Macbook Pro Value (Insurance question)

Discussion in 'MacBook Pro' started by marine610610, Mar 5, 2010.

  1. marine610610 macrumors regular

    Mar 23, 2007
    I managed to be careful for three years, but it finally happened. I spilled a drink on my MBP and it is done. I carry extra insurance on my renters policy to protect against drops/spills etc..

    What i want to know is how much an insurance company will pay out for a total loss? Do i get enough for a new MBP or do i get some kind of prorated amount based on its current worth on the market? Its a 15 inch 2.16 C2D with 3GB of Ram, 120GB HDD and 128VRAM if the specs make a difference at this point. I have to wait until monday, so id like to do a little window shopping and see what i want to get as a replacement.
  2. MacDawg macrumors Core


    Mar 20, 2004
    "Between the Hedges"
    I would assume it would depend on how your policy is written, and if you have a deductible associated with it, etc.
  3. MrCheeto macrumors 68030


    Nov 2, 2008
    I'm a public adjuster for roofing and home repair, and this is how it works in our case.

    You claim the loss to the company, and they send you check A. Check A is ONLY a partial payment. You buy a new notebook (within a reasonable budget) and then send the receipt to your company and they will send you check B which is the difference. In other words, they pay for it.

    The only problem then is your depreciation and deductible :p You're not getting a free laptop, but close to it.

    It's a sad fact, but most people believe the first check is their only check. Talk with an agent and they'll help you out! ;)

    MacBook from 2006 is destroyed, valued at $1299 new but depreciated to $910.
    The insurance company issues a $200 check.
    You buy a MacBook 2009 Unibody for $1070 after tax.
    The insurance company issues a check for $681 for a TOTAL of $881.

    So you've only come out of pocket $189.

    Why a total of $681? Your MacBook was worth $1299 in 2006, but with time it has depreciated and is only worth $910, according to the insurance company, which is $389 less.
    They pay off your new computer with the second check but subtract the depreciation of your old notebook. So the second check is $1070 (the cost of the NEW MacBook) minus $389 (the amount your OLD MacBook has depreciated).

    I don't know if this actually applies in cases other than homeowners insurance.
  4. marine610610 thread starter macrumors regular

    Mar 23, 2007
    Thanks for the info. My deductible is either 50.00 or 100.00, its been a while since ive looked at it. Someone told me they compare prices on ebay to see what your MBP is currently being let go for and kind of go from there. I need a new one for school and work (hence the insurance) so i can't sit on this.. It would be nice for Apple to release the new ones just about the time i get my check...
  5. Eddyisgreat macrumors 601

    Oct 24, 2007
    My statefarm policy states that I get reimbursed the value (purchase price) of my machine, since that's what i'm paying for, and while it doesn't cover wear and tear, it does cover theft, so if my 15" mbp is jacked, I can buy a 17 inch with the proceeds.
  6. marine610610 thread starter macrumors regular

    Mar 23, 2007
    Is "value" purchase price? What i mean is, a MBP with the same specs can be had on ebay right now for 700.00 give or take a little.
  7. Azrael169 macrumors newbie

    Feb 8, 2010
    Ive worked in insurance for the past 4 years, and also gone through a similar process, granted its in Australia and not the US (just taking a guess where you live) but this is the way it works here...

    The purpose of insurance is to replace your property that you have had lost and/or damaged.They have to get you as close back to your current machine as possible and as such usually have deals with suppliers in your local area to get machines at a discounted rate (yes they get Mac's cheaper, it happens when you buy massive volume).

    My Powerbook G4 was stolen out of my car, being a Mac and being no longer for sale the insurance company (who i worked for) had to get me the equilivant machine from apples product linew being a new MBP. Cause the machine was 3 years old it was obviously a lesser spec than the new (at the time) 2.4Ghz Intel C2D Macs. The insurnace company gave me the option of either have the entry level MBP (same screen size 15") or accepting a cheque for the amount they could purchase it for (it didnt matter how much i currently had it insured for, they would only pay the amount they would have to pay to replace it). So i took the cheque, payed my $100 excess on my home insurance and then chipped in the difference between the cheque they gave me and the top of the line MBP. Had i not wanted top of the line it would have only cost me $100 total (the excess).

    Hope you have similar luck :)
  8. Azrael169 macrumors newbie

    Feb 8, 2010
    In regards to getting a similar machine from Ebay for $700... Insurance companies (generally) cannot replace a stolen item with a 2nd hand item unless its reasonably the only thing they can do (eg antique is stolen and obivously cant get a new one)
  9. marine610610 thread starter macrumors regular

    Mar 23, 2007
    That makes sense. I downloaded my policy and reviewed it to be sure, it doesn't specify exactly how they come up with values...i do feel better about the whole thing now though. Of course every thing happens on a Friday so im screwed until next week. Guess the wife has to share the iMac for a few days. :)
  10. Eddyisgreat macrumors 601

    Oct 24, 2007
    Yup. Value is purchased price, as it was explained to me. If my machine gets stolen I recieve somewhere around $2500 which is the cost of the machine plus the intel ssd plus aftermarket ram.
  11. MrCheeto macrumors 68030


    Nov 2, 2008
  12. BERNARD4 macrumors newbie

    Sep 29, 2010
    Typically a policyholder hires a public adjuster to document and expedite their claims, obtain a more satisfactory claim recovery, more quickly, and completely restore their residence or business operations, and Insurance Claim Adjuster themselves from the stress of engaging in an adversarial role with a large corporation.

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