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IdahoMike

2009 Enzo SV240 sunk - wondering about repair v. selling

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IdahoMike    0

My 2009 Centurion sunk in mid September. It got pulled from the water pretty quickly (hanging sideways from tie lines on dock), so wasn't in the water for more than about 10 hours tops - most likely 6-7 hours before it was floated, and on my trailer.

The boat was insured for what I purchased it for in 2012. It has about 550 hours. In an unanticipated twist, the value has increased quite a bit since then, so it's actually under-insured.

The guys at the boat shop who took the boat after it was floated and removed from the water said the computer for the engine was fried, but they were able to take one from another boat and get it started no issues. However, they came up with an estimate for the repairs for $35K. Repair shop also indicated there would be a couple years of minor problems that would need to be addressed as they came up, and estimated these would be in the neighborhood of $5K. 

The insurer has decided to declare it a total loss.

  • So the value of the boat (in an un-sunk condition) is supposedly $65K
  • The insurance is $47K limit
  • The cost to repair is $35K + 5K later on
  • I'm going to get $47K (less a little to the lender...)
  • My trailer is insured for $2.9K - and insurer won't pay on it...

Since it's under-insured, apparently I get "salvage rights"... i.e., I get a boat to try and sell.

The guy at the boat shop told me I don't want to try and sell it because I might just get stuck with it and it's a liability. I sort of believed him until he told me today that the insurer now owes him $75/day since November 15 for storage over the 30 day limit. He indicated he lets them write this off if they turn the boat over to him... Seems kinds suspicious. Like he tells me I don't want the boat, then he tells me he wants it and uses an outrageously high storage fee to get the insurer to give him the boat.

Anyway, question is this:

  1. Is it a smart move to take possession of the boat and try to sell in an unrepaired condition, and if so, what could I sell it for without too much effort (it has bimini, all seat cushions, ballast system and nice pumps, and wetsound speakers with a 2015 XXX sub.
     
  2. Should I just bail and take the left-over money from the payout, and try to sell the trailer?

Thoughts?

P.S. - I had to register again due to lost password and abandoned email, but have posted here as "Idaho Mike" before.

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Bigcatpt    405

This is an interesting situation for sure. 

I am not sure I fully understand your options..... 

You could take the $47K payout and walk?  BTW $47 K for a 2009 is more than fair.  Hard to beat this deal.  

Or is there an option to take the payout and still get the boat to fix and keep? If so, at what cost?  If taking the boat means no payout then I would take my money and run.  

If there is an option for some payout and get the boat then it is worth exploring.    

The boat for sure still has value if YOU wanted to get it and fix it back up to be good for YOU.  But only if you want to keep it personally.  It would be a really hard to sell with a salvaged title knowing it had sunk without taking a big financial hit on the sale.  You are certainly not going to get $47K out of it used, sunk, and salvaged when you sell it.    

Did you see what the "fix it list" was for $35k?  That seems crazy high if they already got the motor running with a new computer.  

For sure the shop is being aggressive on the $75 per day fee.  Do they have that in writing anywhere for it to be legal?     

I would ask this question on the Official Centurion/Supreme boat owners Facebook group.  Lots more eyes and ears over there to give you good advice.  

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IdahoMike    0

Bigcatpt:

Thanks for your reply. In answer to your questions:

I can take the $47K and walk (with some goin to lender). Good to hear your opinion is that this is fair and walking with the cash makes sense to you.

I can also take the $47K and walk, WITH the boat if I want. But then I have to do something with it, and I'm a busy professional in Snowy N. Idaho with nowhere to put a boat unless I want to pay to store it for the rest of the winter (estimated $700 or so?). Glad to hear you think it's "worth exploring." That's the kind of input I'm looking for. Like I'd happily take it and then sell it off for $5K or $10K or something... don't want to dicker or deal with tire-kickers that ask questions I can't answer though.

I have zero intent of taking it and fixing it back up. 

I think that the $75/day thing was on an invoice or something that was provided to my insurer... I just let the shop take my boat and put them in touch with my insurer and was told they'd figure out what it cost to fix and repair, and work with the insurer to see if they would total it or not. I let the shop delay that work as long as they needed since they were busy winterizing and wanted to put it off... shop is acting like they are doing this overbilling intentionally to the insurer but wouldn't charge me... IDK. Need to figure it out myself. I intend to stay on friendly terms with the shop owner.

 

 

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jtryon    15

i would definitely take the boat if you're essentially getting it for free plus your payout--you can probably have someone lined up to buy it for $5-10K within a week.  was the motor pickled as soon as it was pulled from the water, i.e. got all the water out, no water in the oil after running it afterwards?  if the motor checks out and has good compression still, that's huge.

can you take your $47k, keep the boat yourself and drop it off at a shop to redo the important items after shopping around for better prices?  you should be able to replace all the important stuff like gauges, perfect pass, etc. with new ones just as a peace of mind and still come out well on top.

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IdahoMike    0

The boat wasn't running when it sunk so it didn't need to be pickled. The boat shop pickled it anyway, but said nothing got in it at all.

Honestly I don't want to take on that responsibility though... I just want to minimize my losses and not have resurrect or deal with a proverbial dead hooker.

Anybody in N. Idaho wanna restore a boat that runs but needs new electronics? It's a pretty sweet deal! lol. :-)

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Troy. R    168

If you have no interest in fixing it and keeping it, I agree with you that I wouldn't want to deal with trying to fix it and flip it.

If you can take it and the $47k, there is some value in the boat for sure. There are plenty of people that aren't afraid of a project and would take it off your hands for $5k-$10k or so. As @jtryon suggested, the motor alone has pretty good value. I also agree with @Bigcatpt that it's a good idea to take this question to the Facebook group. You might even find a buyer there...

Do you know if the title is "salvaged"? I know it works differently with cars than it does boats. Cars are immediately deemed "salvaged" when the insurance totals it and pays you out for it regardless of the extent of the damage. It is not exactly that way with boats. For example, I bought my old Avalanche from a boat repair shop that had bought it from an insurance company after it was "totaled" and the previous buyer was paid out. The story I got was, the previous owner didn't have the trailer coupler properly connected to the ball, turned a corner leaving his neighborhood, trailer came off ball causing damage to the trailer, breaking the windshield and tower, and cracking the hull above the rubrail in the rear by the engine vents. The title was not salvaged on that boat.
That said, I also agree with Bigcat that if the title is salvaged, obviously the value and potential buyer pool are reduced. But, if it is not salvaged for some strange reason, that could make it more appealing to someone who isn't afraid of the project...

I did a quick search on 2007-2010 Enzo's on Boattrader and your boat in good condition with a trailer is worth low $50k-ish, so $47k and you take the boat isn't too bad of a deal.

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Rking27    0

Idaho mike I was looking for information on centurion boats and stumbled on this post. I’m in the market for a boat and I’d be interested in buying this boat from you if that’s something your interested in doing. 

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