Originally Posted by scharette
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.