Salvage value on a wrecked boat?
10-28-2007, 03:09 PM
#1
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Salvage value on a wrecked boat?
Hi Guys,
I'm not sure if this thread should be here or in the General Discussion, but here goes.
I had an accident last weekend, boat vs. big wave, and the boat came apart. Long store short the deck separated from the hull and she is a total loss.
Fortunately my passenger and I were not seriously hurt.
Anyway, this week I hope to settle with the insurance company and I will have the option of keeping the boat for the salvage value.
Now I'm not sure what it is worth so that is my question.
How much should I pay to keep the boat to part it out?
The boat is/was a 1997 24' Superboat, 1997 502MagMPI with approx 650 hours total with 150 on a rebuild, 2004 Bravo 1 gimble and out drive, Full hydraulic twin ram steering, and 280K-planes.
I believe the engine and drive are fine as I did power the boat back to the dock.
Thanks,
I'm not sure if this thread should be here or in the General Discussion, but here goes.
I had an accident last weekend, boat vs. big wave, and the boat came apart. Long store short the deck separated from the hull and she is a total loss.
Fortunately my passenger and I were not seriously hurt.
Anyway, this week I hope to settle with the insurance company and I will have the option of keeping the boat for the salvage value.
Now I'm not sure what it is worth so that is my question.
How much should I pay to keep the boat to part it out?
The boat is/was a 1997 24' Superboat, 1997 502MagMPI with approx 650 hours total with 150 on a rebuild, 2004 Bravo 1 gimble and out drive, Full hydraulic twin ram steering, and 280K-planes.
I believe the engine and drive are fine as I did power the boat back to the dock.
Thanks,
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Patrick
Patrick
10-28-2007, 08:33 PM
#5
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I would say it depends on the price they give you and how much work you want to do stripping the parts and selling them. Drive and engine are probably worth 6-7k and the rest is probably worth another 2-3k.
You also have to figure in the cost of getting rid of the boat after its stripped.
You also have to figure in the cost of getting rid of the boat after its stripped.
10-28-2007, 08:40 PM
#6
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No fixing this boat, take my word on that. It would need a new deck from the manufacturer for starters, and I would never trust the hull again after all of the delaminating.
Yea, I was thinking 3-4K is the highest I'd go depending on if the trailer is part of the deal.
I may sell it off, but that is a question for after I know if I'm keeping it.
Yea, I was thinking 3-4K is the highest I'd go depending on if the trailer is part of the deal.
I may sell it off, but that is a question for after I know if I'm keeping it.
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Patrick
Patrick
10-28-2007, 10:12 PM
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Make yourself and open bow!
If you don't like that idea.... I wouldn't give more than $3k to buy it back. You may be able to get $8-10k out by parting it but like said earlier, gotta figure in disposal fee after stripped and your time dismantling everything to sell.
If you don't like that idea.... I wouldn't give more than $3k to buy it back. You may be able to get $8-10k out by parting it but like said earlier, gotta figure in disposal fee after stripped and your time dismantling everything to sell.
10-28-2007, 11:25 PM
#8
Charter Member #232
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I have bought stuff back from insurance compaies many times. Know that their offer is just that, and offer. You can barter with them.
Jon
Jon
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