Like Tree0Likes

Insurance depreciation question..

Reply
Old 07-15-2003, 04:55 PM
  #1
Registered
Thread Starter
 
Join Date: Nov 2000
Location: Westport, Kentucky
My Boats: Baja Force 235
Posts: 1,282
Default Insurance depreciation question..

I just installed a new Bravo XZ on my 89 model boat. About 2 weeks later I hit something that caused a failure in the lower. It was not immediately discovered as the failure chipped a tooth and ate a bearing, this caused a lot of heat and looks like it cooked the bearing in the upper as well as spreading hard face from the gears all over the inside. Not completely tore down yet. Initially I did not give much thought to the insurance company but this looks expensive.

I pulled out my policy and it says;
In the event of loss to or damage.yada yada.. or outdrive units or any of the preceding items that require replacement or repair we will path the lesser of :
a. the actual cash value at the time of the loss
b. the cost to repair subject to depreciation
c. the cost of replacement

Item b got my attention. How much would they depreciate an 89 Bravo? I don't think I would get far trying to tell them it was an brand new XZ. Maybe I would. I should have called them right after I installed it but it did not cross my mind.

Any thoughts?

Tim T.
BadDog is offline  
Reply With Quote
Old 07-15-2003, 05:10 PM
  #2
Rough Seas Lie Ahead
Gold Member
 
Reckless32's Avatar
 
Join Date: Feb 2002
Location: Virginia Beach, VA
Posts: 2,465
Default

Hmmmm, good question. My gut reaction would be they will give fair cost for replacement of a 1989 drive and not a spanking new upgraded XZ. They may lean towards repair cost had it been the original. Then again, since it's NOT the original insured equipment you could be in for a battle to get anything.....
Reckless32 is offline  
Reply With Quote
Old 07-15-2003, 05:28 PM
  #3
Registered
Thread Starter
 
Join Date: Nov 2000
Location: Westport, Kentucky
My Boats: Baja Force 235
Posts: 1,282
Default

I don't think I need a new drive, just a hefty repair bill. Maybe I should just take the lick and save the insurance for the big stuff. I am curious if others have had their rates raised for a single claim of several k.
Tim T.
BadDog is offline  
Reply With Quote
Reply

Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
Poorsche
General Boating Discussion
1
06-25-2005 09:14 AM
Steve_H
General Boating Discussion
3
11-29-2004 07:42 PM
GregP
General Boating Discussion
2
02-11-2004 12:31 PM
32fever
General Boating Discussion
11
10-02-2002 11:25 PM
Shorty
General Boating Discussion
0
09-27-2002 02:51 PM



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 08:44 PM.


Copyright 2011 OffShoreOnly. All rights reserved.