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#12193923 - 04/11/17 12:58 PM Need Advice 90% Depreciation?
Little Mustang Offline
Outdoorsman

Registered: 02/04/09
Posts: 116
Loc: Lake Fork
Hit a stump at Lake Fork about a month ago and destroyed my lower unit. After going thru the insurance process Geico called today and said they would pay for a new lower unit minus 90% depreciation on the lower unit. The claim was for $3,000.00 minus $2,700.00 for depreciation leaves me footing the entire bill. $500.00 deductible.
2001 Champion in very good shape that I bought a year ago. Need advice, does this sound right?

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#12198986 - 04/14/17 07:05 AM Re: Need Advice 90% Depreciation? [Re: Little Mustang]
Bob Landry Offline
Extreme Angler

Registered: 08/10/11
Posts: 2656
Loc: Austin, Tx
I don't think I've ever seen a $3000 lower unit. What does your policy say?
But, that does sound right for GEICO. They have to pay for all of those television ads they run every night.
_________________________
2015 Seaark 1872 MV CC Etec-90
Two Helix 12 CHIRP SI's, , MinnKota Riptide ST80/i-pilot Link, Bob's Hydraulic
2018 Robalo R180 CC, Yamaha 115

Bitter Gun Owner
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#12199859 - 04/14/17 06:03 PM Re: Need Advice 90% Depreciation? [Re: Little Mustang]
Insurancepro Online   content
Outdoorsman

Registered: 01/23/09
Posts: 165
This is why I have tried to educate the members here on how Marine Insurance works. It is very important to understand what you are buying before you have a claim. Bob Luellen 517-627-8080

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#12200691 - 04/15/17 12:27 PM Re: Need Advice 90% Depreciation? [Re: Little Mustang]
Little Mustang Offline
Outdoorsman

Registered: 02/04/09
Posts: 116
Loc: Lake Fork
Geico never sent me a policy. Have a friend that they did the same thing too. He raised hell for 2 weeks and they changed the depreciation from 90 to 60%.

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#12308792 - 06/23/17 06:15 PM Re: Need Advice 90% Depreciation? [Re: Little Mustang]
Insurancepro Online   content
Outdoorsman

Registered: 01/23/09
Posts: 165
You do not have to have a policy with depreciation. Just give me a call. Thanks Bob Luellen 517-627-8080

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