Totaled Boat/Insurance Claim in progress

[Chip Chester]

Re: Totaled Boat/Insurance Claim in progress

A couple summers ago, we lost a car -- totalled due to flooding. Car was an older BMW wagon (nothing to write home about... just a car) and insurance company was State Farm. They offered the settlement check quickly, and at a figure that was acceptable even without negotiation. In the settlement documents was the statement to the effect of: If you can't really replace the car within 30 days with a similar make, model, year, mileage, and condition, contact us with (this form) and we will, basically, spit out more money. I was shocked. Shocked, I say. We were able to find a replacement with no sweat, (that was in a little better shape).

While I know that a car is not a boat, and State Farm is not Progressive, at least one company knows that marketplace conditions at the time of 'need' can influence what 'replacement cost' actually works out to be.

And if you've done things to upgrade your trailer (wheel jack, locks, spare tire, winch) that are above the standard stuff, make arrangements to transfer the 'standard stuff' from the replacement trailer to your old one, and keep your upgrades if they are still safe to use. Likewise on your new boat, like Bimini top, vinyl windows, upgraded seats, etc. Worth a try, at least.

Good luck, man.

Chip

 

[fishrdan]

Re: Totaled Boat/Insurance Claim in progress

its worth a shot by waiting and keep saying I feel its worth more.

I bet every claim he deals with the people say the exact same thing, "I feel it's worth more".... That's not really going to get you anywhere (well except for the $400 )


You have to prove to them that it's worth more, options, additional equipment, comparables. Then they can go to the higher-ups and tell them why the claim needs to be paid at a higher amount, they have reason and proof to pay more. Give the adjuster the information he needs to bump up the value of the claim as just saying "it's worth more" isn't going to cut it.

(I learned this once on a claim, the adjuster slipped and basically said, I can't give you more unless you give me the information "I" need, to give you more.)

 

[steamboater1]

Re: Totaled Boat/Insurance Claim in progress

Actually, I think most people settle on the first amount that is offered. They deal with people in a stressful time and most people want to just end the whole thing and will take what they get.

 

[fishrdan]

Re: Totaled Boat/Insurance Claim in progress

^^^ Very true

 

[steamboater1]

Re: Totaled Boat/Insurance Claim in progress

I figured I should wrap this up, so I settled at 9500 from my insurance company. I feel like there are a couple lessons that I could share with others that care to listen. In the end, nobody was seriously injured and I was able to get a fair price for the boat/trailer. This was a split liability/fault accident that had 5 cars involved, basically a rear end type/pileup accident. The car towing the boat was not mine and they did not cover my boat. I had to use my boat insurance and cover the whole deductible. First lesson, always drive your boat even if someone else insists to help you with gas taking it 20 minutes to the lake.

Another lesson to take is make sure your trailer is covered under your boat insurance. There was quite the battle between the car insurance company and my boat insurance about who covered the trailer. Neither wanted to, but in the end my progressive guy ended up adding trailer coverage even though he said I did not have trailer coverage in my boat policy. This added about 1000 to my settlement price.

When dealing with the insurance company, everyone was right when saying to hold out. He said numerous times the most I would get was NADA average value of around 9100. I told him that the boat is worth more and told him about comparable boats in the area. He basically wanted me to come in that day and pick up the check but I told him I would wait. The next morning he called with the price of 9500. I probably could of held out longer, but I felt like this was a fair price and he was covering the trailer which wasnt even in my policy, so I cut him a break and went and get the check so the boat wouldnt incur anymore storage fees. It was quite the battle from them wanting to fix the boat to settling over NADA average value of the boat.

If there are anymore questions, I would be happy to answer them. I know this place helped some with the process, so if I can help someone in the future, I would be glad to assist. On to the nightmares of boat shopping now, I have a 2007 Glastron mx175 I will be looking at from the same guy I bought the totaled boat from. Hopefully I can get back on the water soon.

 

[jkust]

Re: Totaled Boat/Insurance Claim in progress

Were you able to get some pics of the damaged boat? We'd like to see.

 

[steamboater1]

Re: Totaled Boat/Insurance Claim in progress

yeah i have a bunch, when i was attaching it said file size too big

 

[TilliamWe]

Re: Totaled Boat/Insurance Claim in progress

steamboater, you could have read the "appraisal clause" of your policy. If you didn't understand it, have your agent explain it to you. If he/she can't, copy it verbatim in a PM to me, and I'll explain it to you.

But you got the best deal you were going to get. Especially in a disputed liability type accident.

I hope you learned the difference between ACV and "Agreed Value".

 

[TilliamWe]

Re: Totaled Boat/Insurance Claim in progress

Actually, I think most people settle on the first amount that is offered. They deal with people in a stressful time and most people want to just end the whole thing and will take what they get.

Not true.