insurance ?

[3 seas]

If a insurance company totals a boat. But your motor and trailer are fine. Are you able to buy the boat back and fix it? Their not gonna include the motor in the claim. If so will it have a salvage title like a auto would? Never been in this sitsuation with a boat before. I know the motor isn't gonna be worth what the remainder of the loan is for.

Four years ago, a buddy of mine sunk his boat (the nose was still above water). It was retrieved by a salvage comapany. He was to get a settlement from his insurance company. He asked what they were going to do with the boat, and they told him it would be sold to a salvage company for one thousand bucks. He asked if he could buy it back for that much, and was told he could. They deducted a thousand bucks off of his settlement check, and he got the boat back. He had the main motor and kicker profesionally 'pickled' (what they called it), and the boat was fine. His electronics even still work to this day. He set them in front of a fan for a week.

[Rich B]

Depends on the salvage procedures for the involved insurance company, though most will
get a salvage bid or two and let the owner buy back the hull for the top salvage bid.

In about all states, the hull (boat) title would have to be marked as "salvage". Call your local state title office and ask for the office manager - they can tell you if a salvage title is required for the state where the boat hull is titled.

I'd give the assigned adjuster a call and ask about their company procedures....most likely will be able to buy back the hull as a deduction from the insurance total loss settlement.

Rich B

[MarkG]

Yes talk with the claims adjuster.

You do not have to take the first settlement that comes along. If they are letting you keep the motor and trailer,you are already ahead of the game. . Also,none of the equipment should at all be included,make sure you get back all your electronics and trolling motor and batteries.

But if they letting you keep the good stuff, why would you want to buy back the hull? If it was not so bad you could fix it yourself,why won't they fix it for you?? Also, your insurance company probably will not re insure it after they have already paid you once for it. Maybe you should press them to fix instead of total.