Welcome to the World of Boating! Hit a log today. Prop not spinning.

[BRICH1260]

Re: Welcome to the World of Boating! Hit a log today. Prop not spinning.

Under water collision is typically a covered loss. They should pay for the cost to repair or replace up to the established value of the boat which i guarantee is greater than you 1k deductible. They owe you something, not covering it is unacceptable.

 

[Knightrider2]

Re: Welcome to the World of Boating! Hit a log today. Prop not spinning.

I would like to hear more about why Geico is not covering this. Have you called back to question them anymore?

I also went with the solas aluminum prop when I replaced mine last. They are so inexpensive I ordered two so I have a spare on the boat.

 

[DrNo08]

Re: Welcome to the World of Boating! Hit a log today. Prop not spinning.

I will tell the agent to email me the reason (in detail) they are denying the claim so I can post it here. I did a quick estimate of what the cost of the parts are gonna be from BOAT.NET and the total comes to about $1,300. So, I'm thinking it would be wise to just pay that and forget the insurance that way I can keep a low premium and also change to a different/better insurance company.

A big question a friend of mine told me to ask is whether or not a "press" is required to install any of these parts. If so, then a professional mechanic will have to do at least that part the work.

 

[BRICH1260]

Re: Welcome to the World of Boating! Hit a log today. Prop not spinning.

I would not spend a dime of my own money until you understand fully why this loss is not covered over your deductible. It just doesnt seem right based on my insurance experience. If the repairs can be made for 1300. you might not want to pursue the claim and keep it off your claim record.

For a boat of your value, I would consider lowering your deductible. The cost difference is insignificant based on my experience.

 

[DrNo08]

Re: Welcome to the World of Boating! Hit a log today. Prop not spinning.

Insurance Adjuster sent this today:

"You may want to review the depreciation provisions outlined in your policy, page 5 under the heading ?Amount Paid To You In Event of Loss? subsection B it states: ?We will pay the reasonable cost of repairs or replacement, in accordance with quality marine repair practice, less depreciation. Depreciation shall be calculated at 10% for each year beginning with the year of manufacture.?

Since you boat was manufactured in 1999 and the boat is considered 13 years old, the maximum amount of 90% depreciation will apply to the reasonable cost to repair or replace the lower unit. Depreciation applies only to the parts themselves and not the labor to install. If for example the cost for a re-manufactured lower unit it $2,500, and labor to install is $300, your claim would be for 10% of $2,500 or $250 plus labor of $300 for a total of $550.00. This sum would be subject to your policy deductible of $1,000 so the result would be that your claim is under your deductible and we would make no payment to you."

 

[wellcraft19]

Re: Welcome to the World of Boating! Hit a log today. Prop not spinning.

A tad late, but I would strongly recommending to change insurance carrier. I have always been VERY suspicious of GEICO. They spend more on marketing than on the actual "services" they provide.

 

[bruceb58]

Re: Welcome to the World of Boating! Hit a log today. Prop not spinning.

That would be equivalent of being in an auto accident and depreciating the cost of the fender. It doesn't matter how old the car is, the parts are not depreciated. Wonder why its somehow different with a boat other than these are mechanical pieces.

My brother, dad and I all have USAA. My brother made a claim when he hit something and the insurance paid for the complete repair.

I think it may be time to search other insurance companies.

 

[BRICH1260]

Re: Welcome to the World of Boating! Hit a log today. Prop not spinning.

In my 25 years of being in the Insurance business, I have never heard of such policy wording. Time to find a new carrier.

 

[scooper77515]

Re: Welcome to the World of Boating! Hit a log today. Prop not spinning.

Thanks for posting this...I have Geico, and will be cancelling and going with USAA immediately, if possible!

EDIT---Oops, I have Progressive. Anyone deal with them? Reading the fine print now!

Mine says Watercraft value is "Agreed Value of $15,000" which is what I paid for it two years ago. I hope that is good. Doesn't sound like they are depreciating it unless we agree on a lower value.

 

[Thalasso]

Re: Welcome to the World of Boating! Hit a log today. Prop not spinning.

I think ,to be able to get into USAA you have to be a family member or been in the military.Could be wrong.

 

[Thalasso]

I don't understand why people deal with auto and homeowner co. to get marine ins. I have found it to cost more and you have to put up with the B.S they give you. I had Nationwide years ago and found all of this out.I now deal with N.B.O.A which is a marine ins. co.I have read on this site of what people pay for what they have and i find myself payng less for complete replacement minus my deductable. Boat is insured for $97000.00 and it cost me $500. a year.

 

[bruceb58]

Re: Welcome to the World of Boating! Hit a log today. Prop not spinning.

I think ,to be able to get into USAA you have to be a family member or been in the military.Could be wrong.

Yes you do.

 

[DrNo08]

Re: Welcome to the World of Boating! Hit a log today. Prop not spinning.

Went today to the Marine shop to survey the damage personally. The SX drive's splined coupler was indeed split into two pieces as it's designed to do. Also, the prop shaft housing has TWO cracks in it. Here's a pic of one of the Housing cracks:


For those who will come across this thread later on researching the subject: The spline coupler that split or sheared is part # 3852268. The housing is part # 3853492.

 

[Robj]

Re: Welcome to the World of Boating! Hit a log today. Prop not spinning.

Hope you gef it fixed and thanks for the heads up on Geico.

 

[DrNo08]

Re: Welcome to the World of Boating! Hit a log today. Prop not spinning.

Hope you gef it fixed and thanks for the heads up on Geico.

Thanks. I'll be shopping for a new insurance company this week. Should have the boat back before the weekend and if so I'll be on it 2 of the 3-day weekend. Although I'm gonna be paranoid as hell the whole time after what happened so I'll be slowly putting around the lake while friends who didn't have to fork out over a thousand bucks to fix this thing get annoyed when I don't speed up. ha

 

[Knightrider2]

Re: Welcome to the World of Boating! Hit a log today. Prop not spinning.

Insurance Adjuster sent this today:

"You may want to review the depreciation provisions outlined in your policy, page 5 under the heading ?Amount Paid To You In Event of Loss? subsection B it states: ?We will pay the reasonable cost of repairs or replacement, in accordance with quality marine repair practice, less depreciation. Depreciation shall be calculated at 10% for each year beginning with the year of manufacture.?

Since you boat was manufactured in 1999 and the boat is considered 13 years old, the maximum amount of 90% depreciation will apply to the reasonable cost to repair or replace the lower unit. Depreciation applies only to the parts themselves and not the labor to install. If for example the cost for a re-manufactured lower unit it $2,500, and labor to install is $300, your claim would be for 10% of $2,500 or $250 plus labor of $300 for a total of $550.00. This sum would be subject to your policy deductible of $1,000 so the result would be that your claim is under your deductible and we would make no payment to you."

So what is the point in insuring it other than liability?

 

[fishrdan]

Re: Welcome to the World of Boating! Hit a log today. Prop not spinning.

I hope all comes out well and you can get it fixed easily.

So what is the point in insuring it other than liability?

Totally agree!!!

Hypothetically: A 5 year old boat (pretty darn new in my eyes) with this type of damage, they would only pay 50% of repairs, minus your deductible. They would be liable for essentially, nothing?

Unfrigginbelievable