Yes, Charlie. But this is a "yacht". The allusion to Thurston Howell III was probably on the money. For some people, the fact that something cost more makes it better. A bud of mine, many years ago, insisted that his sport coat, bought on the Miracle Mile in Manhassett, NY was better than mine. Same jacket, I just paid $100 less for it in BFE, Michigan. "Thurston" probably knows nothing about the repair involved and thinks that the higher the offer the more competent and thorough the repairer will be. And that may be the case, or maybe the guy has all the work he needs and if you want him for a job, you're going to pay through the nose.
Were I in the unenviable position of our "D-Day" of boating ("Ramming Speed!!") I would get three estimates including a written satisfaction of owner warranty, similar to what the insurance company does. Then I would approach the owner for a "reasonable" conversation. I'd probably not do an insurance claim as that could be much more expensive in the long haul. I would probably have gotten the estimates for him as well. Leaving it in his hands means he is inconvenienced by having to deal with it and puts him in a "who cares what it costs mood."
“Scientists are people who build the Brooklyn Bridge and then buy it.”
Wm. F. Buckley, Jr.