Question about a boat insurance claim

[gigem95]

I assume this would be no different for auto insurance as well but here goes. I filed a claim on a boat policy and the adjuster approved the repair work for X amount. So I went ahead and authorized the shop to do the work. Finally heard back from insurance company and they said they will pay X - 40% depreciation, less the deductible of course.

Maybe I’m naive but I wasn’t expecting this. Is this typical? What’s the point of insuring an older boat/vehicle if they only pay half to repair?

Any advice on disputing this?

Thanks


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[Snowflake Killa]

Wow that sucks

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[Walker]

Read your policy very carefully then call your agent and ask what's up.

[gigem95]

Read your policy very carefully then call your agent and ask what's up.

Don’t have an agent on this to my knowledge. Geico/Boats US.


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[Mexico]

What happened to your boat amigo?

[gigem95]

What happened to your boat amigo?

The RFL is ok. I appreciate your concerned! [emoji56]

This my dads old ski boat. My mom has the policy and I take care of the boat.


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[Mexico]

The RFL is ok. I appreciate your concerned! [emoji56]

This my dads old ski boat. My mom has the policy and I take care of the boat.


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Lol... good deal!

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[Atfulldraw]

If you send me the paperwork, I’ll take a look at it for you.

Rod.adjuster@gmail.com

[gigem95]

If you send me the paperwork, I’ll take a look at it for you.

Rod.adjuster@gmail.com

Email sent.


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[glen]

There are different types of boat insurance. To avoid this type of coverage you need to get agreed value policy. I have an older boat and about to have a new top cap put on with new aluminum and change footprint. I will have to get “agreed value” insurance. It is similar to getting insurance on a classic car

[droptine8850]

My boat policy is based on blue book value and we agreed on the amount of coverage and deductible.

[Johnny Dangerr]

1st world problem.

Good luck.......................

[Quackerbox]

There are different types of boat insurance. To avoid this type of coverage you need to get agreed value policy. I have an older boat and about to have a new top cap put on with new aluminum and change footprint. I will have to get “agreed value” insurance. It is similar to getting insurance on a classic car

This.

I noticed my ranger insurance premium dropped off last year. I called to find out since its 10 years old they wont insure it for replacement value you anymore. They suggested agreed value

[Mayhem]

My policy is with progressive and I hope I never have to use it.

[ace340cs]

following!!