Boat buy back from Ins question...

[northshoreone]

My Intrepid 32 was totaled in Ian and is still resting up against my house, my neighbors boat and his house. The adjuster won't be out to look at it until Nov. 30! I have sent pics to them and my marina up north for their opinion on if it can be fixed and for how much it would cost. My question is has anyone gone through the buy it back from the Ins. Co. route that can provide some guidance on what to expect? The marina up north said they can put it back to new for about $60k to $70k and the boat is a 2009 with a replacement value of about $150k. It didn't sink and there is no water in the engines just allot of damage to the bow, puncture hole in the port side above the waterline and engine props and skags. I will get about $114k from the Ins. Co. when totaled. Thank you all for your wisdom in advance!

 

[Captain Ralph]

Who said your insurance company was going to total it?

drburke is correct about the salvage/rebuilt documentation or title, is not comforting.

 

[northshoreone]

Ins Co indicated a total loss from the pics that I sent them. Just awaiting the arrival of the adjuster to confirm that.

 

[Captain Ralph]

You can always chain saw the hull.
What engines and equipment can you re-sell. Later model, big used engines are still in demand.

You have to also think, the down time to fix your salvaged/rebuilt boat vs out on the water sooner,,, possibly with a warranty..

 

[northshoreone]

2009 with Yamaha 250hp low hours but not the engines most are looking for now. I sent pics to Eric H who sold my Hatteras for me and he said based on the damage to wave goodby!

 

[rsmith]

Who said your insurance company was going to total it?

drburke is correct about the salvage/rebuilt documentation or title, is not comforting.

There’s no such thing as a salvage title to a boat

 

[rsmith]

I’ve had friends negotiate the full hull value and the insurance agreed to let them keep the wreck. They really don’t want it and the liability you can sell the wreck or decide what to do with it later.you can pr get a crane to pick it and block it up on your property somewhere. The 250 Yamahas are time bombs everyone I know has had the mid sections rot out and not make it past 1000 hour’s but the wreck is still worth money

 

[Captain Ralph]

There was an ugly warranty war and some factory help was available to help the Yam's internal exhaust passage disappearing issue.
One of our work boats came with a 225 and we discovered it was already taken care of.
That was a sweet engine.
After that, I thought the Yams were good engines. Of some value.
I am not an outboard fan, just got lucky on this one.

A friend of mine lost his Columbia snailboat against the Buckman bridge years ago. Moored on a ball at NAS Jax, a storm blew him with concrete more block onto the bridge.
Nasty crack on the hull side. Mast collapsed.
Insurance company totaled the boat, cut him a check and asked what he wanted to do with the hull,, still floating.
He stripped it and had the insurance company dispose of it.

He was offered the hull and was advised, after it was fixed and inspected, he could insure it again but history would follow the boat of being rebuilt after a claim. He let the insurance company dispose of it. It was crushed up and scrapped in Green Cove Springs a few months later at the insurance companies further expense.
Now, That fresh rebuilt Perkins engine, who knows where that went. I hope it was saved.

 

[rsmith]

How is the insurance history going to follow? I’ve bought 5 boats from US Auctions after the 04 hurricanes and flipped them all came with clean titles because there is no other title. I still have one and there’s no issues with insurance.

 

[Captain Ralph]

How is the insurance history going to follow? I’ve bought 5 boats from US Auctions after the 04 hurricanes and flipped them all came with clean titles because there is no other title. I still have one and there’s no issues with insurance.

I can not answer these question with detail.
I remember what the agent said when the final papers were signed.
The insurance companies would always know it was a repaired hull.

The Aqua-sport That I purchased from USAuctions had a clear title also. Took a very long time for it to come but it looked like a regular small boat title.

Maybe there is something with Documented boats, no state title.
Or the HID may raise a flag in the IT clouds somehow/somewhere.

 

[rsmith]

The coastguard cares even less than the state. In 93 when the S&L debacle hit I had a friend repossessing boats I flipped 3 55 oceans with cracked hulls that was a combination bank insurance deal. If you remember 55’s we’re so bad you couldn’t insure them. But the documentation was clean. I sold them to Costa Rica for charter boats.

 

[zigzag930]

A friend of mine lost his 61 Hat in Ian. They paid him off in full and said they planned to abandon the boat. He asked if he could have it and they said yes.

Boat was not sunk, just dock damage to the hull, rub rails and other wind related issues.

State Farm was the ins co.

I can't believe they didn't auction it to recoup at least something. Boat was is in a marina, not stuck in the mangroves - so easy to move it.

 

[Pascal]

Documented vessels do not and can not have state title so for larger boats there can not be any salvage title. AFAIK the USCG doesn’t keep track of salvages vessel, a COD is either active or expired

As to insurance companies not trying to auction damaged boats and recover as much as possible, why should they care? They will just pass the costs to us into the next premium. After Irma a few years ago, there were a few boats here that were totaled even though they were easily repairable. At least one is still here, the owner have cashed a big check, and kept the boat. Still in the same slip. We re all paying for this crap incl those that didn’t make an effort to protect their boats. Or cars. Like the guys who let a Rolls and a McLaren P1 out of his Naples garage

 

[SeaEric]

USCG does occasionally record damage in the Abstract of Title. I sold a beautiful 70' Hatteras 1986 about 15 years ago.
She had a Euro Transom Extension added on to an original 63' MY. Stunningly gorgeous yacht. Curiously, the
staterooms were all "painted out" white over the original teak. When I ran the Abstract for my buyers, There was
an entry from 1989 that said: "Deleted from documentation. No longer capable of transportation. Destroyed in Hurricane
Hugo" Clearly she had been repaired many years before I sold her. We hired Slakoff to do the survey. They had also done
the survey after she was repaired. The surveyor showed up with that report and re-checked previous work. All was good
and my buyers moved forward with the knowledge of her history. I since sold her again with full disclosure. My concern
on a titled boat would be that the HIN could be "tagged" by the Insurance Co that paid a total loss claim. The photos I saw
of Dean's boat looked bad. Hull to deck joint compromised for a good length of one side, outboard motor skeg and prop
damage, plus a few more fiberglass holes and abrasions. That will not be a quick, simple repair. I stand by my advice to
"Wave her goodbye"

 

[northshoreone]

Update...Ins. Co. issues a salvage title document to me and a copy to the state. Once repaired you must take the receipts of the repair work to the state DMV to have a new title issued.
Ins. Co. wants $33k salvage value for me to retain the boat. They will pay for its removal or for it to be loaded on my trailer. Marina est. to fix and paint..$60 to $65k, figure another $10k for misc. issues. To replace it with one listed on line is from $150k to $175k.
Thoughts???.....

 

[zigzag930]

My only comment.... estimates are always WAY low. This may cost a lot more than you think by the time you're done.

 

[SeaEric]

Update...Ins. Co. issues a salvage title document to me and a copy to the state. Once repaired you must take the receipts of the repair work to the state DMV to have a new title issued.
Ins. Co. wants $33k salvage value for me to retain the boat. They will pay for its removal or for it to be loaded on my trailer. Marina est. to fix and paint..$60 to $65k, figure another $10k for misc. issues. To replace it with one listed on line is from $150k to $175k.
Thoughts???.....

How much will they pay you for the total loss?

 

[northshoreone]

Total payout to walk away is $114k after hurricane deductible.

 

[SeaEric]

Total payout to walk away is $114k after hurricane deductible.

Take the $$. From the pics you sent me, she will never be 100% again. The hull to deck joint compromise is troubling IMHO.