Dang man that sucks for sure. Makes me wonder if they have gap insurance on boats
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Wow. I guess you have an actual value policy vs. an agreed value policy? Did you get a price to fix it? That may be your only route, don't let them force your decision. You can fight that value plus you can sell the trailer or just get it fixed by somebody good and keep the boat.
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Never take their first offer. It is always low. The value is whatever the boat was, the moment before it was damaged. Start compiling the evidence you're finding about the value, you could even get who ever you bought it from to write a letter and state the value is $29,500, the more written evidence you have and can send to them, the better.
Keep in mind that these adjusters have an incentive and are trained to save the company money, so if you're claim is work $25k and they settle it for $21k, they just saved the company $4k. The value of that boat is gonna peak in the next few weeks b/c it is summer, so, if it had to happen, now's the time vs. the winter.
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Get some good repair estimates, you might get it fixed easier than you'd think. Don't forget, you CAN get the Ins. Co. to total the boat, pay you your value of the boat (for conversation, let's just say $25k here) then buy the boat back from them, and then have it repaired on your own, after you buy it back.
So, for example, here, let's say they pay you $25k, you then buy the boat back from the Ins. Co. for $7k, then you spend $10k getting it fixed, you are good, because you get to keep the difference. Yes you have a boat with a "totaled" claim against it's VIN but you can take the extra money and pay down the loan and use it and enjoy it. Just a thought. Those are just guesses though, it could be better than that, say they sell you the boat back for $4k and it only takes $7k to fix it...
I'd try to have it fixed with an insurance claim. Sometimes it's much cheaper to have it fixed than you'd think, especially if you can find somebody good and tell them you're paying cash. Don't make any quick moves. Research and take your time. Check the policy to make sure it's not a "replacement" cost policy too. READ your policy, don't just assume. BTW, a replacement cost would require them to buy you a "replacement" model as close to identical to your model.
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To me it looks like someone already damaged the bottom then did a cheap half ass repair and sold the boat as is.
Looking at the White and Black meeting lines, thats not how it normally looks.
Good catch. The gel coat does not look right. https://uploads.tapatalk-cdn.com/201...b78df71961.jpg
So what was the outcome?