2009 Enzo SV240 sunk - wondering about repair v. selling

IdahoMike · January 4, 2022

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:

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.
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.