View Full Version : lower unit and insurance co.
Redlabel
08-31-2009, 11:35 AM
Does anyone have advice or experince when dealing with an insurance co. that doesn't want to replace a lower unit with new parts. (rebuilt) The motor has 150 hrs. 2007 model. thanks in advance.
mr ducks
08-31-2009, 11:47 AM
if you purchased a policy that is based on actual value then they do not owe you a new lower unit. they owe you what you had a comparable unit with 150 hours on it. hence--"used" parts would be what is owed. now on the other hand if you have replacement cost or agreed value on your policy you would have a valid argument! Sorry
Catcrazy3
08-31-2009, 12:01 PM
I understand your frustration. I hit a rock in May with a 97 Mariner 4 stroke, reported it to insurance the next day and the agent told me no problem since I had a replacement clause on my policy. BIG PROBLEM. Damage was more extensive then simple lower unit replacement as drive shaft was wedged into crank and mechanic told insurance the repair would include rebuild on power head since Merc doesn't re-manufacture Mariner power heads anymore. Cost to replace with a new motor was cheaper than repairing. Insurance wanted to total boat. After a month of bickering between agent and adjuster, agent's supervisor finally told agent to buy me the new motor and get the file of his desk. Turned out okay but I missed 5 weeks of prime fishing before I had a boat back.
I have a State Farm 'replacement cost' policy, and they put a new lower unit on my Yamaha 3 weeks ago, no questions asked. $1,926 total cost, no prop work. Gregory
big_crappie
09-01-2009, 08:03 AM
Does anyone have advice or experince when dealing with an insurance co. that doesn't want to replace a lower unit with new parts. (rebuilt) The motor has 150 hrs. 2007 model. thanks in advance.
What is their reason for not replacing the lower unit? We do at least 8-12 ins claims a year and never have a problem. The adjuster comes out to take a look, we give him an estimate to rebuild the existing one, a quote to replace it with a new one, the difference between the two is usually very small. 98% of the time we replace the lower unit and the boat is back on the water within 3-5 days sometimes sooner.
cast_and_blast
09-01-2009, 09:06 AM
What is their reason for not replacing the lower unit? We do at least 8-12 ins claims a year and never have a problem. The adjuster comes out to take a look, we give him an estimate to rebuild the existing one, a quote to replace it with a new one, the difference between the two is usually very small. 98% of the time we replace the lower unit and the boat is back on the water within 3-5 days sometimes sooner.
Looks like the insurance company will happily replace the lower unit with a rebuilt one. The original poster just isn't happy about that, wants a new one. Sounds like the coverage purchased does not support that.
Scott
Redlabel
09-01-2009, 02:36 PM
I check my policy at home and it never stated replacement cost. What it said was total coverage is $$$ amount. so with the feed back i got from you guys I call my agent and ask why they want to put rebuilt parts on my motor. she asked for the adjusters name and said she will find out. 20 minutes later the adjuster calls and said they are replacing everything with new parts and will be cutting me a check today. I haven't called my agent yet to get the details of my policy. Cast n Blast your right i wasn't happy to hear what they wanted to do. As my original post said "does anyone have advice or experience with dealing with a insurance Co." I've had one claim and it was about 24 years ago.thanks for all the information.
cast_and_blast
09-02-2009, 08:49 AM
I check my policy at home and it never stated replacement cost. What it said was total coverage is $$$ amount. so with the feed back i got from you guys I call my agent and ask why they want to put rebuilt parts on my motor. she asked for the adjusters name and said she will find out. 20 minutes later the adjuster calls and said they are replacing everything with new parts and will be cutting me a check today. I haven't called my agent yet to get the details of my policy. Cast n Blast your right i wasn't happy to hear what they wanted to do. As my original post said "does anyone have advice or experience with dealing with a insurance Co." I've had one claim and it was about 24 years ago.thanks for all the information.
Glad to hear this worked out!
If you're considering a change in insurance, call Bob Luellen (see the Insurance section in this forum). I made the switch this year and got MUCH better coverage for essentially the same price.
Good luck!
Scott