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  1. #21
    Join Date
    May 2014
    Location
    Palm Desert, CA
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    1,541

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    Quote Originally Posted by Ksetzke39 View Post
    Insurance is only wanting to pay 21,600 for the boat. My total loan is 29,500. So basically I will be stuck with the 8k in payments and a boat trailer.
    Dang man that sucks for sure. Makes me wonder if they have gap insurance on boats


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  2. #22
    Join Date
    Feb 2017
    Posts
    18

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    Quote Originally Posted by Ksetzke39 View Post
    Insurance is only wanting to pay 21,600 for the boat. My total loan is 29,500. So basically I will be stuck with the 8k in payments and a boat trailer.
    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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  3. #23
    Join Date
    Apr 2017
    Location
    Mesa, AZ
    Posts
    12

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    Quote Originally Posted by Matlock339 View Post
    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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    Does anyone know if the "actual cash value" with insurance is the value of the boat with the damages or the value of the boat if it didn't have the damages?

    They are offering 21k but the boat average selling price on NADA is at least 25k

  4. #24
    Join Date
    Feb 2017
    Posts
    18

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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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  5. #25
    Join Date
    Apr 2017
    Location
    Mesa, AZ
    Posts
    12

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    Quote Originally Posted by Matlock339 View Post
    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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    Thank you! I will definitely fight this, and I hope that there's another moomba out there for me, I really enjoyed the boat up until that point

  6. #26
    Join Date
    Feb 2017
    Posts
    18

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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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    Last edited by Matlock339; 04-29-2017 at 12:30 AM.

  7. #27
    Join Date
    May 2009
    Location
    North End Lake Lanier GA
    Posts
    8,155

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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.
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  8. #28
    Join Date
    Jan 2006
    Location
    Jacksonville, FL
    Posts
    608

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    Good catch. The gel coat does not look right.

  9. #29
    Join Date
    Apr 2017
    Location
    Mesa, AZ
    Posts
    12

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    Quote Originally Posted by 98outback View Post
    Good catch. The gel coat does not look right.
    I never even noticed that, I wonder if the dealership saw that when they went through it

  10. #30
    Join Date
    Jan 2006
    Location
    Jacksonville, FL
    Posts
    608

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    So what was the outcome?

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