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Boat Forum / Cruising / February 2006Insurance depreciation
I've been assessed 21% depreciation plus my deductible on damages from hurricane 'wilma'. Nothing in my policy mentions deprecation on damages. I've never had a claim before. Is this the norm?? thanks gordon >I've been assessed 21% depreciation plus my deductible on damages from >hurricane 'wilma'. Nothing in my policy mentions deprecation on damages. >I've never had a claim before. Is this the norm?? Depends on your policy. Does the policy insure market value? If so, then it seems like depreciation must enter the picture. On the other hand if it insures based on agreed value, it may be another matter. I know that in my case, my insurer had no problem insuring based on what the survey indicated was the market value at the time I bought the boat, even though I paid significantly less than that amount. >> I've been assessed 21% depreciation plus my deductible on damages >> from hurricane 'wilma'. Nothing in my policy mentions deprecation on [quoted text clipped - 7 lines] > what the survey indicated was the market value at the time I bought > the boat, even though I paid significantly less than that amount. 21% is a hell of an amount to depreciate from the time you renewed the policy to the date she was damaged/written off. I would challenge it. These guys are taking you for a ride. >>> I've been assessed 21% depreciation plus my deductible on damages >>> from hurricane 'wilma'. Nothing in my policy mentions deprecation on [quoted text clipped - 9 lines] > >21% is a hell of an amount to depreciate from the time you renewed What causes you to think he's talking about only the period from his last renewal? This was not a total loss, just damage to the rub rail and a bent shaft when the boat was on land at a storage yard in Labelle. The 21% was on the repair bills to fix the damage. I think I'm being taken. >The 21% was on >the repair bills to fix the damage. I think I'm being taken. Now that makes no sense. Sounds more like the problem that occurs when people insure their houses for less than their value. They do it on the theory that most losses are only partial. Insurance companies may then apply something called "co-insurance" in which, if there's a partial loss, they'll only cover the percentage equal to the percentage of market value represented by the insured amount. > I've been assessed 21% depreciation plus my deductible on damages from > hurricane 'wilma'. Nothing in my policy mentions deprecation on damages. > I've never had a claim before. Is this the norm?? > > thanks > gordon Try another insurance company and ask for an "agreed to" insured value for the boat. |
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