Dealing with insurance,boat totaled?

[JonBoat55]

Looking for anyone with experience in this situation, trying not to make a wrong move.

Got into a boat accident ( https://forums.iboats.com/threads/boat-accident-at-dusk.756667/ ) in the beginning of June. Finally got the police report and between that and talking to the other boater’s insurance company, the fault has been decided against the other vessel.

Next step, dealing with insurance. I have a 1999 Regal 1800 LSR which I bought 4 years ago for 5k. Inside and out, the boat was in cream puff condition, have used it each season with almost zero problems and kept it and the motor near perfect. The estimate I received and submitted to insurance to fix the damage due to the other boat is 9k. I’m guessing the insurance company is going to want to total my boat instead of paying that much to fix it.

Not sure how this process works and want to make sure I’m being smart about all this, especially it being that it was due to someone else’s error.

 

[mike_i]

Seems like you'll have to wait until you hear from the guy's insurance company before you decide your next move.

 

[Scott06]

I would think your insurance agent should advise you how to handle the situation with other guys insurance and what policy details you have

I have an agreed value in my policy yours may be different.

Most importantly I would educate yourself on a current fair value of your boat given market conditions. Regardless of what you paid you may be pleasantly surprised what your boat is worth.

Also consider if your boat is totaled buying back and fixing it yourself or finding an independent repair guy as it is a crappy time to buy a boat. I do all my own work might work out ok

 

[airshot]

Went thru a similiar situation about 25 yrs back. Look around for similiar boats and what they are selling for. Doesnt have to be local, go into neighboring states, find three estimates on boats for sale similiar to yours. When the adjuster comes around you have some evidence to work with. There will be some haggling, in my case, I bought my boat back from the Ins co for 500 to reap the salvage. Sold off the salvage parts for 1000 then scrapped the aluminum hull for another 500. Mine went fairly smooth, but you need some evidence as to what your boat is actually worth, not just " I think I should get this much". You need somethingvto show current value, especially if the market value is higher than nada book value.

 

[Tassie 1]

I hear ya!
We are going through a ( almost ) similar situation at the moment,
Differences are our boat sank ( in a " fearful storm " ) and is a total loss but is insured for 50 K au.
Nearly 6 weeks ago AND is STILL sitting on the bottom in 8 mts of coastal water...so there will be very little of value that can be " salvaged " or returned back to us ( personal stuff ).

The policy is for the hull and motors only.
I put it in the hands of the insurance company but their actual response/ service has been WOEFUL at best.
Did not get a return call from them for 15 days and have only had 4 return calls in total... all AFTER me throwing tantrums on the phone...naturally...with vague non committal time frames.

They have not sent anyone out to inspect it, as the local marine legislature mob did the very next day ( in stormy conditions as well ) to issue a notice to mariners.
Six weeks this coming monday.

I don't like this company anymore.

 

[airshot]

If there was fuel onboard, be prepared to hear from the EPA before to long....hope your ins coverage covers extraction or you might be on the hook to have it removed....EPA fines can be gruesome, I just have a 16' tinnie with OB but my ins definetly covers salvage if sunk.

 

[Tassie 1]

Of course there was fuel onboard,
It's a moored boat or was lol.

When l rang all the relevant depts ( nearly 6 weeks ago ) l was told l " MAY " hear from the EPA.
I haven't heard boo from them.

As it is in the hands of the insurance company l think l would have a fair case in saying that any fuel etc spillage would now be due to it being under water for nearly 6 weeks so not all my problem due to the lack of progress from said company.
FWIW,
it is or was a 30ft flybridge cruiser with two 5.7 PETROL mercruisers.
Had around 150 lts of petrol onboard.

No nasty, nasty diesel slick.
Or any slick of any type
About 10 lts of engine oil.
That's all of the nasty stuff.

If the EPA ( or any other govt mob ) starts getting stroppy with me l shall simply point to the two tug boats in the Tamar River ( Tasmania ) that have been sitting on the bottom... ( with huge diesel fuel loads ) since January after a bulk tanker crashed into them, sinking both of them.

Any EPA issues re my boat are covered by the insurance company.

 

[JimS123]

Been there done that.

His liability, his insurance. Your agreed value should have nothing to do with it because your insurance company won't have to pay out.

In my case, the repair quote was more than his insurance company said the boat was worth. They offered a lowball price and I balked. They wanted me to agree on the spot or they may retract the offer. I said I would have to wait until my Doctor got all the tests back because my neck hurts after the accident. (I may have exaggerated, but I didn't lie...LOL)

A half hour later a supervisor called and said they would pay 100% if I signed that I would not come back with more claims. I agreed and had the check in a few days.

You could get a lawyer to pitch for you, but that will eat up your settlement. Just be firm and respectful and don't back down.

 

[nola mike]

. I said I would have to wait until my Doctor got all the tests back because my neck hurts after the accident. (I may have exaggerated, but I didn't lie...LOL)

A half hour later a supervisor called and said they would pay 100% if I signed that I would not come back with more claims. I agreed and had the check in a few days.
.

^this. The insurance company will care much more about settling injury claims; even conservative bills, lost work, pain and suffering can easily exceed your boat's value. That's going to be your best leverage.

 

[JonBoat55]

I hear ya!
We are going through a ( almost ) similar situation at the moment,
Differences are our boat sank ( in a " fearful storm " ) and is a total loss but is insured for 50 K au.
Nearly 6 weeks ago AND is STILL sitting on the bottom in 8 mts of coastal water...so there will be very little of value that can be " salvaged " or returned back to us ( personal stuff ).

The policy is for the hull and motors only.
I put it in the hands of the insurance company but their actual response/ service has been WOEFUL at best.
Did not get a return call from them for 15 days and have only had 4 return calls in total... all AFTER me throwing tantrums on the phone...naturally...with vague non committal time frames.

They have not sent anyone out to inspect it, as the local marine legislature mob did the very next day ( in stormy conditions as well ) to issue a notice to mariners.
Six weeks this coming monday.

I don't like this company anymore.

Wow. My situation doesnt compare to yours, but Im getting the same feeling as you are...have to call and leave messages and get mad to get any type of response back. And when I do, they definently seem like they are watching the clock for their next break.

 

[Tassie 1]

The final chapter in my sorry story,
Today, ( Wednesday ) after 7 weeks and 2 days our 30 ft flybridge cruiser was raised and then had sufficient water pumped out to enable it to be rafted back to the marina.
Took around 3.5 hours in total.

Salvage bloke says total loss, as did the insurance company ~ around 5 weeks ago.

It's a sorry looking thing at the moment.