Totalled my boat. Need Insurance advice.

I was involved in an accident on Friday in which the other driver pulled out from a stop sign in front of me on a through street. They were ticketed for failure to yield. I totalled both my truck and possibly my boat.

My Question is: The insurance company has offer me about 14,250 for the boat, motor and trailer. They came to this # through the advice of two local dealerships that do not deal in bass boats or the like. When I told them this # was at least $5000 to low they thought I was out of my mind. Then told me they just cant find any comparables because there are no ProCrafts near. Is that my problem? The research I did online showed a few of the same year and model with Merc 150 XR6 outboards. The least expensive was $17,900. My Boat has a Merc 200 Opti. When I purchased the boat new it was a $6000 up grade from a 150 EFI more from a XR6. How do I proceed with this. NADA gives the boat about a $14,900 value with a 115 and no option to upgrade engine.

2nd- Shouldnt we be pursuing the other drivers insurance to cover this not mine? The truck was covered under my policy as well.

5 Days ago I had a nice boat and truck and was happy with my loan / payment situation. Now, through no fault of my own I am shopping for a truck on a budget and losing $3000 on my boat. This does not seem right to me. Any advice appreciated. PM’s are welcome.

Hopefully Justin Schneider will jump in here with some advice for you, if not shoot him a pm I am sure he will have some answers for you.

Good luck.

Invest the $200 for one hour of attorney time ASAP. Unfortunately the way the world works today you cannot negotiate with your insurance carrier on your own and get the outcome you deserve. The minute they find out you have “representation” the tone will change for the better. Don’t try to do this yourself.

What was your agents response? Your agent is the one that should be taking care of you, mine always has. I also don’t agree with the need for a lawyer, I wouldn’t go there unless it was a last resort. If you had full coverage your insurance company may cover the truck and boat and then they can deal with the other company, i’ve seen it go both ways. They also need to work with boat dealers that sell that line to get a better price and also do some searching on the net.

When my car got smacked up a little over a year ago the person that caused the accident insurance took care of it, they valued the car well over KBB because used vehicles were selling high. They not only use KBB, NADA, but also can see what similar things are selling for.

I would try working it out but if that doesn’t get you anywhere than a lawyer may be the only option. It sucks, good luck.

Chris
Very sorry to hear of your accident.
Your ins company will GO AFTER the other guys ins company, and should do so ON YOUR behalf; not your ins companys interest but yours.
I sure would think your company would work with you on the real value, not their perceived value.
Hope it all works out, keep us posted.
Jack

Chris I agree with the above. However I’ve had to hagel with my adjuster in the past 25 to 30 years ago myself. Maybe things have changed and maybe I’m just not so willing nowdays… They do not want to find out!

This ole bag of salt has really yet to be ground!!!

Hope you get my drift. Dfwm

Catdadmn(Chris),

First, I hope and pray your 100% ‘OK’ since your unfortunate accident.

I agree with the ‘don’t get a lawyer until you feel you really need one.
I also agree your agent needs to relentlessly represent you at all times in this ordeal. Ins. Companies have claim adjusters to try and ‘close’ these accidents fast and for as few $’s possible.

In June 2010, Father’s Day trip with my sons, we were involved in an accident that totaled my truck and boat. I had a, 03 f-150 super crew, chromed out, only 85K miles, color matched fiberglass topper, custom Alum. wheels and nearly new tires. My boat was a ’93 Javelin 320A w/175 Johnson Fast strike, stainless prop, electronics, The whole ‘she-bang!’ I only had 3 more payments on my truck, boat was free and clear.

(how many Javelin’s do you see in MN? So imagine the ‘joy’ I and my agent had finding a market valve for that. They finally came up with an offer, and I felt it was still very low ball! Then they said, ” but take everything off that rig that didn’t come from the factory!” In other words, strip it! All electronics, kicker and elect. trolling motors, the stainless prop, (which I still have), extra batteries, I mean everything! As for the truck, they finally beat KBB and NADA a lot. I got nearly 20K minus my 500$ deduct. This took about a month. I now have a 3 year truck payment,(on an 07 F-150 Super-crew topper all chromed out Lariet (less $ per month)and a boat completely paid for, an 03 Javelin MSX21 w/200hp Ev motor, put my elect. on, motors on, radio in, etc….and yes…the insurance company went after the other person for recovery, not me……I was not ticketed either! I’m ok but think about that accident often. My boys are ok, some scars as reminders, and every time we go fishing, we ask the LORD for an accident free trip!

So take your time, but push them, and your agent should be helping lead the charge….you and your agent, use the internet to find ‘like’ models and compare $$$! you’ll be glad you did…

Got luck, and ‘may the Force be with you’

Sorry to hear about this unfortunate event Chris. The information that Jack provided is spot on. Your agent as well as the insurance company he represents for his particular insurance policy should be working with you in regards to the value of the boat.

In our current economic state, NADA values are not very accurate. Most Anglers are not buying boats brand new which increases the demand of used boats, thus bringing up the price. Insurance companies often look to the NADA values to establish a boats worth(especially if the policy is Actual Vash Value vs. Agreed Value), but like I said these numbers can be skewed.

My recommendation would be to find a couple other boats that are of similar like, kind & quality (regardless of geographic location) and present these findings to your agent. Most agents will go to bat for their clients and work with the adjuster to come to a mutual agreement on the amount paid out for the claim.

If you have any other questions, feel free to contact me and I’d be happy to help!

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Sorry to hear about this unfortunate event Chris. The information that Jack provided is spot on. Your agent as well as the insurance company he represents for his particular insurance policy should be working with you in regards to the value of the boat.

In our current economic state, NADA values are not very accurate. Most Anglers are not buying boats brand new which increases the demand of used boats, thus bringing up the price. Insurance companies often look to the NADA values to establish a boats worth(especially if the policy is Actual Vash Value vs. Agreed Value), but like I said these numbers can be skewed.

My recommendation would be to find a couple other boats that are of similar like, kind & quality (regardless of geographic location) and present these findings to your agent. Most agents will go to bat for their clients and work with the adjuster to come to a mutual agreement on the amount paid out for the claim.

If you have any other questions, feel free to contact me and I’d be happy to help!

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Exactly what I had to do a few years back after my boat was totaled

ugh..just spent the last 30 minutes looking up javelin bass boats

UMMMM its been awhile but dont you usually get a consult with an attorney on the house? Unless he proceeds to do something right then and there. I would check it out. Anyways spending $200 to maybe get $5000 might be a good payoff. Goodluck

My insurance guy would’nt give me anywhere close to the value on a car that was 3 months old. They also would not pay all medical bills, so they got a visit from my attorney. Not only did he get all the cost out of him, they got me my next new boat for free (to me).
….If they would’ve just paid the bills that I paid them to handle. Too bad for them.
Funny thing is – he is still my insurance guy – and I remind him of his responsibilities (to me) all the time!

i’m confused, it was the other persons fault and he was ticketed. why is YOUR insurance company even invaulved?
you need to go after the other drivers insurance company. i’ve been thruogh this before and when push comes to shove tell them you will have to settle in court and you will bring your doctor with.

Don’t get a opinion from a attorney. HIRE a attorney. You have absolutely NOBODY on your side in this thing.

I learned the hard way but, I did learn. I’ll be calling my lawyer BEFORE I bother calling my agent next time.

Actually, from what I have dealt with as far as others fault accident, your insurance company takes care of you and then they get compenstaed by the other insurance carrier, if different. Your agent is that, YOUR AGENT, he works for you and should have your best interest in mind, when dealing with the other company. Hope he doesn’t have the 15 minute to save $$$ policy… accidents is where a REAL AGENT comes in handy provided their a good one, if they are not, get a lawyer now

Did you have a repair endorsement? That saved me when my boat was rear ended. The repair was more than the actual cash value, so my insurance company took care of it…no questions asked!

Another option for you Chris is that if your insurance carrier refuses to give you fair market value, you could pursue the At-Fault driver’s insurance yourself.

Since you were not At-Fault, the other carrier could possibly offer you a better fair market value for your truck and boat to close the file quickly and avoid any further legalities down the road. Sometimes this process is very effective and sometimes its a pain in the butt to go this route.

I’ve seen it go both ways, but it may be worth a try if your current company is not satisfying your request.

Not that I’ve had an insurance claim to ‘test out’ my policy, but this situation makes me feel better to pay a little extra on my premium to have ‘agreed value’. Hope it works out for you!

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i’m confused, it was the other persons fault and he was ticketed. why is YOUR insurance company even invaulved?

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Minnesota is a No-Fault state, so no matter who is at fault you go through your insurance company. Strangly enough, this means they decide what percentage you were at fault and what percentage the other person was at fault. Generally they like to say you are 10% at fault for simply being on the road, although if the other person broke the law and was ticketed, that sometimes brings your percentage down to 0. The reason this is important is YOUR insurance company will be required to pay the percentage you were deemed at fault.

You should not need a lawyer. Minnesota law about 10 years ago required them to provide you a comperable vehicle instead of a cash settlement if that is your choice. You could check if that is still the case, and if so, you have that option to pursue. If you decide you need a lawyer, you also need a new insurance company, because it means they are not doing their job.

But above all, remember that the Commissioner of Insurance is your friend!

Insurance companies do NOT like this person getting involved, because this is someone who can prevent them from operating in the state, and this is EXACTLY the kind of thing that office was designed to deal with. I was in a similar situation about 20 years ago, and after a week of me not getting anywhere, I told the agent I was dealing with I was going to contact the Commissioner of Insurance. The next day I got a call from the agents supervisor, who basically said my agent didn’t do anything wrong, but they decided that even though I was 10% at fault for being on the road during rush hour, they were going to waive that and cover the entire repair cost. In my case the other driver also got a ticket.

Hope this helps. Good luck!

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Minnesota is a No-Fault state, so no matter who is at fault you go through your insurance company.

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Incorrect…No Fault only pertains to the Bodily Injury Limits on your policy and has nothing to do with the physical damages your auto or boat may have sustained.
No-Fault is designed to pay your medical damages resulting from a claim from your own insurance policy first, regardless of fault, then subrogate against the other party involved once the medical limits on your policy have been exhausted.

What you’re referring to here in your post is comparative negligence, which does come into play when there are physical damages to property.

If you do not contact the other persons insurance company on this you will get what you deserve. i can’t believe the bad advise you are getting. YOU SHOULD NOT EVEN BE DEALING WITH YOUR INSURANCE AGENT

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If you do not contact the other persons insurance company on this you will get what you deserve. i can’t believe the bad advise you are getting. YOU SHOULD NOT EVEN BE DEALING WITH YOUR INSURANCE AGENT

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exactly! You shouldn’t even have to contact your insurance company regarding the claim unless you feel you are getting the shaft. In that case, turn it in to your company and let them subrogate. This is a good lesson for those who choose to buy insurance by price. The other driver may not have a large enough property damage limit to cover everything. Now how cheap is thier insurance?

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If you do not contact the other persons insurance company on this you will get what you deserve. i can’t believe the bad advise you are getting. YOU SHOULD NOT EVEN BE DEALING WITH YOUR INSURANCE AGENT

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I say this is bad advise…. who does not contact their insurer after they have been in an accident ? Just because somebody gets a ticket, does not mean they are totally at fault ? Nothing went to court here… Why are you paying for insurance ? If you have an agent that won’t work for you, fire him and hire a lawyer. I gotta totally disagree with you SLACK. Sending someone to the “other” insurer by themselves… I would choke giving that advice.

G,
i’m just going on my own experiance, had same thing happen to me, i contacted HIS insurance company. my agent didn’t even know my truck was toteled untill i called him to insure a new truck. i certainly was not going to turn it in to MY insuance.

i tend to agree with Slack. The more i can do to keep my points under control, the better. FCS, I had a DOUBLING of my policy price when my EX, AFTER I WAS DIVORCED had an accident… They DID reverse that one, but me and insurance do not get along…

My guess is that after a gentle push-back by showing the values of some truly comparable boats (regardless of location) the offer will change to a more reasonable one.

This has happened to me each of the 3 times that we had a vehicle damaged through no fault of ours. My wife has been rear-ended twice and we had a car parked on the street once and a driver not paying attention drove into the back of it.

All 3 times, we were offered the lowest price given in NADA. Each time I resisted citing that we keep our cars in excellent condition, far better than the NADA low value and I also showed retail prices of similar vehicles at dealerships. Of course, they all were more than the initial settlement offer.

Every time the offer increased substantially over the initial offer.

It’s a raw deal and I totally agree that it’s a major pisser having to spend your time making up for somebody else’s eff-up. But you have to let that go and look out for your own interests now. It’s a negotiation now and the most patient, best-prepared party wins.

Also, as much as possible try to keep time on your side. Don’t get in a hurry and sign off on something that you’ll regret. To the insurance companies, this case is just another file cluttering up their desks. At some point, they will be motivated to get it closed. Don’t get impatient. Be nice, but keep pushing your case.

Grouse

There is record of the accident, whether you call them or not. Does your agent specifically know ? Probably not. You can’t “hide” a chargeable accident, if they run/check you, they see it.

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There is record of the accident, whether you call them or not. Does your agent specifically know ? Probably not. You can’t “hide” a chargeable accident, if they run/check you, they see it.

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when insurance companies are figuring out rates to charge and individual, there are several factors. A couple of the factors are MVR reports and claims history. In most cases involvment in an accident will not rate a policy, now a dis-obeying a signal or failure to yeild right of way may increase the premium. If your insurance company has paid a claim on your behalf, then they may charge you extra premium, or decrease a claims free discount either way you pay more even if it is not your fault. So if you can force the company who represents the individual who is at fault to pay, then there is no need to even let your company know. Keeps your claims history clean. Know is your company pays the claim and they go after the party at fault and collect for the entire loss, then you get your deductible back, and your claim is wiped off your claims history. This is why when there is a clear path to one of the parties being at fault for property damages, (in this case a traffic ticket)or awknowledgement of fault by the other party, get his insurance info. and have your agent take care of calling the claim in and follow-up. If your agent isn’t going to do this for you, fire him/her.