said it was to old to get that type of insurance

 

[TyeeMan]

I have Sate Farm, , they cover the drive as well, , even just the prop too if I'm not mistaken. But with a $500 deductible, I'd pretty much just by a prop out of pocket.