Totaled in Florida

[lobo]

Hello to all, was wondering if anyone knows what a salvage title means as far as resale and insurance purposes? Rascal is a 31 FBC., and was involved in the storm Milton. She had a fiberglass hard top, aluminum frame, the usual. it was taken off by the storm , no damage to the hull at all. they totaled the boat. I can purchase the boat back from them, but I'm not sure what a salvage title means . I want to repair the boat, but what good is it if I can't insure it. Thanks in advance. Russ-Rascal

[Ironworker]

Russell,

I would think that you could insure the boat with a survey after the repairs are made. I will tell you its difficult and costly to insure older boats in the current market though.

[JeremyD]

Boats are not like cars - Just get a Survey and you should be good to go.

[lobo]

That's what I wanted to hear! Not ready to give her up yet. Thanks guys

[Carl]

For the average newer boat a salvage title reduces value and will be tougher to insure.
-- A salvage on a new boat can be one big can of worms. Repairs can be done 100% or made to look that way so that Salvage title is buyer beware.

A 31 Bertram is already tough to insure do to its age. Value at this point I believe is based on the hull plus its upkeep or restoration as Book Value has to be minimal. At this point, we 31 owners are already looking for insurance companies and buyers familiar with the 31. A different ballgame, I think.

[S Ritzert]

For the average newer boat a salvage title reduces value and will be tougher to insure.
-- A salvage on a new boat can be one big can of worms. Repairs can be done 100% or made to look that way so that Salvage title is buyer beware.

A 31 Bertram is already tough to insure do to its age. Value at this point I believe is based on the hull plus its upkeep or restoration as Book Value has to be minimal. At this point, we 31 owners are already looking for insurance companies and buyers familiar with the 31. A different ballgame, I think.

I made the mistake of dropping the insurance on my 28 when I had it at my shop for repairs. I knew it wouldn't be used for about a year, and I thought, why pay for insurance while its not being used. When I went back to insure it, nobody would take it because of its age (1976) except progressive. My insurance rate with progressive was triple the price!!

I cannot get anyone to insure my 31 either. The one insurance company that considered it wanted a survey, and I don't have anyone in my area that will do a survey. I decided since I own a boat repair facility that I would get my survey license through my corporation, and have one of my technicians survey and value the boat.

My understanding is that the US doesn't exactly license surveyors, its more of an apprenticeship then you are deemed a surveyor after you do writeups on a certain amount of boats. I don't remember the names of the 2 companies in the US that "deems" you a surveyor. To me, its a racket. I don't see why you cannot say "I want to insure my boat for blah price, and I am willing to pay whatever price you want for that value"

Anyway, I know that's off topic, but I was injecting my 2 cents on getting older boats insured. In my industry, it's never really been a huge problem. I usually recommend that my customers call Ski-Safe, or Boat US to get insured. The prices are typically very reasonable, as they grant you a "layup" period when you will not be using your boat. There's less liability because your boat is not being used. I do have a very hard time getting insurance companies to pay claims now adays. Axis used to pay with the least amount of trouble, then Progressive, State Farm, and Farmers were the worst about wanting to dictate how we do the repairs, and what they wanted to spend, and adding huge deprecations. The adjusters are terrible about shopping prices online for parts, and trying to force you to use aftermarket parts. We now have big issues with Axis just completely refusing to pay claims, and huge issues with Progressive just sending a check on a claim even though they agreed to pay for it.

On a note of titleing, and salvage titles, there's ways around that. Some states do not title boats, but they title trailers, some states title boats, and not trailers. Some states wont even recognize an out of state title, and they will issue their own title.

[Carl]

SAMS and ACMS I believe. SAMS gives course down your way...buddy of mine took the course several years ago.

I believe as you said anyone can survey a boat...but will the insurance company accept that survey is another question. Pay into being affiliated has some merit.

[JeremyD]

When I went to insure mine in Florida - I was told by one of the agents that it was possible to get a value determined by one of their surveyors for an older boat. I ended up just getting an agreed value - less than what it's worth but also willing to accept from Progressive so didn't pursue any further.

[Ironworker]

A little off topic but my wife contacted a "boat insurance vendor" at one of the boat shows in S. Florida a couple of years ago. They quoted a very reasonable price for my B31. I agreed and said send me the policy and other documents. Here is the hitch.

They in bold lettering at the top of the policy declaration stated that "THIS IS NOT AN INSURANCE POLICY". It looked like an insurance policy but the issuer was not an insurance company and therefore not regulated. I declined to send them a check for $1500 just to have a piece of paper that looked like an insurance policy.

Buyer beware. There are lots of scams out there especially in all facets of the insurance and fake insurance industry.

If you're worried about just liability then perhaps a hefty umbrella policy may be the way to go.

[Carl]

I guess they could be very reasonable for just taking your money. I'll do that at half the quoted $1500...

So what is it they were offering?