Value of outboard motor

[kpratt]

I have a 2001 115 Mercury 4-Stroke EFI. It is (was!) in mint condition, with approximately 40 hours on it. My boat sank and i'm trying to get a "fair" actual cash value on it for the insurance company. They want to give me $6380-, which I think is low. The engine was barely used (i'm ashamed to admit it), and there wasn't a scratch on it. Where can you get current used outboard motor prices? I'm going to the marina to get a quote on what it would cost to buy one now, but is there anywhere else I can find out this information? Thanks.

 

[rickdb1boat]

Re: Value of outboard motor

From NADA! But they are always LOW!<br /><br /> NADA

 

[kpratt]

Re: Value of outboard motor

That price ($6,380) was from NADA and I think it is LOW. But i'm fighting the insurance company, so where else can I get information from?

 

[rickdb1boat]

Re: Value of outboard motor

Maybe you can get your friendly Dealer to write something up, stating the actual value of your Motor.

 

[rickdb1boat]

Re: Value of outboard motor

Do you recall or have reciepts for what you paid for the Motor when it was new? If so, that is a start! Any pictures of it that you can show insurance company, before it sank!

 

[dmessy]

Re: Value of outboard motor

Ain't insurance great. They pay not what its worth but instead what the average worth is based on thier #s. Kinda like buying a new car...-10percent(at least) as you drive away!

 

[kpratt]

Re: Value of outboard motor

Yes, I have the original receipt since I just bought it last June and the insurance company has that information. It cost $8,379 (brand new), and it was in mint condition. You can tell just by looking at it now that it was super clean. I've just put a call in to the marina to see what kind of quote they'll give me. Thanks for your help.

 

[dmessy]

Re: Value of outboard motor

If you have the motor(thought it was at the bottom of the sea?) Why not get it repaired? Surely it would be cheaper than replacement...

 

[kpratt]

Re: Value of outboard motor

No, we got the boat and the motor out of the water. The cost to repair the motor is $7,400 and I don't particularly want to have a completely re-built motor when I just had a brand new motor. Even the local marina said that we will have problems down the road because it has been sunk. And now, it's been over a week since it sunk, and they couldn't get it started - so there is severe corrosion going on. Since the insurance company will only pay $6380, i'll still have to fork over the difference. Too much money, for a re-built motor. Don't ya think?

 

[dmessy]

Re: Value of outboard motor

$7400 , unbelievable! They must be pricing everything from the outside cases inwards. The shame is , that motor will show up for sale elsewhere...Sorry to hear of your delimma <br />How did it sink?

 

[kpratt]

Re: Value of outboard motor

Yes, I think that they priced out every component possible, in the event that they encountered more than they bargained for once they got to the innards. The boat sank while docked(!) during a 3-day torrential rain storm. Not sure what happened, since we had checked on it the previous day. Two other boats in the same harbor went down as well. It is such a bummer, since I just got the motor last summer, and spent $2,000 having the new motor put on. Sigh.

 

[gregmas99]

Re: Value of outboard motor

Gee, it sounds like your marina workshop want the salvage, a quick repair and lots of dollars for them. If it went down when it wasnt running and was down for less than a week, I would get an reputable outboard mechanic to give you a quote. I would also call the insurance co and find out what the salvage value is, even if you had to replace a bunch of the electrics at the payout minus the salvage, you would still be ahead. Lets face it outboards are designed to operate in a wet envirioment. IMHO someones taking you for a ride.

 

[mellowyellow]

Re: Value of outboard motor

$2,000 depreciation on a 3yr old OB isn't bad IMO.<br />even if lightly used, it's still used. actually<br />surprized NADA isn't lower...<br />good luck,<br />M.Y.

 

[Clams Canino]

Re: Value of outboard motor

Unfortunately that's my take too. 2k down isn't that bad.<br /><br />You might wanna take the settlement and then shop around for a small independant shop that can fix it cheaper. No mater what, you wanna change the oil 2-3 times and "run it" on the starter for about 2-3 minutes (in 30 second intervals) between changes to try to get all the water out and at least "stop the bleeding". Then, assuming the powerhead compression tests OK, you can find a small shop to deal with the carbs and electrics.<br /><br />OR - try this - tell the insurance company you'll take the settlement IF you get to keep the dead outboard. Then you can sell it "as is" (after you do the oil stuff) and recoup a bit more of your money.<br /><br />-W

 

[Clams Canino]

Re: Value of outboard motor

Two follow up thoughts.<br /><br />1. I have had 2 cars and a boat/outboard totaled by an insurance company in my life. (none of them my fault). In ALL cases when I counteroffered to accept their offer IF I got to keep the salvage propery - they agreed. Be totally firm and sound resolved. It would cost them more to fight with you than to fork over the dead motor. <evil grin><br /><br />2. With no mechanical skills - you could part the thing out on Ebay and make a killing. That lower unit alone should fetch 1k. Of course you'd have the PITA of taking it apart and photographing all the parts.<br /><br />-W

 

[JB]

Re: Value of outboard motor

Here's a 2002 used 115 4s, offered retail by iboats, with warranty.<br /><br /> http://www.boatmotors.com/rebuilt_outboard_motors/#115 <br /><br />This would support your insurance company's evaluation of your used 2001.<br /><br />Good luck.

 

[JasonJ]

Re: Value of outboard motor

The sad thing is if the right steps were taken immediatly after the outboard was removed from the water, the motor would be fine with minimal to no cost. If it has sat for even a few days out of the water, it is screwed. When a motor is sunk, it should stay submerged, even if you have to find a tank large enough to submerge it after you recover the sunken boat, until the recovery process can be done. Otherwise the wallet gets plundered. Good luck, I think you are not going to get much more than what they are offering, and if you can keep the old outboard, that would be great. I had a new car that got totalled once, and they would not let me keep the wreck because I was still making payments, and they wanted whatever salvage money from it to help recoupe their paying off my car. I was hit by an uninsured drunk, and my insurance got to pay the tab.

 

[andrewkafp]

Re: Value of outboard motor

You are spot-on Jason. That's what the Merc manual says. "If you can't recover the motor immediately, and take steps to remove the water.. leave it submerged or submerge it in a drum until you can" Sounds strange, but I suppose it is to eliminate air getting to the unprotected parts.