Totaled Boat/Insurance Claim in progress

[steamboater1]

Re: Totaled Boat/Insurance Claim in progress

Yeah I feel like he wont move off 9100 either, but its worth a shot by waiting and keep saying I feel its worth more. I dont think I will be buying a boat in next couple of days anyways.

 

[dmn175]

Re: Totaled Boat/Insurance Claim in progress

It is ultimatly up to you to prove the value of the boat. This can be accomplished by providing the adjuster "comps" which would be sales ad's for the same boat with similar features and hours. By providing this documentation you are proving up the value of your boat and he will be able to be more flexible in his offers. Your negotiation needs to be supported in writing by these comps or you will not get anywhere.

 

[H20Rat]

Re: Totaled Boat/Insurance Claim in progress

One word of warning on agreed value policies. If you dig WAY down into the fine print, I can absolutely guarantee there are some clauses in there most people don't know about. If you have an '87 bayliner capri insured for $50,000, the insurance company will gladly take your premium, but you are going to have a rude awakening when it comes to a claim. Once you are about 20% above blue book, they are going to start looking at your claim very carefully. Over inflating the value by itself is insurance fraud, even if you had nothing to do with how it was totaled. They also have fine print that limits how much they can pay above blue book, at least without supporting documentation of the boat's value.

Keep in mind what your agent tells you might not be correct. What is in writing is all that matters.

 

[laserbrn]

Re: Totaled Boat/Insurance Claim in progress

This is why you should get car insurance from car insurance companies and marine insurance from marine insurance companies. Sorry that you are finding out the hard way, but they pretty much ALL do this.

I told AAA that I wanted my insurance policy underwritten such that we agree on the value of the boat ahead of time and their underwriters came back with a value of $2500.00 for my 1976 Skipjack and they went straight off of NADA. I laughed, cancelled the policy I just started and went to Boat US. The premium was about double, but they valued the boat at $15,000.

$2500 doesn't even cover the cost of canvas, lol.

I asked...."People actually continue to purchase insurance through AAA with this poor valuation system"? My agents response..."Most people don't know how little their boat is worth".

My response..."I know how much it's worth"...I cancelled my home, life and auto policies with them as well. Obviously it is shady to sell someone insurance when you know you'll never pay their claims fairly.

 

[steamboater1]

Re: Totaled Boat/Insurance Claim in progress

I dont think progressive is too far off on the value, I just want what I think it is worth, a little more, nothing crazy. I have showed him comparable 2003 glastrons in the area that are listed at 13k. Obviously, those are way too high priced, but thats all that is for sale in the immediate area right now. His response to that was we dont have a replacement value policy, we have an actual cash value policy.

Im not trying to get rich, just trying to get a fair agreement, thanks again for the responses. Obviously this is a learning experience, it is my first boat and I will take a lot away from this. I am still young and will take whatever knowledge I can get from people that have gone through this, that is why I am here.

 

[bgc]

Re: Totaled Boat/Insurance Claim in progress

Deleted...off topic

 

[steamboater1]

Re: Totaled Boat/Insurance Claim in progress

Yeah I have the policy in front of me, were you trying to emphasize something?

 

[90stingray]

Re: Totaled Boat/Insurance Claim in progress

I would hope they have the trailer figured into those numbers. They are going to be seperate nada values that should be added together. But there's the fine print... that may not include the trailer. I would try and negotiate. Also, how much would it be to buy it back... then part it out. Do you have any pics of the boat and how she looks?

 

[steamboater1]

Re: Totaled Boat/Insurance Claim in progress

Yes I have some pictures of it, it says they are too large to attach though. I believe the salvage value was 4000 from progressive, so the breakeven on repairs was around 5000. Im really not into parting it out. I dont know if I have the time to do that. The trailer is already in that price of 9100. If you look on NADA, the two asterisks (**) means the trailer is included in the price.

 

[BoatDrinksQ5]

Re: Totaled Boat/Insurance Claim in progress

I dont think progressive is too far off on the value, I just want what I think it is worth, a little more, nothing crazy. I have showed him comparable 2003 glastrons in the area that are listed at 13k. Obviously, those are way too high priced, but thats all that is for sale in the immediate area right now. His response to that was we dont have a replacement value policy, we have an actual cash value policy.

Im not trying to get rich, just trying to get a fair agreement, thanks again for the responses. Obviously this is a learning experience, it is my first boat and I will take a lot away from this. I am still young and will take whatever knowledge I can get from people that have gone through this, that is why I am here.

Yeah but thats the rub! Actual Cash Value and Replacement Value are and should be pretty much the same thing! What it is worth on the private market (sale by owner) is what its cash value is.... if you sold your boat to a willing buyer in your region then that is its VALUE. Your same boat is out there on the private market....what is its price? that is the cash value and replacement value....the same

For instance when a house is appraised for a buyer of a house the most relevant 'value' is what that buyer is willing to pay for it. Not so much the comp's in the areas (because they are 'comps' not that exact house)

If you see no light in the tunnel....Make him show you the spot that says in your contract that NADA is the only source for 'Actual Cash Value' of a boat... Also make plenty mention of your conversation with your brother in law that is an attorney...haha

 

[bgc]

Re: Totaled Boat/Insurance Claim in progress

Yeah but thats the rub! Actual Cash Value and Replacement Value are and should be pretty much the same thing! What it is worth on the private market (sale by owner) is what its cash value is.... if you sold your boat to a willing buyer in your region then that is its VALUE. Your same boat is out there on the private market....what is its price? that is the cash value and replacement value....the same

For instance when a house is appraised for a buyer of a house the most relevant 'value' is what that buyer is willing to pay for it. Not so much the comp's in the areas (because they are 'comps' not that exact house)

If you see no light in the tunnel....Make him show you the spot that says in your contract that NADA is the only source for 'Actual Cash Value' of a boat... Also make plenty mention of your conversation with your brother in law that is an attorney...haha

That's an excellent point!
Progressive has written in their policy,
"current market value can be determined by a current BUC Guide, ABOS Blue Book, N.A.D.A. Appraisal Guide, accredited marine survey or local
dealer"

 

[steamboater1]

Re: Totaled Boat/Insurance Claim in progress

The lowest I have seen on the private market is one in MN that is listed for 10k. Again that is the lowest for sale currently. Im not saying I couldnt find one that would be lower sometime in the next 3 months, but that is the current market. I would feel that is a fair price for us to settle at. The only thing that worries me is I had to work on him to go from the repair route to the total route. I know it would cost the company way more to fix this thing than he is leading on to me, but that would be my worry if I were asking for 10k. Hes already giving me the "Ive already done this for you." I think if he was at 9.5 I would just take it today to end all of this, which is what he wants as well.

 

[hostage]

Re: Totaled Boat/Insurance Claim in progress

I say shop around at dealers for comparable boats. Size, year, and power plant. If you lucky you might find similar conditions and/or make. You can always look at Craigslist, though they tend to be less expensive than a dealer.

-Hostage

 

[steamboater1]

Re: Totaled Boat/Insurance Claim in progress

no chance hes giving me 13k which is what a dealer wants

 

[hostage]

Re: Totaled Boat/Insurance Claim in progress

no chance hes giving me 13k which is what a dealer wants

Just get it down in paper at least you can get the higher end of the 10,500. Ask him where he is going to get a boat like the one that was lost. Then show him comps of boats in the price range he is giving you. Show how it is impossible to find a replacement for the money he is giving you.

 

[mnypitboat]

Re: Totaled Boat/Insurance Claim in progress

Just get it down in paper at least you can get the higher end of the 10,500. Ask him where he is going to get a boat like the one that was lost. Then show him comps of boats in the price range he is giving you. Show how it is impossible to find a replacement for the money he is giving you.

Now I know car insurance and boat insurance differ for many reasons, but last time I had a car totalled, the insurance company was giving me way lower than I could replace my car with. After a pretty heated debate with the agent, I threw my hands up and say, "OK then you find me a replacement for that amount". After 2 days I recieved the full amount to replace my car. I thought Porgressive was the same way. I spoke to my agent recently, and I do this every year when I renew just to make sure nothing has changed and that he hadnt forgotten the lies he told me the prior year. He told me that if I could not find the same boat at at the price they agreed to, then they would find one for me. Might be total BS, but every year he tells me the same BS, so if it came down to a claim, I have it in multiple emails ever since I opened the policy.

 

[tpenfield]

Re: Totaled Boat/Insurance Claim in progress

no chance hes giving me 13k which is what a dealer wants

Yup, the maximum that you would get is $10,500, as that is the stated limit in the policy. If you can get that, then you can go after the $13K boat offering $10K and maybe go up to the $10,500 figure. If you have to throw in a little bit of 'your own money', it would not be the end of the world.

At this point in the season most people have bought their boats, so demand should be on the down-side.

 

[steamboater1]

Re: Totaled Boat/Insurance Claim in progress

Definately not the end of the world if I have to pay some to get a new boat. I am glad everyone was OK after the accident. I just feel like I am entitled to a bit more from the ins company and am getting good replies on how to go about this. Thanks again for the help.

 

[jkust]

Re: Totaled Boat/Insurance Claim in progress

Well it sounds like you are taking this in stride at least. I'm at least glad that you had insurance. Regardless of all of the above, life isn't always fair and it's not supposed to be. It's a bummer that your 'not fair' is in dealing with insurance. I'm it were me, I'd take it as an opporunity to throw in 5 or 10k and get something bigger if I'm looking for an upside.

 

[steamboater1]

Re: Totaled Boat/Insurance Claim in progress

Update: I got a call this morning from adjuster. The price has now gone up to 9500. Not bad for no conversation since yesterday. I told him I would think about it.