Burned boat and insurance offer

[minnred]

I had my boat stored in a gated storage area where boats and RV's are stored. The guy who owns the motorhome next to my boat, was working on the fuel system, and wound up having his rig blow up and catch fire, which fell all over my boat and totaled it. I had $15K invested and I had it for sale on Marketplace for $11K. His insurance company Hartford, called to say they had compared my boat to similar boats for sale, and would only pay me $5100 Is this something that I need to hire a lawyer for, or would it just be a futile gesture to fight the insuarnce company ? Input ?

 

[ThomW]

I had my boat stored in a gated storage area where boats and RV's are stored. The guy who owns the motorhome next to my boat, was working on the fuel system, and wound up having his rig blow up and catch fire, which fell all over my boat and totaled it. I had $15K invested and I had it for sale on Marketplace for $11K. His insurance company Hartford, called to say they had compared my boat to similar boats for sale, and would only pay me $5100 Is this something that I need to hire a lawyer for, or would it just be a futile gesture to fight the insuarnce company ? Input ?

I think it is definitely worth chatting with an attorney about. The insurance company is always going to try and come in with a low ball offer to start things off...and often time people just take it and go on their way. Having an attorney come back with a list of your own comps and explanation of why its worth more than $5,000.00 will most likely get them to go up from their original offer rather than spend additional money paying their own attorneys to litigate the matter in court.

 

[racerone]

Insurance companies have people on a " bonus system "------They get a bonus if they save the company money on settlements.-----If you have documentation / pictures to demonstrate the value , you might want somebody to give you an opinion.

 

[RMClark]

Typical insurance company first offer low ball. You're not their customer so they have even less incentive to deal with you fairly. They hope you'll give up easily.

You need to do a little research regarding your boat...what is a good "Blue Book" value for your boat? I'd take that plus any documentation you have for upgrades that you had put on your boat over and above Blue Book and at least try to approach the amount you were asking for it on FB Marketplace. Take that to them and see if they accept your counter. The insurance company is also motivated for this whole thing to close quickly; every labor hour they spend dealing with you puts them at a little less advantageous position financially.

You can call a lawyer, but unless you already have one that does legal work for you I think you'll find that the amounts you're talking about won't generate much enthusiasm for them, unless they work by the hour. In that case, you'll end up with an even bigger loss than you now have.

Your situation stinks; at least you weren't physically hurt.

 

[havoc_squad]

Look it up on the NADA website to get a good ball park idea of its fair market value.

Unless you can prove you had standalone upgrades on the boat that can be removed, you're not going to get anything back on those optional upgrades.

Example, Garmin marine GPS plotter touch screen and antenna.

Just in case if you are not already aware, the value of a car/truck/boat is what the market determines. Additions that are permanent will NOT increase your value of it as they cannot be removed and sold separate if necessary.

So don't ever spend more money to improve any vessel or vehicle than you are willing to lose.

 

[Scott06]

What boat model and year and approximate location?

Do you have hull coverage on the boat yourself? If so I would talk to your insurance company as if you file a claim with them they will engage the other insurance company.

I would start by looking up the blue book value of your boat and comparable boats in your area and speaking with someone at their company telling them their offer is not acceptable, see where that goes.

Also thought you can hire an independent insurance adjuster who will be your advocate might be worth

https://www.usnews.com/insurance/glossary/independent-insurance-adjuster

 

[aspeck]

DO NOT accept the insurance companies offer until you have done your research. Check NADA and Blue or Black Book for values. Ask your local marine dealers what your boat would have been worth in your area and ask if they would give you an estimate in writing. As was said, check with your own insurance company or an independent adjuster. You have options. The insurance company is in business to make money, not give money away. You need to realize that and fight for what you feel you deserve. An attorney, however, will probably cost you more than you will get in return.

 

[flashback]

What boat model and year and approximate location?

Do you have hull coverage on the boat yourself? If so I would talk to your insurance company as if you file a claim with them they will engage the other insurance company.

I've seen this approach come out favorable. Let the insurance companies hash it out..

 

[harmanoff]

I am an Agent, def not for who you are dealing with im sure haha. But you need to have documentation for all upgrades you have done for the boat. then look up the value of said boat with upgrades if possible. give that to them that should help go along way!

 

[tpenfield]

I had my boat stored in a gated storage area where boats and RV's are stored. The guy who owns the motorhome next to my boat, was working on the fuel system, and wound up having his rig blow up and catch fire, which fell all over my boat and totaled it. I had $15K invested and I had it for sale on Marketplace for $11K. His insurance company Hartford, called to say they had compared my boat to similar boats for sale, and would only pay me $5100 Is this something that I need to hire a lawyer for, or would it just be a futile gesture to fight the insuarnce company ? Input ?

Well, lawyers aren't free . . .

If you can substantiate the fair market value of your boat, then that would be what you want to go back to the insurance company with.

As the others, have said, don't just take what they initially offer, as it is probably a very low estimate of the value.

 

[dingbat]

If it's the 1996 boat and motor listed in your profile you are not going to be happy with the book value assigned to the boat.

Assuming you have insurance on the boat, I'd submit a claim to your insurance and let them argue it out

Good argument for the need of an Agreed Value policy on an older hull. I also have equipment and tackle adders on my policy

 

[aspeck]

If it's the 1996 boat and motor listed in your profile you are not going to be happy with the book value assigned to the boat.

Assuming you have insurance on the boat, I'd submit a claim to your insurance and let them argue it out

Good argument for the need of an Agreed Value policy on an older hull. I also have equipment and tackle adders on my policy

If it is the 96 Starcraft Tournament 17', with the kicker & trailer, JD Powers values (in SW Washington St) around $4000-$5000 after adding on the options that I think might be on it. It could be more if there are more and better options added. But that only tells the book price. Ask a dealer what he would be asking for a boat like yours in your market and how much he would expect to sell. Get him to put that in writing and go to the insurance company.