Insurance Loss Z3

[miller]

I just saw this boat online and thought someone might be interested in exploring...

http://www.crankyape.com/default.asp...emNumber=46440

[Bad05]

That's too good to be true!

[jmoore15]

Looks like it comes with a salvage title though.

[racerdave]

35k and the reserve is not met it might not be a good deal depending on what the reserve is. I can definitely see a l little work that needs to be done if it could be bought for under 40 sign me up

[chpthril]

in the whole-sale car biz, a salvaged title = 50% back of average KBB. from there, you decide if its retail ready or how much it needs and bid accordingly.

[Timmy!]

I am not seeing how this would be a salvaged title boat unless it was sunk under water and someone cleaned it up. The only thing missing are the speakers. Maybe it wasn't recovered for several months? Looks more like a repo and the prior owner took the speakers out.

[chpthril]

salvaged is often a clerical term with no single definer. If the insurer settles with the insured for an amount that deems the property a total loss, as in a theft or a sinking, it would likely be deemed a salvage title if it was then resold in any form.

In the case of a theft, the property could have easily been recovered after the claim was settled. In this case, said property belongs to the insurer, not the prior insured.

A repo on the other hand, would still be a clear title, even if there was damage or stuff removed. Since a lean holder is not the insurer, but actually a secondary insured, they could not deem it totaled or salvaged since they actually held the title.

[boardman74]

That place is local to me(Cranky Ape) and they are legitimate. Now as for if its going to be a good deal remains to be seen. I can tell you that based on the brand of trailer thats not a boat that was sold locally though, so it was brought in from somewhere else.

If anyone is interested you should be able to call or email them and find out the status of the title. I have worked with them before and they are pretty helpful and get answers about the items they are selling.

[WakerideN]

this is an interesting topic. How much does a "salvage" title affect resale in our types of boats and lower the value. kind of a new topic here. I have a Nissan maxima with one. Great car, but insurance wise I know its lowered the % it would be replaced at if I total it.

[Timmy!]

Thanks for the clarification, chpthril! Things I didn't think about...guess it couldn't be a repo.

[boardman74]

I would think a salvage title would reduce the value 25% at least. Plus salvage boats are scary things. Because salvage a lot of times involves sinking its just something most people don't want to deal with.

What I don't get is with that boat there is really minor damage(speakers, batteries, light trailer damage, maybe some fiberglass work, tire) how could it have been a "total insurance loss" considering thats 5K or less work against a probably 100K MSRP boat.

[EricU]

Looks like it comes with a salvage title though.

It says it is a theft recovery (i.e. owner realized how much a 240 month loan would cost) and if it hasn't been trashed. The girls out in the sun on the lake don't care what the the title says.

But I would definitely want to inspect in person first.

[boatwakes]

SALVAGE TITLE DOES NOT APPLY TO VESSELS, only vehicles!!!

[chpthril]

I would think a salvage title would reduce the value 25% at least. Plus salvage boats are scary things. Because salvage a lot of times involves sinking its just something most people don't want to deal with.

What I don't get is with that boat there is really minor damage(speakers, batteries, light trailer damage, maybe some fiberglass work, tire) how could it have been a "total insurance loss" considering thats 5K or less work against a probably 100K MSRP boat.

boat stolen, owner and lean holder settle with insurance up to the terms of the policy, boat recovered later, but is actually now owned by insurance company who has no need for a boat so they sell.

[Timmy!]

SALVAGE TITLE DOES NOT APPLY TO VESSELS, only vehicles!!!

You might be onto something there. Colorado doesn't even title boats/jet-ski's, only the trailer has a title.