My Hunter 466 is deemed a total loss by insurance company. Hull and mast are fine. Keel needs redone and refitted. They are giving me the option to buy back. What is a good price.
Salvage
- Thread starter Makergosien
- Start date
I dont have them yet. The approach is the hull and mast is good only. All interior and all systems are gone - except 75 hp engine which is also good. Generator, battery, etc are toast. 2004 hunter 466. Paint on bottom is fine. Is it worth as a salvage more than $25,000?
A good estimate would require far more information on what was damaged, what might be damaged, what is unknown and how the damage occurred, where it is, etc...
It will likely be much more expensive to bring it back then just finding another one.
I agree. It is too lengthy to go in detail. I guess to rephrase, nothing is good on boat except engine, hull and mast. All else us ruined. Electronics, appliances, wood interior, headliner, cushions, beds, all ruined. Rudder gone, keel needs repaired.
Think the opposite way, after refit how much will it worth ? This boat will be like 30% of the market value because of the salvage title. Maket value less 30%, less cost of refit, less cost of salvage from insurace, what equals need to be at least much below the value you are paying for it.
If it's so extensively damaged as to preclude describing it, that is ample evidence in itself not to bother nor would anyone else making it's market value and any subsequent resale value worthless.
I have had two cars declared total losses by the insurance company. One was an Audi that I hydroplaned backwards into a guardrail because I was putting off getting new tires until I was ready to put Winter tires on in a month or so. After, It drove fine, but the assessor said the frame was bent and would cost too much to repair. It was unibody construction, so i'm not so sure about that conclusion. I got $7000 for the car. It sold at auction and the new owner tracked me down to find out about the details of the accident because he couldn't find anything wrong with the car and he was suspicious that it was too good of a deal.
They had done all the body work and it looked like new before the auction. The new owner paid $5000 at auction.
The other car had scratches down four panels and a dent in the door from my daughter catching the corner of our jeep bumper. No damage to the jeep. Her Mazda CX-7 was declared totaled because it was old and bought used and worth less than the repairs. I bought it back from the insurance company at half the price of the settlement, but...
To get it retitled after the salvage designation, I had to repair all the damages to factory specs. The run around and multiple inspections, the trailering to and from inspection sights until the car was registered and legal was such a hassle that, even doing the work myself, wasn't worth it.
If boats are treated like cars, let the insurance company have the boat. Follow it to the auction block and buy it back through the third party seller who has already done the leg work and navigated the red tape, and maybe already repaired some of the damages.
Just an idea based on experiences unrelated to boats.
-Will (Dragonfly)
They had done all the body work and it looked like new before the auction. The new owner paid $5000 at auction.
The other car had scratches down four panels and a dent in the door from my daughter catching the corner of our jeep bumper. No damage to the jeep. Her Mazda CX-7 was declared totaled because it was old and bought used and worth less than the repairs. I bought it back from the insurance company at half the price of the settlement, but...
To get it retitled after the salvage designation, I had to repair all the damages to factory specs. The run around and multiple inspections, the trailering to and from inspection sights until the car was registered and legal was such a hassle that, even doing the work myself, wasn't worth it.
If boats are treated like cars, let the insurance company have the boat. Follow it to the auction block and buy it back through the third party seller who has already done the leg work and navigated the red tape, and maybe already repaired some of the damages.
Just an idea based on experiences unrelated to boats.
-Will (Dragonfly)
Bottom line is how much is the boat worth to you? Figure the quote you received is half the cost to restore even if you figure In the cost of your own time as labor.