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Are they worth having? To me they seem like they would let in more water to the bearing than not having them. The design of them does not seem to be very waterproof.
When I take the covers off of them they always have a little water trapped between the cover and the grease fitting area. Maybe no cover is better.
I think the theory is that when the bearing buddy is pumped full of grease and the spring in the buddy is compressed, the unit is supposed to exert positive pressure inside the hub thereby keeping water out. So the buddy itself doesn't need to be waterproof, it's the positive pressure that's doing the job. Works on paper anyway...
The BB's do keep the water out of the bearings too. I replaced my wheel bearings this past August when we were in North Georgia and when I took off the BB's and worked on the bearings, they only has grease in them with no signs of water leakage at all. I'm certainly pro-bearing buddy.
I use the rubber caps on them as well.
Cliff
1966 13' Sport with a 1993 40hp Yamaha 2 Smoker