Totaled Boat/Insurance Claim in progress

[steamboater1]

Hello everyone,

I am very new here and am looking for some advice as I am going through my insurance claim. I have a 2003 Glastron sx175 that was totaled in a car accident a few days ago on the interstate. At first, my insurance (progressive), thought it would only be fiberglass repairs and wanted to fix the boat. I said no, I would like it to go to my place for repairs and several other things will need to be looked at, not just fiberglass repairs. So he calls back later that day and said he is trying to get to the breakeven point and is going to try to get it to a point where the boat /trailer will be a total loss. He said he should be able to achieve this today.

So here is where he stands. He is saying my boat is worth 9100, that is straight from the NADA blue book price. I have looked at comparables in my area and I honestly dont think I could replace the boat for that price. If I could I would be fine with that price he is offering. My question would be, is there anyway to get him to go up. I know I could hold out and explain that I cant replace the boat for that much, but I have the feeling he is the take it or leave it type since it took so much to get him off the repair and go the totaling route.

Has anyone been through a total loss process with their boat and could recommend anything without going the lawyer route?

Thanks for any suggestions, it has definately been a nightmare that I hope to never go through again.

 

[spoilsofwar]

Re: Totaled Boat/Insurance Claim in progress

This is not much help for right now, but next time, have agreed value insurance. Sounds like you have actual value coverage, so you will get the value of your boat (your agent is using NADA) as settlement, regardless of whether you can actually replace your boat for this amount or not.

I am not an insurance expert by any means, and I have actually never made an insurance claim on anything; cars, boat, home, etc... So if I am wrong someone will surely correct me on the above info.

 

[steamboater1]

Re: Totaled Boat/Insurance Claim in progress

Yes you are right. When signing up, I actually had my price in there and the agent talked me into going the other route. On the declarations page, here is how it reads:
Collision: The lesser of actual cash value at time of loss less deductible or $10500.

For some reason, that made me think I would get 10500 which is about right to me for replacement.

 

[jkust]

Re: Totaled Boat/Insurance Claim in progress

That's a bummer to hear. I've had a few claims with progressive auto and they have been fair beyond my expectations. For my newer suv that was rolled and destroyed, they totaled it for more than I paid for it two years prior. It wasn't an old beater where there could be a lot of room but a when new, mid level nearly 50k suv. The high payout was partly due to my heavy negotiation when I bought it but they also don't only use NADA as they had a formula they used from I think three sources.
My take is that the Glastron SX 175 with the 3.0 is about as cheap a boat as money can buy even in high cost MN. They are a dime a dozen but that said the NADA numbers as they apply here are fantasy world low. What is your local market comparable research telling you? The market should be much higher for any boat in the peak of the season and I can only presume NADA doesn't use a seasonal adjustment as the real world would.

Also I have Progressive for my boat and an agreed value which is not worded as yours is.

 

[spoilsofwar]

Re: Totaled Boat/Insurance Claim in progress

So basically you had agreed value coverage and/or actual cash value coverage, whichever is less; which is always going to end up being ACV because 99.9% of boats made will never appreciate in value.

I think the only leverage you might have with the insurance agent is to make sure he is valuing your boat properly - ie. taking into account the correct options or add-ons your boat had over a base model, condition, and whatever other criteria NADA uses to determine boat value besides simply year and model. But, I do not think you have enough wiggle room to make up the difference from $9100 to $10500.

 

[steamboater1]

Re: Totaled Boat/Insurance Claim in progress

I am in WI, comparable prices seem to be around 10-12k in the area from private dealers. I was actually surprised they are going strictly by blue book price as he looked it up with me on the phone and said that is what he would use. My gf actually had her car hit by a deer last year and they gave her way over blue book with progressive. That is why I was surprised at his figure and yes when looking for a boat in the area, most are listed over what NADA says it is worth. Very few boats are priced under NADA. I do understand it is in the middle of boating season here, but the problem with waiting until after boating season is the classifieds will trickle down to very few boats available.

 

[64osby]

Re: Totaled Boat/Insurance Claim in progress

Another consideration might be who gets the totaled boat when the settlement is inked. If you are willing and able to salvage parts and pieces, motor ... you may help recoup some of the money your looking for. Just a thought.

I did this on my Caprice wagon and made out like a bandit. Don't really know how it works on boats.

 

[steamboater1]

Re: Totaled Boat/Insurance Claim in progress

I think the only extras would be a cd player and cover for the boat. He told me those things are standard from the factory and would not be added. I told him the cd player was new and he didnt care. The trailer is already figured into the NADA value.

 

[Scott Danforth]

Re: Totaled Boat/Insurance Claim in progress

FWIW, boat prices in WI are much higher than the same boat in the St Louis area. may be worth-while to take a drive

 

[steamboater1]

Re: Totaled Boat/Insurance Claim in progress

The only problem with driving that far is what if it doesnt handle a water test well and you just drove 10 hours for nothing.

 

[spdracr39]

Re: Totaled Boat/Insurance Claim in progress

You can't compare auto insurance to boat insurance. Look at the cost. They will not pay anything over what they offered unless you have a replacement cost policy which is significantly more expensive. Most policies are an agreed upon value or the nada value minus deductible like you seem to have.

 

[steamboater1]

Re: Totaled Boat/Insurance Claim in progress

ok, thanks for the responses. Looks like I will have to fork over some money to get a similar boat.

 

[jkust]

Re: Totaled Boat/Insurance Claim in progress

Well don't back down easily. Insurance claims are open to negotiation. The adjuster, not the agent as mentioned above and likely you have a Progressive direct policy anyway, want to close it asap. I wouldn't sit down and take NADA without some back and forth at the minimum.

 

[steamboater1]

Re: Totaled Boat/Insurance Claim in progress

I just got off the phone again with insurance company. We went back and forth and the amount they are offering. He seems to think hes doing a favor by totaling the boat for me, but really theres no chance they could have went the repair route. He is not budging on giving me a penny more. Anyways, he wants me to bring the title today and he said he would give me the check. I think I will wait a day or two and see if this ups his price at all. I really have nothing but time anyways now.

 

[BTMCB]

Re: Totaled Boat/Insurance Claim in progress

Sorry for your loss. I would think that ACV is subject to some negotiation and you might get them up a bit with some good documentation showing they are low. Also, who was at fault for the accident? If it was another driver, make a claim against their insurer for any "uninsured" loss on your boat. Just an idea. Good luck.

 

[rivermouse]

Re: Totaled Boat/Insurance Claim in progress

If the insurance company paid you for your real loss it would be going against a very long tradition that insurance companies have.

 

[steamboater1]

Re: Totaled Boat/Insurance Claim in progress

Thank you for those replies. That is exactly what I was thinking. Nowhere in the policy does it state that actual cash value equals the average NADA listing price. I feel like NADA is off and I think I will hold out a couple of days and see if his offer changes.

 

[bgc]

Re: Totaled Boat/Insurance Claim in progress

^^^ 2nd negotiate with them ^^^^. Their job is to get you to settle on the lowest dollar amount.

 

[tpenfield]

Re: Totaled Boat/Insurance Claim in progress

Yes, it looks like you will be getting $9100 or thereabouts . . . and it does not take too much in fiberglass and engine/outdrive damage to add up to that much or more.

Not too long ago, I asked the Admiral about our boat policy, 'cuz she does our insurance. . . It was agreed cash value, and it was set at well more than the boat was worth. The insurance company set the value initially when I bought the boat, but it has depreciated over the years and we had not changed it. Unfortunately, I did not total the boat or anything like that during the time that the agreed value was set high. I have now lowered the value on the policy to reduce the premiums; still keeping it higher than NADA or BUC.

So, it is probably something that 'us boat owners' should look at periodically - to see what our policy actually is and if the values and limits are set accordingly.

 

[ricohman]

Re: Totaled Boat/Insurance Claim in progress

If the insurance company paid you for your real loss it would be going against a very long tradition that insurance companies have.

This is so true.
I can't think of one instance when I have come out even.