Auto Insurance Claims: Truck and boat in wreck, mile radius, pontoon boat

Question

wreck 10-12-09 Richard, My husband and I were returning from the beach pulling our 20ft. pontoon boat when a lady ran a stop sign and plowed into the right front side of our truck knocking off the right front wheel and then she was knocked back into our boat and caused it to turn over on its side.  Everyone keeps talking about replacement value and we're not sure what that means.  Both vehicles are still being paid for.  What should we expect?

Answer
Hi Pamela,

The first thing you shoud expect is that the insurance company willlikely try to low-ball the value of both the truck and the boat. You should educate yourself as much as possible on the value of each before you even get an offer from th insurance company. The first thing that will have to be determined is are the truck and boat able to be repaired or will be they be declared a total loss. The type of damage is irrelevant. It is based on finances only. If the cost to repair the item is less than 75% of it's value before the damage, then it will be repaired. If the repairs will cost 75% or more then it will be totaled. You should research the value of both the truck and the boat as soon as possible. For the truck you can go to www.autotrader.com to search for trucks like yours. And www.boattrader.com to search for boats like yours. You should stay within a 100 mile radius of your zip code. Find 3 to 5 of each that most closely match yours. Then average the values to get a good average market value. Then you will know if the insurance companies offer is within a reasonable range of what you fould.

I hope this helps
Richard Hixenbaugh