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-   -   insurrance totaled my boat, What the remaining value. (http://www.mastercraft.com/teamtalk/showthread.php?t=37534)

scharette 08-22-2010 01:48 PM

insurrance totaled my boat, What the remaining value.
 
My Maristar 1995 225 VRS hit a rock on the strut at the beginning of july.

i got a quote for 93 hours of fiberglass and gelcoat repair. Also i need to change the bellhousing + all underwater gear.

Now, the repair cost is higher than the actual value of the boat. the inssurance decided that the boat is totaled. insurrance will send me a check and i get to keep the boat.

i'm hesitating between sending the boat to a local fiberglass shop (labor rates is significantly lower that dealer) to get it repaired or selling the dammaged boat.

if i decide to sell the dammaged boat, what is the amount of money should i expect to get in return ?

Boat has TBI engine with 500 hours, tower, Perfect pass, fat sac...New upholstery..

http://farm5.static.flickr.com/4093/...f9ea727525.jpg
http://farm5.static.flickr.com/4099/...3768bf6284.jpg
http://farm5.static.flickr.com/4114/...ef53249537.jpg
http://farm5.static.flickr.com/4078/...8fa8cee1a6.jpg

turn1andburn1 08-22-2010 01:53 PM

Ouch! Good to hear your insurrance is looking after you, myself I don't know what the boat would be worth, im sure others will chime in. Happy hunting for that new boat!

falconjeter 08-22-2010 01:59 PM

Wow that is a real bummer, not sure what it would be worth but I bet the parts are worth 3 times what the whole boat is worth. sorry to see and hear, i wish I was closer I would help you fix it, while these repairs are time consuming they are not difficult. I have the same boat, 1994 version and I love it.

Skipper 08-22-2010 03:52 PM

I agree that parting out the boat could potentially bring a lot of income. You may also be able to purchase the underwater gear, bell housing, etc. and do that part of the job yourself, just have a shop do the fiberglass work. That would save a lot of money. If it were a very new model boat then somebody like me would have an interest in buying it damaged at a fraction of the cost of new, then repairing it and getting a very nice boat for cheap (minus blood, sweat, and tears of labor). But, with an older boat like that, probably not so much market.

Jeff Lyman 08-22-2010 04:49 PM

Soory to hear.... I have repaired many boats and negotiated hundreds of repairs with ins. co's. over 30 years. First make sure you received a fair amount for your boat the amount IS negotiable. I would NEVER except the first appraisers offer...period. Ins co's as much as you think there your buddy is interested only in paying you the very minimum amount acceptable. Use comparable boats in your area to value check. Ins. co owes you Full retail value plus sales tax usally in most states, not auction prices.

On the salvage value it usally seems to be between 15 and 25% of retail value. From the damage I see get rid of it, let it be someone elses pain in the neck. Damaged in that area is probably the very worst area you could pick on the hull. My MC was repaired in that same area more than 15 years ago and never an issue so far but no where near the extent of your damage. Good Luck... sounds like a good ebay boat or conect with a salvage company called Copart they may auction it for you.

TX.X-30 fan 08-22-2010 05:12 PM

I would fix it keep it and take the family on vacation.....:D

scharette 08-22-2010 10:43 PM

Quote:

Originally Posted by Jeff Lyman (Post 704202)
On the salvage value it usally seems to be between 15 and 25% of retail value. From the damage I see get rid of it, let it be someone elses pain in the neck. Damaged in that area is probably the very worst area you could pick on the hull. My MC was repaired in that same area more than 15 years ago and never an issue so far but no where near the extent of your damage. Good Luck... sounds like a good ebay boat or conect with a salvage company called Copart they may auction it for you.

i'm not decided yet but i think i'll put it on ebay or on sale locally.

One of the dealer that sent me a quote told me to be carefull with fiberglass repair under the strut. if the repair is not done correctely it might vibrate forever...

FrankSchwab 08-22-2010 11:23 PM

If you decide to part it out, I call dibs on the tower and trailer!

Hmmm, Google Maps claims a 2600 mile / 4100 KM trip. Maybe not.

Good luck with whatever you decide; I think I'd sell it unless there was significant sentimental value.

/frank

scharette 08-23-2010 08:47 AM

Quote:

Hmmm, Google Maps claims a 2600 mile / 4100 KM trip. Maybe not
Montreal is a great city! but a 44 hours drive for my trailer would not be worth it..

JimN 08-23-2010 10:10 AM

Quote:

Originally Posted by scharette (Post 704171)
My Maristar 1995 225 VRS hit a rock on the strut at the beginning of july.

i got a quote for 93 hours of fiberglass and gelcoat repair. Also i need to change the bellhousing + all underwater gear.

Now, the repair cost is higher than the actual value of the boat. the inssurance decided that the boat is totaled. insurrance will send me a check and i get to keep the boat.

i'm hesitating between sending the boat to a local fiberglass shop (labor rates is significantly lower that dealer) to get it repaired or selling the dammaged boat.

if i decide to sell the dammaged boat, what is the amount of money should i expect to get in return ?

Boat has TBI engine with 500 hours, tower, Perfect pass, fat sac...New upholstery..

That hull will never be as strong and rigid as it was unless a lot of material is added and that will make installing the strut difficult. I'm surprised the insurer is willing to let you keep it- that tells me they're deducting the salvage value and conducting the buy-back without telling you just so they don't need to deal with getting rid of it.

As posted, negotiate the settlement and make sure that they have to take possession of the boat, minus the accessories you added since they won't give you much/anything for them. Here, if a car is totaled, the owner has the option of buying it back so they can repair it. The title will be amended to say that it was totaled and is called a "branded title". The buy-back price is often about 20% of the settlement, so if they're doing this without telling you, they may have reduced the settlement by at last that amount.

Get what you can, remove the parts that you can and get a different boat. You may have become attached to it but I don't think you'll be happy with it if it's repaired.


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