View Single Post
Old 05-25-2023, 11:15 AM   #2
twistedtree's Avatar
City: Walkabout Creek
Join Date: Jan 2013
Posts: 9,566
Originally Posted by PMF1984 View Post
So first of all... It was 100 percent my fault and no one got seriously injured.

So I have a boat that damage exceeds the insurance amount.

If I put ion a claim for a total loss the insurance company will own my boat and I will have to buy back the salvage value.

This only hurts a little as I tried to insure for more (based on surveyors value) when I signed up.

On one hand I'm inclined to eat it as penance for my behavior that led to the loss.

One the other hand, is there a work around?

It would seem to depend on whether the insurance payout is more than the salvage buyback value. In that case you would at least net some cash. And it seems that the insurance payout MUST be more than the buyback cost, right? Otherwise the boat would be grossly underinsured, which maybe it is?
twistedtree is online now   Reply With Quote