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Old 10-13-2012
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How does insurance work

I've never used insurance myself yet but the way a friends deal went down if I remember right is he submitted the claim and the yard and the insurance company agreed upon a repair price. He paid the deductible and got his boat back all fixed.

But if the boat is totaled what happens?
Lets say the insurance is for 40k the estimate comes in for 30k.
What happens?
You get a check for 40k less deductible the insurance company owns your boat and sells it for what they can, maybe 5 to 10k.
Is that about right?
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