Insurance 101

[biggerseagar]

I recently did some damage to my starboard aluminum three blade prop. Bent one blade up but long story short my bravo 2 out drive suffered no damage. Because mercury doesn't make the size 18 3/4 by 21 pitch any more I ordered two 17 3/4 by 21 instead. I love what these new props do on my 01 3000 scr with 5.0L twins. Total cost of everything was around $1100.00.

I have my boat insurance through the United States Power Squadron. I have a set value for a total loss but in this case I was given a 50 % depreciation after by deductible on my $1100.00 loss. I received a check for $200.00.bummer!

For all you insurance gurus is this a norm? Especially on outdrives and propellers it states in my policy that wI'll receive this 50% deprecision fee. Can this be changed by a higher premium or is this the best it gets.

Thanks

Roger

[Phillbo]

I never would have filed a claim.. just another reason to raise your rates. Insurance IMHO is for catastrophic events, not a dinged prop.

[biggerseagar]

Thanks but that doesn't answer my question...a thousand dollars is a lot of money.IMHO

[mmwjr]

Most things get prorated. If you buy new tires and get hazard insurance on them they say one gets a flat that cannot be repaired they prorate the replacement based on how many miles you put on it.

[jparsons121]

To the OP original question...
Different companies will have different coverage options and exclusions. Unfortunately most people only shop the basic coverage and price. I have an agreed value policy with comprehensive coverage that covers both my Maxum and a Key West. They will pay for a covered loss (either total or partial) with no reduction for depreciation. Payment will be for the loss amount less any applicable deductible only.

My only advice is to actually read the policy to see if it meets your needs...
It sucks finding out after a loss occurs that you aren’t fully covered.

WRT to a claim for an expense like a set of props, I would have just paid the extra 200 out of pocket given that I have the disappearing deductible on my policy, so I would have been paid the full amount, but lost the 0 deductible if I had a really large claim in the future.
Personal choice....