Who Gets Salvage Rights to a Totaled Vehicle

[ctb90]

My question involves insurance law for the state of: Washington

A while ago I was involved in a boated accident and was at fault. The accident' cracked the hull on the other boat. They had it checked out and was quoted $5,400 to have it fixed. We both agreed the boat was only worth $3,000 at best before accident(book value is $2400 total w outboard and trailer). I am paying out of pocket for this. I do know the other people involved but not super good buddies.

My question is, if I am paying him $3000(total value of the boat before crash) do I have a right to take the old boat? The hull was the only thing damaged so I could use the outboard and trailer for my boat. I know this is how insurance works, just wondering as far as the law is concerned does it work the same w private settlement?

[Mr. Knowitall]

It's a private transaction between the two of you. You are free to negotiate whatever terms you want, including your buying the boat from him for pre-accident "market value".