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davidgree1

what's my boat worth?

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davidgree1

I cracked the hull on my 2004 Sunsetter LXI. Monsoon, wedge, PP wakeboard pro, heater, Titan II tower. About 500hrs. How much should the insurance company pay me for the boat if it is a total loss?

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footnlongline
I cracked the hull on my 2004 Sunsetter LXI. Monsoon, wedge, PP wakeboard pro, heater, Titan II tower. About 500hrs. How much should the insurance company pay me for the boat if it is a total loss?

Is it not reparable? They will only give you what is on declaration statement that you signed but probably aren't sure about.

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LS1boarder

I wish I would crack the hull on mine. Crazy.gif My insurance company has mine listed as being worth $45,000. I could get a sweet new Bu for just a bit more than that.

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jjackkrash

Is there more damage than just a cracked hull? Truthfully, glass is pretty easy to fix.

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WakeGirl
I cracked the hull on my 2004 Sunsetter LXI. Monsoon, wedge, PP wakeboard pro, heater, Titan II tower. About 500hrs. How much should the insurance company pay me for the boat if it is a total loss?

Read your policy. Some policies have stated values, some have what equates to current market value (martho please correct me on the verbage). If it's current market value, then it will depend on your area (yes, region plays a major part in value, right or wrong) & of course condition of the boat. And then again there's the cost to repair vs. value. I don't know what that threshold is on a boat, but IME with my company the repair costs have to be at or close to 75% of the value. So (hypothetically speaking), if the boat is worth $20k, the repair costs have to be around $15k to total. Usually if the estimates approach the 65-70% mark then they'll go ahead & total it. But it may be different with boats, I don't know.

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h2oski

It really depends on your policy, but if it states fair marker value. typically they will give you low nada value. So in your case ~27,000-29,000. If they total the boat are you interested in selling some of the options?

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jetskipro550

Our boat is insured with a replacement value of 32k Shocking.gif When our agent told us that I had a hard time not laughing over the phone.

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martho

ACV is the term...actual cash value. There will be a portion of the policy which explains the settlement process and whether you have agreed value(sometimes called stated value) or ACV.

While it is possible, I have never heard of an insurance carrier settling at low retail and/or anything based on NADA. A majority of the carriers use the ABOS Marine Blue Book along with private evaluation services such as CCC. These values are extremely accurate and are rarely, if ever, more than 5% off the true ACV.

As for total loss, an industry standard is 80%. If the repair equals or exceeds 80% of the value, more than likely it will be totaled. Some carriers may be 75 some may be 85, but 80% if a safe bet. Remember, the hull usually has a separate limit of liability than that of the trailer. Most policies insure the items separately. If you have a flighty, it is possible you have three coverages ...engine, hull and trailer. Your 80% will be based on the limit of liability of the hull, not on the hull + trailer (+ engine if applicable)

Davidgree1: Start by finding your policy and the section regarding settlement. Usually this is in SECTION 1 - CONDITIONS, but you may have to look for it in the conditions for all sections. Furthermore, if you have any endorsements, you will need to read those as the endorsements usually give/take coverage from the main policy depending on their exact wording. If you have a stated value policy, this is often done with an endorsement. It's possible it could be in the conditions, however if not, then it is in an endorsement. Post what your loss settlement clause is and we can go from there.

If you have a stated value for the hull, then you know what you will get. If not, you are going to need to start looking for other 04 SLXi with 500hrs to familiarize yourself with the current market. I used my source for info which only considers the hull and a 04 SLXi with 500 rounds looks to be about 21,200 + options. Realize, this is just a rough number with ZERO consideration of options, condition, location etc and once again, no trailer. Without it being a real claim and evaluation, this value is just a starting point. Here is a 2003

When did they change the hull on this boat? I remember edwin had the previous version which all the skiers liked so much. Then the new hull came and people were not as thrilled with it as they thought the boat was just too big.

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WakeGirl

Thank you martho, I couldn't remember what the exact term was. I had a car that was totaled years ago & the estimates were at about 70% of value for repair, & the adjuster gave me the choice. Now, I have a great company that is extremely easy to deal with on claims, so it may be a different experience with other companies. But basically his attitude was that if the estimates were that high, the chances were good that when they actually go to fix it that the costs would go higher than 75%. I've heard similar things from others. I also know of one person whose car was fixed & the repair bill (through a series of mis communications) went way beyond that threshold. Diminished value became a huge issue in that case. There's too much about these things for one person to know that hasn't been through it.

Hull changed in '05, '04 was still the "Classic" as it's come to be known. :)

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Sixball

Ok so how did you crack the hull? Or are we not going to talk about it. Innocent.gif

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martho

Diminution of value is a rare situation and most states do not support claims as such. Here is a site with some info, however unverified Your auto policy is settled at ACV just like we discussed previously. If the repairs are less than 80%, your car is fixed.

Since you already have a used car, with used tires, with a used battery, with a used engine, with used interior, with used panels, etc, you are only entitled to LKQ (like kind & quality) parts. If you have a 2000 vehicle and you request new parts, you are in a situation of betterment.(a few states mandated new parts for some awful reason and the policyholders got stuck with much higher premiums to cover the court ruling. Everyone wants new parts but they don't want to pay the higher premiums)

The entire principle of insurance is based on indemnification. This means to put you back to exactly where you were at the time of the loss. Your car parts are 8/9 years old, you get 8/9 yr old parts if they are available from a recycler or used parts facility. You should not be in a better situation at the end of the claim, unless you have replacement cost in a HO policy or stated value on vehicles/boats.

Now, If you have a 2000 vehicle and it is worth $3000 before the loss. If the car is wrecked and fixed, you are still in the same boat. You have a $3000 used vehicle. Where is the diminished value? Some say the vehicle was wrecked now it is worth less. Well, if you have ever bought a used vehicle, you know that it has the possibility to have been through hell and back before you purchased the vehicle. With CARFAX and other services, some of the mystery is starting to go away. However, you know what you are going to get. I would bet that it is safe to say that of our 5180 registered members, someone has unknowingly purchased a stolen vehicle. In fact, I would say that it has happened more than once. If you can buy a stolen car which has a new identity, you certainly can buy a car which has been crashed and not know it.

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WakeGirl
Diminution of value is a rare situation and most states do not support claims as such. Here is a site with some info, however unverified Your auto policy is settled at ACV just like we discussed previously. If the repairs are less than 80%, your car is fixed.

Since you already have a used car, with used tires, with a used battery, with a used engine, with used interior, with used panels, etc, you are only entitled to LKQ (like kind & quality) parts. If you have a 2000 vehicle and you request new parts, you are in a situation of betterment.(a few states mandated new parts for some awful reason and the policyholders got stuck with much higher premiums to cover the court ruling. Everyone wants new parts but they don't want to pay the higher premiums)

The entire principle of insurance is based on indemnification. This means to put you back to exactly where you were at the time of the loss. Your car parts are 8/9 years old, you get 8/9 yr old parts if they are available from a recycler or used parts facility. You should not be in a better situation at the end of the claim, unless you have replacement cost in a HO policy or stated value on vehicles/boats.

Now, If you have a 2000 vehicle and it is worth $3000 before the loss. If the car is wrecked and fixed, you are still in the same boat. You have a $3000 used vehicle. Where is the diminished value? Some say the vehicle was wrecked now it is worth less. Well, if you have ever bought a used vehicle, you know that it has the possibility to have been through hell and back before you purchased the vehicle. With CARFAX and other services, some of the mystery is starting to go away. However, you know what you are going to get. I would bet that it is safe to say that of our 5180 registered members, someone has unknowingly purchased a stolen vehicle. In fact, I would say that it has happened more than once. If you can buy a stolen car which has a new identity, you certainly can buy a car which has been crashed and not know it.

Really good points. I personally don't have a big problem with the parts issue. The diminished value situation was one that (as you said) was a really unique situation & one that was a good learning experience for the people that went through it as well as people looking in from the outside (like us). Their situation was such that there were multiple insurance companies involved because there were 5+ vehicles involved in accident. Through a series of mis-communications & bad timing, the car that was worth $30k before the accident ended up having more than that in repair costs, yet it was fixed anyway. And that by itself wasn't the problem, it was that the car was so badly damaged that it couldn't be put back to the way it was before the accident. It drove badly & just looking at it you could tell that it was "off" even after having been back to the shop many times. I think that there really are times when a vehicle should be totaled & this was one of them, but with so many insurance companies involved it was a real problem that they ended up having to hire an attorney to get resolved because none of them would take responsibility for the situation. A huge mess would be a pretty good understatement.

As I said, my own experience with the percentage threshold wasn't as hard & fast as what you're saying. The adjuster was somewhat flexible, so I suspect that it varies from company to company.

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JohnDoe
Diminution of value is a rare situation and most states do not support claims as such. Here is a site with some info, however unverified Your auto policy is settled at ACV just like we discussed previously. If the repairs are less than 80%, your car is fixed.

Now, If you have a 2000 vehicle and it is worth $3000 before the loss. If the car is wrecked and fixed, you are still in the same boat. You have a $3000 used vehicle. Where is the diminished value? Some say the vehicle was wrecked now it is worth less.

Obligations for dimunition in value claims do exist if the contract contemplates it. If contract doesn't speak to, then, correct, states donw' "create" coverage for something that wasn't baragained for.

Yes, like a buyer or dealership.

Don't forget about investigating a potential loss of use claim.

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martho

Loss of use for 1st party claims falls into do you have rental car coverage or do you not have rental car coverage on your policy. Most of the time, loss of use in 1st party claims is based on an incurred expense. If you didn't incur a rental charge, then you are not entitled to cash. It is possible for a carrier to cash out the rental but it doesn't happen all that often.

In a 3rd party claim, it is possible that loss of use may be settled as a cash amount.

For those non-insurance people following along, this has nothing to do with diminution of value.

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davidgree1

We were on Lake Michigan a couple of weeks ago. Rare skiable days on the lake when we hit a sandbar. Couldn't see it at all. Water went from 5 ft to 0-1 ft. At 32-34 mph.

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martho

you have pix of the damage?

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07vrideblue

ouch !!!!! that had to hurt !!! hope things go your way.

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Sixball
We were on Lake Michigan a couple of weeks ago. Rare skiable days on the lake when we hit a sandbar. Couldn't see it at all. Water went from 5 ft to 0-1 ft. At 32-34 mph.

OUCH!!!!! Does the skier catch up to the boat. Hope all works out well for you.

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pennery
We were on Lake Michigan a couple of weeks ago. Rare skiable days on the lake when we hit a sandbar. Couldn't see it at all. Water went from 5 ft to 0-1 ft. At 32-34 mph.

I'd be a little nervous doing 32MPH in 5ft of water... Hope everyone made it out okay!

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footnlongline
We were on Lake Michigan a couple of weeks ago. Rare skiable days on the lake when we hit a sandbar. Couldn't see it at all. Water went from 5 ft to 0-1 ft. At 32-34 mph.

The water is way to cold on the west side, a couple of weeks ago we had 10' of snow, Man I'm moving to Michigan. Good luck with you insurance and don't let them bully you too much. You work way to hard for that insurance premium money. Insurance is the only thing that you pay for and hope you don't need something in return.

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davidgree1

Insurance guy has been slow to respond. My ins. company is Grange.

I don't have any pics but prop didn't look like a prop anymore. Rudder was bent back at a 30 deg angle. Strut was pushed up and cracked the hull. Water was coming in the boat from ? crack in the hull. I was skiing at the time and didn't feel anything, of course, passengers/driver didn't actually get much of a jolt, just felt like they hit a small object. At first we just assumed it would need a prop change but then water was pouring in.

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areamike

YIKES! Shocking.gif

According to NADA your boat is worth about 22,700-25,950 stripped down. No options, no wakeboard rack, no suped up stereo.

When you got it insured, your Insurance company SHOULD have put a value on the policy.

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99response

They won't total the boat from the damages you described....

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SunriseH2OSkier
They won't total the boat from the damages you described....

I agree completely - had a buddy about 12 years ago hit a submerged tree stump in the lake, shoved the strut up through the hull of his American Skier. Significant damage to the hull, cost about $5-$6 grand to repair, IIRC. While I am glad it wasn't my boat, I have to admit they did a nice job repairing it. I spent a lot of time in that boat, and don't recall it performing any differently after the repair.

Bottom line is that the cost to repair isn't going to come anywhere near the threshold for totaling your boat.

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SunriseH2OSkier

I hate to add this to your worries, but are you certain that you are insured for use on Lake Michigan? I'll have to check, but I don't think I am - not considered an inland lake. Of course, even if I am, I can't imagine ever taking my RLXi out there. Sounds like a good way to get a Swampster...

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