Help : Tips on not getting a fair total-loss value by someone else's insurance

[bbarthelt]

Hi all. I was rear-ended while towing my boat home from a tourney. Boat is a 2003 Stratos 200 Pro XL that I purchased from a friend in 2019. The hull / fiberglass / carpet were in brilliant condition, and the original engine (an Evinrude that blew up) had been just been replaced by my friend in 2019 with a just-rebuilt 2006 Merc Optimax 225. Lots of great equipment on it..12 foot talons and tilt brackets, Solix 12, Helix 10, HB 360, Bob's 10" Hydraulic, Hydrowave KVD, Fortrex 112. The accident destroyed the trailer, ripped out the bow hook, beat up the hull a bit where it was on contact with the bunks, and damaged the motor pretty good. The other driver was found at fault. It has taken 3.5 months to get to the point where they have fully assessed the damage. That alone is frustrating as I've had to call incessantly to keep things in motion. It's looking like the amount of damage will meet the criteria for the boat being a total loss. The other driver's insurance company (State Farm) interviewed me yesterday about all the equipment and such. They are to come back to me in the next 48 to 72 hours with a settlement amount. My questions:

1. This boat was not typical for it's age...it WAS in GREAT shape, so I'm very concerned that the valuation. If they base it on a typical 2003 Stratos 200 Pro XL for sale in my area, I'm worried it might really be lower than this would be worth. Especially considering the motor was rebuilt in 2019. How can I ensure I get a fair price that takes into account the condition?

2. If I don't agree with what they come back with, what are my options to contest their valuation? Is this a typical negotiation? I have not yet engaged my own insurance to go after them....should I do so if I feel the valuation is unfair?

3. I heard that I can then purchase the boat back at salvage value if I want to repair it. Given the shortage of boats like it, in it 's condition, I'm considering keeping it and using the pay off to get a new trailer and repair the boat and motor. Is the salvage price negotiable, or set in stone somewhere?

4. If I don't keep the boat, can I legally remove and keep all my add on gear like the talons, hydro plate, graphs, etc before they take it for salvage?


Thanks in advance for any help or advice anyone can provide.

[insurancepro]

Give me a call and I will do what I can to help. Thank you Bob Luellen 517-256-0734