payment of claim

[butch]

I have recently had a claim where someone tried to steal the outdrive from my boat. I live out of state and want the insurance company to cut the check to me. They said they were reducing the cost of parts for my claim by 80%. This will cost me over $1000.00. What is the laws concerning a claim and payment. If I wanted to sell the boat at a reduced cost because of the damage am I not entitled to the full amount of the damage?

[Insurance VA]

The insurance company may be making a reduction due to the age of the boat, similar to what is done on auto damage payments. What reason did the adjuster give you for the reduction? It's possible that the market value of your boat is higher in your state of residence than the state where the damage occurred or that the usual cost to repair is different from state to state. If the adjuster is not providing you with the reasoning for the reduction, then ask to talk to the adjuster's supervisor to get a better explanation.

I'm not totally sure what you mean by selling the boat at a reduced cost because of the damage. Did you get estimates on the repairs and then put the boat up for sale less the amount of the estimated damages?

If you are concerned about the adjustment process being legal, you can always contact the Insurance Department in the state where the damage occurred. They can best answer the legal question for their state.

[ianboytik]

Thats the problem with insurance, you need to know the law and the exact benefits of your insurance plan, or they might just fool you.

[hollym]

thats true, make sure to do your research before taking any action.