Insurance 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

Insurance depreciation
 

Dave wrote:
On Sat, 25 Feb 2006 20:08:35 GMT, gordon said:

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.

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.

Insurance depreciation
 

"gordon" wrote in message
news:7P2Mf.69$ZL1.40@trndny09...
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.

Insurance depreciation
 

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.