ConserveNature
enthusiast
Posts: 174
Reg: 10-15-05
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05-02-14 10:49 AM - Post#168262
I received my insurance money for my roof. I knew it would be minus the deductible of 1%. I didn't know it would also be minus depreciation of the roof that has been there for about 15 years. Is this normal?
My car has a few dings from hail. I didn't take it to the insurance company because I thought my costs would go higher than they are, plus the deductible would probably be the cost of repair. The last one I had the dings scraped out and they were bigger than the ones now. Should I still check with the insurance company?
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Will
enthusiast
Posts: 254
Reg: 07-28-09
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05-02-14 11:41 AM - Post#168263
In response to ConserveNature
Some insurance policies insure you for the replacement cost while others just insure you for the loss. If you are only insured for the loss, depreciation would be factored in. You will have to check you policy language.
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EnjoyingLife
enthusiast
Posts: 539
Reg: 08-09-10
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05-02-14 11:56 AM - Post#168264
In response to Will
Usually they hold back the depreciation but it should be recoverable. Once the work is done and they issue the final check, they should give you back that recoverable amount.
If you have an estimate from your insurance adjuster, it should say non-recoverable or recoverable for the depreciation calculation. Mine has the roof depreciation listed as "recoverable" and I will see that money once the job is complete.
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StacyLynn624
enthusiast
Posts: 1091
Loc: West Side
Reg: 09-24-04
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05-02-14 05:04 PM - Post#168274
In response to EnjoyingLife
^That. They hold back some to ensure that they give you the correct amount, minus the deductible, after the work is complete.
For the car, I'm going to have the dealership quote me a repair estimate for the hail damage the next time I take it in for service, and then decide if I want to spend the deductible money or not. You have 6 months to a year, depending on your policy, to file the claim.
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EnjoyingLife
enthusiast
Posts: 539
Reg: 08-09-10
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05-05-14 12:31 PM - Post#168335
In response to StacyLynn624
One of our cars was hit pretty hard but it didn't look like a golf ball. Probably a dozen or so dents. I was surprised when the total cost of repairs was close to $3000. Fortunately my comprehensive deductible was only $100.
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ConserveNature
enthusiast
Posts: 174
Reg: 10-15-05
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05-05-14 12:59 PM - Post#168339
In response to StacyLynn624
Herb's Body Shop in Allen might provide a better price for fixing vehicle. They did a good job after someone hit my SUV's backend.
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ChrisH
enthusiast
Posts: 442
Reg: 07-30-08
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05-05-14 03:16 PM - Post#168346
In response to ConserveNature
The sum of the damage to my car from the hail storm was a little over $5300.
My sons car took $2371 worth of damage.
I had to pay the $250 deductible on each.
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SB
enthusiast
Posts: 1551
Reg: 09-07-03
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05-05-14 03:53 PM - Post#168348
In response to ChrisH
$1,800 here. Sorry for your losses but your numbers make me feel a little better.
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StacyLynn624
enthusiast
Posts: 1091
Loc: West Side
Reg: 09-24-04
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05-05-14 08:11 PM - Post#168357
In response to SB
I think my deductible is $1k for comprehensive.
I'm going to have Lexus take a look and then I can make a decision or see how much Herb's is and compare. I'm not doing anything until October, probably. We have a roof and everything outside, pretty much, to replace. I can live with dents for a while.
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