Need Advice 90% Depreciation?

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?

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.

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

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%.

You do not have to have a policy with depreciation. Just give me a call. Thanks Bob Luellen 517-627-8080