Reward for lost Kraken!
Join Date: Apr 2006
Thanked 138 Times in 135 Posts
Rep Power: 11
Re: My Boat was Hit Bad
"It's likely that the insurance company will try to put the value of my boat lower than the cost to repair it."
Which is why it is VITAL that you speak to the state insurance commission, and find out how the law requires/allows the insurer to come up with that value. Get this in writing, find out the code they cite. Sometimes it can take two or three days of phone tag to get those folks so it may pay to make a visit.
The thing is, insurers KNOW that you don't know the law, and they will often grab a "value" by saying "Well, there was one sold last year in Maryland for..." ignoring the fact that the listing didn't disclose a dead engine and rotted out decks.
Values are for comparables, and comparable often aren't available, at which point the laws also usually dictate what shall be done. I have seen an insurer literally QUADRUPLE their valuation after they were reminded of the laws. The supervisor I wound up dealing with said the adjuster I had spoken to was a nice young girl and what did I do, I left her in tears. I said she's lucky I didn't have her calls recorded, she'd have been arrested for extortion. And she would have been.
As they say in the MBA-infested canyons of Manhattan, "Don't piss on my head and tell me it's raining." These people are not your friends, they are adversaries in a zero-sum game.
Again, you really want to have a chat with your insurance commission. And/or your friend the attorney.