Boat buy back from Ins question...

[northshoreone]

My Intrepid 32 was totaled in Ian and is still resting up against my house, my neighbors boat and his house. The adjuster won't be out to look at it until Nov. 30! I have sent pics to them and my marina up north for their opinion on if it can be fixed and for how much it would cost. My question is has anyone gone through the buy it back from the Ins. Co. route that can provide some guidance on what to expect? The marina up north said they can put it back to new for about $60k to $70k and the boat is a 2009 with a replacement value of about $150k. It didn't sink and there is no water in the engines just allot of damage to the bow, puncture hole in the port side above the waterline and engine props and skags. I will get about $114k from the Ins. Co. when totaled. Thank you all for your wisdom in advance!

[Captain Ralph]

Who said your insurance company was going to total it?

drburke is correct about the salvage/rebuilt documentation or title, is not comforting.

[northshoreone]

Ins Co indicated a total loss from the pics that I sent them. Just awaiting the arrival of the adjuster to confirm that.

[Captain Ralph]

You can always chain saw the hull.
What engines and equipment can you re-sell. Later model, big used engines are still in demand.

You have to also think, the down time to fix your salvaged/rebuilt boat vs out on the water sooner,,, possibly with a warranty..

[northshoreone]

2009 with Yamaha 250hp low hours but not the engines most are looking for now. I sent pics to Eric H who sold my Hatteras for me and he said based on the damage to wave goodby!

[rsmith]

Who said your insurance company was going to total it?

drburke is correct about the salvage/rebuilt documentation or title, is not comforting.

There’s no such thing as a salvage title to a boat

[rsmith]

I’ve had friends negotiate the full hull value and the insurance agreed to let them keep the wreck. They really don’t want it and the liability you can sell the wreck or decide what to do with it later.you can pr get a crane to pick it and block it up on your property somewhere. The 250 Yamahas are time bombs everyone I know has had the mid sections rot out and not make it past 1000 hour’s but the wreck is still worth money

[Captain Ralph]

There was an ugly warranty war and some factory help was available to help the Yam's internal exhaust passage disappearing issue.
One of our work boats came with a 225 and we discovered it was already taken care of.
That was a sweet engine.
After that, I thought the Yams were good engines. Of some value.
I am not an outboard fan, just got lucky on this one.

A friend of mine lost his Columbia snailboat against the Buckman bridge years ago. Moored on a ball at NAS Jax, a storm blew him with concrete more block onto the bridge.
Nasty crack on the hull side. Mast collapsed.
Insurance company totaled the boat, cut him a check and asked what he wanted to do with the hull,, still floating.
He stripped it and had the insurance company dispose of it.

He was offered the hull and was advised, after it was fixed and inspected, he could insure it again but history would follow the boat of being rebuilt after a claim. He let the insurance company dispose of it. It was crushed up and scrapped in Green Cove Springs a few months later at the insurance companies further expense.
Now, That fresh rebuilt Perkins engine, who knows where that went. I hope it was saved.

[rsmith]

How is the insurance history going to follow? I’ve bought 5 boats from US Auctions after the 04 hurricanes and flipped them all came with clean titles because there is no other title. I still have one and there’s no issues with insurance.

[Captain Ralph]

How is the insurance history going to follow? I’ve bought 5 boats from US Auctions after the 04 hurricanes and flipped them all came with clean titles because there is no other title. I still have one and there’s no issues with insurance.

I can not answer these question with detail.
I remember what the agent said when the final papers were signed.
The insurance companies would always know it was a repaired hull.

The Aqua-sport That I purchased from USAuctions had a clear title also. Took a very long time for it to come but it looked like a regular small boat title.

Maybe there is something with Documented boats, no state title.
Or the HID may raise a flag in the IT clouds somehow/somewhere.