Right, which one of you was it?!

Dowly · 06-05-09, 08:34 AM

Who sank our boat that we bough last summer?!

Got a call from my father early this morning that we had to leave ASAP to this shore/boat park thingy where we keep our boat during the week when we're not at our summer cottage. As we got there, what did we see? Our boat, half-sunken!

There's been some pretty heavy winds the past few days here and it seems the ropes keeping the pier still had snapped and the boat had gotten loose, smashing to the rocks in the shore. A gaping hole in the bottom.

Raptor1 · 06-05-09, 08:42 AM

Hmm, I wonder how much tonnage the rock got credited with...

AVGWarhawk · 06-05-09, 08:46 AM

AVGWarhawk · 06-05-09, 08:47 AM

This is how it really happened but Dowly ain't telling his folks!

Jimbuna · 06-05-09, 10:13 AM

I reckon it was that cousin (Hobbit) of yours....probably been out on the lash the night before :rotfl:

AVGWarhawk · 06-05-09, 10:21 AM

The tug has arrived to pull the striken vessel from the rocks.

Dowly · 06-05-09, 10:23 AM

That 'hobbit' is our last hope if we want to go to our SC this summer, he owns the last working boat there. Oh... wait... now I got it! This a plot! He sank our boat and now starts to rent his boat to us!

That bastard.

Just came from my mother's place, damn, she's a wreck over this. I know, it's "just a boat", but it's a bit more to her than that. This was our first own boat (we used my grandpa's boat 'till last summer) and she was really proud of it, so understandably she's not in high moods over this.

And to top things, she's still paying back the loan she had to take to buy the boat, so no matter what insurance gives us, it's really nothing to be glad about as that money will go to paying back the loan... for a boat that is virtually unrepairable.

AVGWarhawk · 06-05-09, 10:43 AM

Unrepairable how? Fiberglass bottom? Steel or aluminum? All of these are repairable. If the boat is unrepairable the insurance should pay it off. Get a new loan and boat! All is not lost!

Dowly · 06-05-09, 10:47 AM

Sure, you can repair it, but it's costy. We got the boat surprisingly cheap, so repairing it might be more costy than what we bought it for. Insurance should contact us next week or so, but I'm not holding my breath about it.

AVGWarhawk · 06-05-09, 10:51 AM

Well, here is the deal. If it costs to much to repair the insurance folks will total the boat. IE, total loss. They will cut a check for the value of the boat at the present time. They should pay off the loan. Use that check for a down payment on something else. Something like this:

You will be fine. There are other boats to be had. Let the insurance folks do their thing. Either way, you will be fine.

Dowly · 06-05-09, 10:54 AM

Well, need to hope for the best.

AVGWarhawk · 06-05-09, 10:59 AM

Well, here is the deal. If the boat repair is say $2000.00 and the loan paid in full is $1000.00....the insurance people will total the boat and pay the $1000.00. In doing so, they have saved themselves $1000.00 by not repairing the boat and just paying the loan. That is fine, loan is done and boat gone. If you were in good standing with the loan company, secure a new loan for a new boat. If the loan is $5000.00 and the repair is $2000.00. The insurance folks will pay for the repair. What sucks here is what deductible do you have? For my cars I have $500.00 deductible out of pocket expense for major repairs. What is yours? Really, you could come out of this with a much nicer boat. The most important thing is you have insurance.

Jimbuna · 06-05-09, 11:50 AM

I take your point but the way insurance usually works in Europe is that you get the market value of the insured item, less wear and tear.

The 'deductible' (excess) usually means you get less than the replacement cost of the item which could in theory mean Dowlys mam still owes money (unless she got a real bargain originally).

One exception is vehicles usually, where you can take out a Fully Comprehensive policy that ensures your vehuicle is either repaired or replaced with 'like for like'.

Unless the boat is worth a lot more than the repair cost the insurance may well just 'write it off'.

AVGWarhawk · 06-05-09, 12:07 PM

Same here Jim. It is called the Blue Book Value here in the states. I just see losing out on the deductible. So yes, money will be owned on the deductible. If the repair is less than the loan, the insurance will repair it. They always take the the route that cost them less. Either way, I see only the deductible having to be satisfied by Teemu's mom.

Jimbuna · 06-05-09, 12:25 PM

Re-route the September SS Meet to Finland.....there could well be a repair job that needs some attention

06-05-09, 08:34 AM	#1
Dowly Lucky Jack Join Date: Apr 2005 Location: Finland Posts: 25,052 Downloads: 32 Uploads: 0	Right, which one of you was it?! Who sank our boat that we bough last summer?! Got a call from my father early this morning that we had to leave ASAP to this shore/boat park thingy where we keep our boat during the week when we're not at our summer cottage. As we got there, what did we see? Our boat, half-sunken! There's been some pretty heavy winds the past few days here and it seems the ropes keeping the pier still had snapped and the boat had gotten loose, smashing to the rocks in the shore. A gaping hole in the bottom.

06-05-09, 08:42 AM	#2
Raptor1 Navy Seal Join Date: Jul 2007 Location: Stavka Posts: 8,211 Downloads: 13 Uploads: 0	Hmm, I wonder how much tonnage the rock got credited with... __________________ Current Eastern Front status: Probable Victory

06-05-09, 08:46 AM	#3
AVGWarhawk Lucky Jack Join Date: Jun 2005 Location: In a 1954 Buick. Posts: 28,256 Downloads: 90 Uploads: 0	__________________ “You're painfully alive in a drugged and dying culture.” ― Richard Yates, Revolutionary Road

06-05-09, 08:47 AM	#4
AVGWarhawk Lucky Jack Join Date: Jun 2005 Location: In a 1954 Buick. Posts: 28,256 Downloads: 90 Uploads: 0	This is how it really happened but Dowly ain't telling his folks! __________________ “You're painfully alive in a drugged and dying culture.” ― Richard Yates, Revolutionary Road

06-05-09, 10:13 AM	#5
Jimbuna Chief of the Boat Join Date: Feb 2006 Location: 250 metres below the surface Posts: 190,525 Downloads: 63 Uploads: 13	I reckon it was that cousin (Hobbit) of yours....probably been out on the lash the night before :rotfl: __________________ Wise men speak because they have something to say; Fools because they have to say something. Oh my God, not again!!

06-05-09, 10:21 AM	#6
AVGWarhawk Lucky Jack Join Date: Jun 2005 Location: In a 1954 Buick. Posts: 28,256 Downloads: 90 Uploads: 0	The tug has arrived to pull the striken vessel from the rocks. __________________ “You're painfully alive in a drugged and dying culture.” ― Richard Yates, Revolutionary Road

06-05-09, 10:23 AM	#7
Dowly Lucky Jack Join Date: Apr 2005 Location: Finland Posts: 25,052 Downloads: 32 Uploads: 0	That 'hobbit' is our last hope if we want to go to our SC this summer, he owns the last working boat there. Oh... wait... now I got it! This a plot! He sank our boat and now starts to rent his boat to us! That bastard. Just came from my mother's place, damn, she's a wreck over this. I know, it's "just a boat", but it's a bit more to her than that. This was our first own boat (we used my grandpa's boat 'till last summer) and she was really proud of it, so understandably she's not in high moods over this. And to top things, she's still paying back the loan she had to take to buy the boat, so no matter what insurance gives us, it's really nothing to be glad about as that money will go to paying back the loan... for a boat that is virtually unrepairable.

06-05-09, 10:43 AM	#8
AVGWarhawk Lucky Jack Join Date: Jun 2005 Location: In a 1954 Buick. Posts: 28,256 Downloads: 90 Uploads: 0	Unrepairable how? Fiberglass bottom? Steel or aluminum? All of these are repairable. If the boat is unrepairable the insurance should pay it off. Get a new loan and boat! All is not lost! __________________ “You're painfully alive in a drugged and dying culture.” ― Richard Yates, Revolutionary Road

06-05-09, 10:47 AM	#9
Dowly Lucky Jack Join Date: Apr 2005 Location: Finland Posts: 25,052 Downloads: 32 Uploads: 0	Sure, you can repair it, but it's costy. We got the boat surprisingly cheap, so repairing it might be more costy than what we bought it for. Insurance should contact us next week or so, but I'm not holding my breath about it.

06-05-09, 10:51 AM	#10
AVGWarhawk Lucky Jack Join Date: Jun 2005 Location: In a 1954 Buick. Posts: 28,256 Downloads: 90 Uploads: 0	Well, here is the deal. If it costs to much to repair the insurance folks will total the boat. IE, total loss. They will cut a check for the value of the boat at the present time. They should pay off the loan. Use that check for a down payment on something else. Something like this: You will be fine. There are other boats to be had. Let the insurance folks do their thing. Either way, you will be fine. __________________ “You're painfully alive in a drugged and dying culture.” ― Richard Yates, Revolutionary Road

06-05-09, 10:54 AM	#11
Dowly Lucky Jack Join Date: Apr 2005 Location: Finland Posts: 25,052 Downloads: 32 Uploads: 0	Well, need to hope for the best.

06-05-09, 10:59 AM	#12
AVGWarhawk Lucky Jack Join Date: Jun 2005 Location: In a 1954 Buick. Posts: 28,256 Downloads: 90 Uploads: 0	Well, here is the deal. If the boat repair is say $2000.00 and the loan paid in full is $1000.00....the insurance people will total the boat and pay the $1000.00. In doing so, they have saved themselves $1000.00 by not repairing the boat and just paying the loan. That is fine, loan is done and boat gone. If you were in good standing with the loan company, secure a new loan for a new boat. If the loan is $5000.00 and the repair is $2000.00. The insurance folks will pay for the repair. What sucks here is what deductible do you have? For my cars I have $500.00 deductible out of pocket expense for major repairs. What is yours? Really, you could come out of this with a much nicer boat. The most important thing is you have insurance. __________________ “You're painfully alive in a drugged and dying culture.” ― Richard Yates, Revolutionary Road

06-05-09, 11:50 AM	#13
Jimbuna Chief of the Boat Join Date: Feb 2006 Location: 250 metres below the surface Posts: 190,525 Downloads: 63 Uploads: 13	I take your point but the way insurance usually works in Europe is that you get the market value of the insured item, less wear and tear. The 'deductible' (excess) usually means you get less than the replacement cost of the item which could in theory mean Dowlys mam still owes money (unless she got a real bargain originally). One exception is vehicles usually, where you can take out a Fully Comprehensive policy that ensures your vehuicle is either repaired or replaced with 'like for like'. Unless the boat is worth a lot more than the repair cost the insurance may well just 'write it off'. __________________ Wise men speak because they have something to say; Fools because they have to say something. Oh my God, not again!!

06-05-09, 12:07 PM	#14
AVGWarhawk Lucky Jack Join Date: Jun 2005 Location: In a 1954 Buick. Posts: 28,256 Downloads: 90 Uploads: 0	Same here Jim. It is called the Blue Book Value here in the states. I just see losing out on the deductible. So yes, money will be owned on the deductible. If the repair is less than the loan, the insurance will repair it. They always take the the route that cost them less. Either way, I see only the deductible having to be satisfied by Teemu's mom. __________________ “You're painfully alive in a drugged and dying culture.” ― Richard Yates, Revolutionary Road

06-05-09, 12:25 PM	#15
Jimbuna Chief of the Boat Join Date: Feb 2006 Location: 250 metres below the surface Posts: 190,525 Downloads: 63 Uploads: 13	Re-route the September SS Meet to Finland.....there could well be a repair job that needs some attention __________________ Wise men speak because they have something to say; Fools because they have to say something. Oh my God, not again!!