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Dec 30th, 2023
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 Need Advice 90% Depreciation?
#12193923
04/11/17 05:58 PM
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Joined: Feb 2009
Posts: 123
Little Mustang
OP
Outdoorsman
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OP
Outdoorsman
Joined: Feb 2009
Posts: 123 |
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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Re: Need Advice 90% Depreciation?
[Re: Little Mustang]
#12198986
04/14/17 12:05 PM
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Joined: Aug 2011
Posts: 2,957
Bob Landry
Extreme Angler
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Extreme Angler
Joined: Aug 2011
Posts: 2,957 |
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
2020 Robalo R200 CC, Yamaha 150
Bitter Gun Owner
Bitter Clinger
Armed Infidel
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Re: Need Advice 90% Depreciation?
[Re: Little Mustang]
#12199859
04/14/17 11:03 PM
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Joined: Jan 2009
Posts: 185
Insurancepro
Outdoorsman
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Outdoorsman
Joined: Jan 2009
Posts: 185 |
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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Re: Need Advice 90% Depreciation?
[Re: Little Mustang]
#12200691
04/15/17 05:27 PM
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Joined: Feb 2009
Posts: 123
Little Mustang
OP
Outdoorsman
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OP
Outdoorsman
Joined: Feb 2009
Posts: 123 |
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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Re: Need Advice 90% Depreciation?
[Re: Little Mustang]
#12308792
06/23/17 11:15 PM
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Joined: Jan 2009
Posts: 185
Insurancepro
Outdoorsman
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Outdoorsman
Joined: Jan 2009
Posts: 185 |
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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