Auto Insurance Claims: wrecked truck and boat, pontoon boat seats, gmc sierra

Question
Thanks Richard for your prompt response to my last question.  Today I learned that my truck is a total loss. Haven't heard anything on our 20ft partikraft pontoon boat yet.  Did find out that the lady who ran the stop sign and hit us is paying to fix her vehicle herself.  Her insurance says they only pay $20,000.00 maximum.  We have had to file with our insurance and they will subregate with hers.  We also have underinsured coverage. My question is does that mean that both my boat and truck will be replaced if they total my boat also?  Truck was 2005 GMC Sierra p/u extended cab w/leather seats and boise music system and the boat is 2003 Partikraft 20ft fishing series pontoon boat, seats 11 with fishing seats in front and rear.  Will I be able to get these paid off and then be able to replace them?

Answer
Hi Pamela,

If both the truck and boat are totaled, the insurance company will pay the fair market value of each as they were just before the accident. The amount they pay may, or may not be enough to pay off the loans. This will depend on how much you owed in relation to the value. As long as you owed ledd then the items are worth, then they will pay off the loans and pay you any balance.

Insurance companies will almost alsways try to low-ball you. You should start researching the value of the truck and boat before you get an offer from the insurance company so you will know if their offer is in a reasonable range. You can research the values at www.autotrader.com and www.boattrader.com .

I hope this helps
Richard Hixenbaugh