selling a boat for slavage

[colhel]

Due to an incident about 6 weeks ago,which I feel I can't really elaborate on, I'm left with a few choices regarding the next step. One option is to take the Insurance money and buy the yacht back to sell as salvage or repair myself and with help from others.
So, it's a Westerly Konsort with a hole in the Port side, with damage extending to the coachroof and further damage to interior trim, gaurd rails, pullpit, stanchions, rubbing strake and toe rail etc etc.
If I were to go the salvage route there's a number of things that you can tell have a value, for instance a week before the incident a brand new sailcover/stackpack and sprayhood were fitted, the upholstery and interior is in reasonable condition, the engine is an old MD11C though reliable probably wouldn't have much monetary value. Some of the rigging was replaced less than ten years ago and the sails are still functional.
I'm looking at all options at the moment with the above being just one of them.

Cheers....

 

[solent clown]

Due to an incident about 6 weeks ago,which I feel I can't really elaborate on, I'm left with a few choices regarding the next step. One option is to take the Insurance money and buy the yacht back to sell as salvage or repair myself and with help from others.
So, it's a Westerly Konsort with a hole in the Port side, with damage extending to the coachroof and further damage to interior trim, gaurd rails, pullpit, stanchions, rubbing strake and toe rail etc etc.
If I were to go the salvage route there's a number of things that you can tell have a value, for instance a week before the incident a brand new sailcover/stackpack and sprayhood were fitted, the upholstery and interior is in reasonable condition, the engine is an old MD11C though reliable probably wouldn't have much monetary value. Some of the rigging was replaced less than ten years ago and the sails are still functional.
I'm looking at all options at the moment with the above being just one of them.

Cheers....

Take the money and run if it is enough. If you buy back, every day you have the boat out of action it is costing you money to store, so unless you have a fast and firm plan you will bleed cash slowly. If you are handy, have a friendly boatyard nearby, it's a different story

 

[Concerto]

I agree, take the money and leave the rest to someone else. Go buy another Konsort or another boat, then go sailing and enjoy. The emotional tie to your old boat will be strong, but you know your time is through now, so move on with your life and say thanks you were not injured yourself or any of your family.

 

[Graham376]

Take the money and run if it is enough. If you buy back, every day you have the boat out of action it is costing you money to store, so unless you have a fast and firm plan you will bleed cash slowly. If you are handy, have a friendly boatyard nearby, it's a different story

+1

 

[colhel]

Take the money and run if it is enough.

This is one of the issues I have, I insured the boat for what I paid for her. Since then we've many hours and added bit's here and didn't think it through enough about (my) insurers limit of liability. I should say though I have got an option of going with an estimate for the repairs to be carried through my insurers but the estimate is very close to the limit of my insurers liability and should the cost exceed the insured value I'd have to pay the difference.But I still have that option.

 

[sailorman]

This is one of the issues I have, I insured the boat for what I paid for her. Since then we've many hours and added bit's here and didn't think it through enough about (my) insurers limit of liability. I should say though I have got an option of going with an estimate for the repairs to be carried through my insurers but the estimate is very close to the limit of my insurers liability and should the cost exceed the insured value I'd have to pay the difference.But I still have that option.

Take the money & nxt time go for "Agreed Value" explain what upgrades you have done to back this up

 

[KenMcCulloch]

We always think of our boats as worth ‘what I paid for her plus the value of improvements’. The reality is that the value of older secondhand boats is pushed down by defects far more than it’s pushed up by improvements. For example I’ve just spent a considerable sum on new upholstery but wouldn’t expect to recoup more than say 20-30% at most of that, if anything, if I sold the boat tomorrow. Take the money and get another boat when you’re ready.
Good luck.

 

[Fr J Hackett]

What you list is not really of great value, the rigging is worthless, you say the engine has no value, the sails are "serviceable" ie worthless to anyone else as is the upholstery the only value is the spray hood and stack pack £500 to 700 max new £300 to another Konsort owner perhaps. The repair cost is close to the limit of your insurance payout so unless you can get a fixed price repair including surveyors report or are prepared to take the risk of funding the difference accept the offer.

 

[<152587>]

This is one of the issues I have, I insured the boat for what I paid for her. Since then we've many hours and added bit's here and didn't think it through enough about (my) insurers limit of liability. I should say though I have got an option of going with an estimate for the repairs to be carried through my insurers but the estimate is very close to the limit of my insurers liability and should the cost exceed the insured value I'd have to pay the difference.But I still have that option.

If it is anything like the motor trade you may find the estimates (and bear in mind that is an estimate, not a quote) is heavily weighted if the insurance company involvement is known. It may be prudent to get further costings from alternative contractors without insurance company involvement. You may be pleasantly surprised and make a slight profit.

In the past, I have found with insuring boats it does not matter what you do to the boat to improve it, the insured liability is the purchase price, end of. So, I bought the boat for £1 and other considerations?

 

[Tranona]

So, I bought the boat for £1 and other considerations?

That is absolutely meaningless in this context. You use that term on the Bill of Sale if you don't want to have your purchase price in the history of the boat. The price you paid is part of your contract to purchase. The value on your insurance is what you agree with your insurer which may well be based on what you paid. That then becomes your contract with the insurer and they will pay that in the event of a write off. It is different if you are claiming off a third party as their insurer is only required to pay your loss, which is to put you back in the position you were before the accident. This may well result in an offer less than your boat was insured for through your own insurance.

 

[Tam Lin]

I would be inclined take the money and find another boat. Much less hassle and you can go sailing!

 

[Tranona]

Due to an incident about 6 weeks ago,which I feel I can't really elaborate on, I'm left with a few choices regarding the next step. One option is to take the Insurance money and buy the yacht back to sell as salvage or repair myself and with help from others.
So, it's a Westerly Konsort with a hole in the Port side, with damage extending to the coachroof and further damage to interior trim, gaurd rails, pullpit, stanchions, rubbing strake and toe rail etc etc.
If I were to go the salvage route there's a number of things that you can tell have a value, for instance a week before the incident a brand new sailcover/stackpack and sprayhood were fitted, the upholstery and interior is in reasonable condition, the engine is an old MD11C though reliable probably wouldn't have much monetary value. Some of the rigging was replaced less than ten years ago and the sails are still functional.
I'm looking at all options at the moment with the above being just one of them.

Cheers....

There is no easy answer, but guess it really depends on whether you want to keep the boat. If you do then worth going down the route of finding out what it would cost to either repair it yourself, pay somebody else to do it, or combination of the two. If that comes up less than your payout and less than buying a similar boat then might be worth doing.

Avoid trying to break it up and selling the bits. Lot of work and you still have to dispose of the hulk. Leave that to the insurer by taking their payout. They will probably try to sell it to somebody prepared to take on the repair.

 

[Graham376]

In the past, I have found with insuring boats it does not matter what you do to the boat to improve it, the insured liability is the purchase price, end of. So, I bought the boat for £1 and other considerations?

Not true if you have an "agreed value" policy. Our insured value is around £25k more than I could buy a basic boat of the same model for but, to bring it up to the same equipment level as we have at present, would cost the extra £25k. This was discussed at length with our insurers (Y Yacht at present) and agreed. Whenever new equipment is added or updated (dinghy, outboard, radar, instruments etc.) the insured value should be increased to suit.

 

[PaulRainbow]

In the past, I have found with insuring boats it does not matter what you do to the boat to improve it, the insured liability is the purchase price, end of. So, I bought the boat for £1 and other considerations?

That has not been my experience. My boat is insured for its value (agreed value), which is greater than the purchase price, because i have improved the boat and made its value greater than the purchase price. Next time you insure your boat you might do well to have a ring around some of the better boat insurers, Y Yacht is one of the more popular ones on this forum, at least.

 

[neilf39]

Tried to up the value of my Konsort after several improvements. Tried several companies but they would only let me go 10% above purchase price unless I had a valuation survey done. Looked at the top price of equivalent boats on the market and decided it probably wouldn't get valued much higher than it was already insured for. My boat is really just more saleable now.

I think if I found it hard to find another Konsort with the same level of spec I would probably get it repaired if it can be done within the payout value. I have seen some brilliant major repair jobs which I wouldn't know had been done had I not been told.

 

[gwommit]

I would take the money and buy another boat, if you get it repaired either by yourself or someone else you will still be left with a boat that has had major repair work done which could effect the amount you could sell it or even the ability to sell it when you decide to in the future. Trying to sell it without disclosing it has previously been repaired could lead you into all sorts of trouble

 

[colhel]

I am only looking at all the options at the moment, selling as salvage just being one but obviously being the most complicated I wanted to seek opinions.
Thanks for all the responses thus far.