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Old 08-07-2020, 19:00   #1
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Any Salvage Value to a "Totaled" Boat?

Long story short, I had a 32' O'Day sailboat sink and is now on a yard on the Gulf side of Florida. The keel actually came off.

I have insurance, thankfully, but now am faced with disposal. Is there any such thing as a boat salvage yard that would buy the vessel as is? 3,500 lead keel worth anything? Mast, lifelines, etc in good condition. Likely many other parts would be usable.

Thanks!
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Old 08-07-2020, 19:30   #2
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Re: Any Salvage Value to a "Totaled" Boat?

If the insurance company paid off the loss, they now own the boat, not you. Which is probably a good thing, because the value is actually negative. There will be a lot of fiberglass to saw up, a lot of hauling, and a lot of disposal expense. The market for used parts is pretty cold.

There is also a good chance the yard will not allow it. They've been left with too many hulks.
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Old 08-07-2020, 19:38   #3
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Re: Any Salvage Value to a "Totaled" Boat?

Lead is about $.70, as of 4/1/2020, a pound if you find a buyer. What year was your boat?
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Old 08-07-2020, 20:21   #4
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Re: Any Salvage Value to a "Totaled" Boat?

Don't know of any salvage yards per se, but if there are you're probably only going to get a fraction of whatever scrap value there actually is.

If you own the boat and the yard where it's located allows it, one can do a lot of damage to a fiberglass hull in a couple of days with a strong back and a skil or chainsaw. A truck and trailer makes things a lot simpler as well.

Once you get the good stuff off, used chandlery shops are fairly common though,once again, you'll only get a fraction of the potential value if you sold the stuff yourself.

As with most things economic, there's a big time/cost/benefit factor involved...
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Old 09-07-2020, 05:58   #5
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Re: Any Salvage Value to a "Totaled" Boat?

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Lead is about $.70, as of 4/1/2020, a pound if you find a buyer. What year was your boat?
It's a 1988
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Old 09-07-2020, 06:57   #6
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Re: Any Salvage Value to a "Totaled" Boat?

Did the insurance company total the boat? OR did they almost total the boat and cut you a check? The former has them owning the boat, which means you can't salvage parts from it. The latter means you own the boat, you have decided to total it yourself. That means that you can salvage the parts.

The parts have value, but it will take storing them and selling them bit by bit over years. OR find a chandlery that sells used parts o a salvage yard and get roughly %25-%30 on the dollar of the used sell value.
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Old 09-07-2020, 07:14   #7
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Re: Any Salvage Value to a "Totaled" Boat?

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Did the insurance company total the boat? OR did they almost total the boat and cut you a check? The former has them owning the boat, which means you can't salvage parts from it. The latter means you own the boat, you have decided to total it yourself. That means that you can salvage the parts.

The parts have value, but it will take storing them and selling them bit by bit over years. OR find a chandlery that sells used parts o a salvage yard and get roughly %25-%30 on the dollar of the used sell value.
It sounds like they're going to total it. I'm waiting on the title to come through with my name on it so I can submit to the insurance company. It's my belief that if they total it, they own it. But my recovery agent (Sea Tow) said I'll be responsible for disposal costs.

I'm also 400 miles from the boat so I can't see salvaging piece by piece.
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Old 09-07-2020, 07:57   #8
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Re: Any Salvage Value to a "Totaled" Boat?

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It sounds like they're going to total it. I'm waiting on the title to come through with my name on it so I can submit to the insurance company. It's my belief that if they total it, they own it. But my recovery agent (Sea Tow) said I'll be responsible for disposal costs.

I'm also 400 miles from the boat so I can't see salvaging piece by piece.
By submitting the title to the insurance company, it sounds like you signing over the title and they are assuming ownership. I'd consider the legal advise of a Sea Tow operator as anecdotal (just like an anonymous internet forum).

Now, they might attempt to sell it back to you for a very, very cheap price ($1). And you might consider that a decent trade to assume the ability to salvage all of the parts, including electronics. However that also obligates you to disposal as well.
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Old 09-07-2020, 08:04   #9
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Re: Any Salvage Value to a "Totaled" Boat?

I was given a Seidleman 30 which had been stripped of all hardware except the engine and I scrapped it. I wanted the motor. The tally went like this.....


Crane rental (split 3 ways with two other boats 1/3 of $750) = $250
Trucking company to transport boat 100 km = $500
Bin truck to carry cut up hull to dump = $250
Dump fees = $170
-------------------------------------------------------------------
Total cost to me = $1170


Bin guy took lead keel to scrap yard for me, sale of lead + $2100
Sale of Yanmar Diesel motor and trans + $2500
--------------------------------------------------------------------
Net return for the effort ??? PROFIT $3430


I ended up giving the boat I had away and the diesel motor became surplus so I sold it.


Was it worth it? I think so...... YMMV


All dollars are Canadian, Add about 35% for americans.....
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Old 09-07-2020, 09:25   #10
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Re: Any Salvage Value to a "Totaled" Boat?

If the boat sank the electronics are worthless.

I think that the liability coverage would cover the scrapping of the boat.
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Old 09-07-2020, 10:24   #11
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Re: Any Salvage Value to a "Totaled" Boat?

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If the boat sank the electronics are worthless.

I think that the liability coverage would cover the scrapping of the boat.
I agree, it should. Unless you decide to allow them to total the boat, then buy the hull back from them. At that point, you're on your own.
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Old 09-07-2020, 17:06   #12
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Re: Any Salvage Value to a "Totaled" Boat?

I've salvaged — parted out several small donated boats (poor condition) for our local Sea Scouts and did OK, but you need to be kinda set up to do so. I sold aluminum and lead for cash, sold winches, stanchions, winches, etc on eBay, Trailers and some larger parts on Craigslist. Sails themselves are hard unless very pristine and common to popular boats. Not for everybody, but can be worth the effort if savvy. Good luck.
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Old 09-07-2020, 19:40   #13
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Re: Any Salvage Value to a "Totaled" Boat?

Sorry to hear about your loss, there’s is a pretty active owners group at ODay.Owners.com, you might start a thread or post there.

Best,
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Old 09-07-2020, 19:49   #14
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Re: Any Salvage Value to a "Totaled" Boat?

Quote:
Originally Posted by iSaint View Post
Long story short, I had a 32' O'Day sailboat sink and is now on a yard on the Gulf side of Florida. The keel actually came off.

I have insurance, thankfully, but now am faced with disposal. Is there any such thing as a boat salvage yard that would buy the vessel as is? 3,500 lead keel worth anything? Mast, lifelines, etc in good condition. Likely many other parts would be usable.

Thanks!
Lead keel is worth something -but you would have to deliver it to a metal junk yard -there are couple in tampa
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Old 16-07-2020, 09:30   #15
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Re: Any Salvage Value to a "Totaled" Boat?

The insurance company is paying me for the boat but will not take the title, so I have responsibility for disposing of the boat. Kind of backwards if you ask me, but there's no more funds in my policy to take care of these costs.
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