Salvage Title on Boat- What are the Negatives

[Bucketlist]

I am currently dealing with my marine isurance company on a loss. The insurance company wants to total the boat. I want it repaired for a variety of reasons. Right mow i am Not sure what recourse i have with the insurance company as this is just unfolding over the next few days. Some questions i have are:

1- if the boat is totaled i am told that the insurer will notify Ca DMV and eventually the clean
title i currently have will be chaged to a salvage title. Not sure how long or the steps that this will process will take.
2- i am told that once a salavge title is issued then it will become very hard to get insurance and the cost will be quite expensive vs a clean title. Also i am told that some or many carriers will not insure at all. I have not started this research yet, but i am worried what i will hear.
3-i am also told that the value of the boat with a salvage title will instantly be devalued by at least 50% even though it has been repaired properly.
4- i wouod also imagine that a salvage title will also make it very difficult to sell in the future at any price.
5- if a salvage title is issued by Ca DMV is there a way to reverse the decision through appeals or perhaps inspections of repairsmade, etc,?

 

[Yellowboat]

Why is it being totald? The not getti g I Sundance thing is a myth on cars, boats I would assume is the same. A licensed maine suryavor could pretty much say it' good too go.

 

[lbhsbz]

I can tell you 2 things.

1:...I generally buy pieces of shit to "salvage" into something usable at a greatly reduced cost, and I avoid salvage titled anything...because of the "unknown" factor. If you go to resell, the only record of what happened to cause the salvage title are the words coming out of the sellers mouth...which in general, are bullshit. So...yeah...50% is a conservative figure on the resale value....keeping in mind also that the salvage title will likely put reduce your potential buying market by 70% or more....so now you've only got 30% or so of your potential market for a sale price 50% or more less than original value. On a $2000 kia, this isn't a big issue. On something that can sink...it's a big issue.

2: I purchased a boat a while back that was originally a Tahiti jet boat, but had been redone/converted to an outboard, and if I'm not mistaken, re-titled as a Finishline.... @AzGeo did the work, as he was the owner of Finishline Engineering. I'm not sure how this process worked...maybe if enough level of work occurs, it becomes (on paper) a new build rather than a repair. You might reach out to him to see how it works. THe Coast Guard tag in this particular boat made no mention of tahiti, but only Finishline.

 

[NicPaus]

There is no salvage title for boats in CA. Let them pay you out but tell them you want to buy it back from them. Buy it back and have it repaired.

 

[RiverDave]

There is no salvage title for boats in CA. Let them pay you out but tell them you want to buy it back from them. Buy it back and have it repaired.

This..

 

[Outdrive1]

There is no salvage title for boats in CA. Let them pay you out but tell them you want to buy it back from them. Buy it back and have it repaired.

Az doesn’t have salvage titles either for boats.


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[Rattle Can Lou]

So if true on CA title you are good to go...all my cars I drive are salvage title cars...I own a body shop so it's always a good deal for me. The secret is photos...lots of photos and document everything done to the boat. If you have a rare boat that is not easily found...it makes things easier when it comes time to market. If the damage is brutal...like a fire or severe hull damage...it makes it difficult..but if light repairs...then you are in better shape. Value has so much to do with it...like if the boat is 100,000 before wreck or damage..you are not in a good position...that would be your 50% resale hit on a bad title...but if its a 20,000 boat...then the hit is in the 20% range...I hope that makes sense...

 

[DLow]

They may very well tag a “salvage” to your trailer. I bought a pontoon once that was in an accident on the road (AZ) and when I went to register it with AZ G&F she told me the boat had been in an accident. The boats don’t have “salvaged” titles, but accident records are still kept.

 

[RiverDave]

They may very well tag a “salvage” to your trailer. I bought a pontoon once that was in an accident on the road (AZ) and when I went to register it with AZ G&F she told me the boat had been in an accident. The boats don’t have “salvaged” titles, but accident records are still kept.

I have never heard of that.. Learn something new everyday (two times in one day!)



Anyone remember back in the day Fox's had an Eliminator Daytona on the side of it that had been wadded up pretty good. One of the sponsons was gone, and Spencer more or less cut a quarter off the boat and made it so you could walk inside and sit down at tables in there.

Someone walked up and asked him "How much do ya want for the boat?" The guy ended up buying it, and fixing it!! Still out on the water to this day. (last I heard)

RD

 

[SOCALCRICKETT]

Didnt pedro from saleen just end up buying and reworking a dcb that would have been salvage? I believe it was the boat that wrecked south end of the lake a killed a couple of people when it slammed docks at speed

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[redone76]

Why is it being totald? The not getti g I Sundance thing is a myth on cars, boats I would assume is the same. A licensed maine suryavor could pretty much say it' good too go.

Sweet jesus man!!! Spellcheck! I spent more time trying to comprehend your sentence than I did reading the entire thread!

 

[GRADS]

Sweet jesus man!!! Spellcheck! I spent more time trying to comprehend your sentence than I did reading the entire thread!

I think he was trying to tell us something about his Lex iut.

 

[sintax]

Didnt pedro from saleen just end up buying and reworking a dcb that would have been salvage? I believe it was the boat that wrecked south end of the lake a killed a couple of people when it slammed docks at speed

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Man that would be a tough sell for me, i'd be too worried about a boat with that kinda bad juju

 

[Bucketlist]

Thanks for all of the replies! I called CA DMV this am and spoke with three different departments and people. Surprising all three people I talked to were nice and helpful. Not at all what i thought my experience was going to be. All three said essentially the same thing. CA DMV "does not accept, require or recognize a salvage title for a boat / vessel". Now this is contrary from what the Insurance adjuster has told me several times. So perhaps what the Insurance Co actually does is put my boat Hull ID in an insurance data base that will prevent them from insuring my boat again. Not sure if the insurance Co. will file my trailer as salvage with Ca DMV, if they do then that would be a total dick move, since I wrecked the boat on the water and the trailer was in the parking lot untouched. I am expecting a call tomorrow from the insurance company telling me that they are totaling it and at that time they will give me the salvage value. In the mean time I am looking at other boat options. Thanks again.

 

[NicPaus]

What type of boat? I am interested in buying it for what they offer it to you at as is. Not worried about it in there database been there done that.

 

[Bucketlist]

Boat is a 1998 Hallett 240open bow

 

[rvrrun]

Thanks for all of the replies! I called CA DMV this am and spoke with three different departments and people. Surprising all three people I talked to were nice and helpful. Not at all what i thought my experience was going to be. All three said essentially the same thing. CA DMV "does not accept, require or recognize a salvage title for a boat / vessel". Now this is contrary from what the Insurance adjuster has told me several times. So perhaps what the Insurance Co actually does is put my boat Hull ID in an insurance data base that will prevent them from insuring my boat again. Not sure if the insurance Co. will file my trailer as salvage with Ca DMV, if they do then that would be a total dick move, since I wrecked the boat on the water and the trailer was in the parking lot untouched. I am expecting a call tomorrow from the insurance company telling me that they are totaling it and at that time they will give me the salvage value. In the mean time I am looking at other boat options. Thanks again.

I don't see how they could do that, the boat and trailer are two separate vehicles with separate registrations.

 

[NicPaus]

Boat is a 1998 Hallett 240open bow

Will take it let me know what they want.

 

[Duck'ed_Up]

Boat is a 1998 Hallett 240open bow

And we’re off!


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[DLow]

I don't see how they could do that, the boat and trailer are two separate vehicles with separate registrations.

This is true, they are two separate things. But, when you take a loan out on a boat, the trailer title will have the lean, not the boat registration, at least in AZ. So, they do actually get tied together.