Boat Insurance

[locodave]

Who offers really competitive prices for full comprehensive?

Is Club marine the best?

[micksfishn]

yes by far in my opinion i use them now always have in the past and always will in the future

mick

[BlacknBlue]

In my experience NRMA has been the best. Cheapest premiums and very good service when it is most important- when you have to make a claim.

A mate of mine had his houseboat 3 weeks when it was capsized on a mooring during wild weather- they paid the claim no problem, including the cleanup of the wreckage that was spread along the shore. ( total payout, over 30k).

2 years ago, I hit a log at high speed causing $18000 worth of damage and NRMA had an assessor on the spot within 3 days and the repairs started within 4 days.

Do some research , particularly on claims history- that's when you need them

[spongy]

Im currently with GIO.

I did a quick quote with Club Marine tonight, and found Club Marine to be 30% more expensive.

I think I'll stick with GIO for my boat. However, my cars and bike are insured elsewhere.

[Lasty]

GIO were the cheapest for mine!

[locodave]

GIO, never thought of that one. Will have a look.

I've sent a few quotes off last night, I'm not sure if your allowed to post prices so I won't, but I did a comparison between club marine and suncorp and the sun one was a lot better!

[mangrove jack]

I have just been through a claim with GIO, firstly the assessor was very helpful although very busy with other claims, at times it was hard to communicate with him.

The dissapointing thing I experienced was the fact that I had been paying an excess on agreed values for BMT package including listed extras, come to payout and GIO says we will only pay market value$???

Why then do they accept our premiums for the agreed amounts? Not fair in my view.

I have got my vessel back now from repairer, some items were settled under market value figures$ which im not totally happy with, due to me being out of pocket$$$.

I will seriously look at finding a provider with clearly stated coverage.

As a note, the repairer that looked after my claim said that in his experience Club Marine was the best insurer when it comes to claims any payouts, he deals with all insurers on a daily basis.

[brickman]

did a check about a month ago and found we were still paying for insurance on the purchase price off our boat$35000.00 but if we made a claim they would only pay the market value,being five years old it is not worth $35000.00 so re insured for the agreed value

had to take the boat to hewy for a valuation[thanks mate] and faxed it to the insurer now at least we know what payout we will get if we make a claim and it was $100.00 cheaper than the original policy

so i would check the fine print on any policy and make sure you get the agreed value not the market value

cherrs gary

[pelican]

Garry do you have to get a valuation every year?

When I last looked into different insurers I found that agreed value wasn't really agreed value. Worth reading the fine print and doing the phone call with an example. If it was a write off I have seen even the recovery charges get taken off the agreed value and yet they won't allow you to overinsure to take account of these.

For no reason my insurance is up over 15% this year and unusually they are not prepared to discount or negotiate. Might have to go elsewhere and get the introductory new customer rate from another company and see what they charge for .

The boat show stand for one insurer often has a voucher or a quote number discounted for those that attend and do a quote there.

I really think insurers should have worked examples in their paperwork as it is all very misleading.

I could have a rant here but it is really worth reading teh fine print as most policies aren't what they appear to be in boat insurance. Watch out espcially for what is secured equipment and wording like due care thet boat was secure. Couple of companies are offering a discount for a winter lay period where insurance is lower for a few months of non use if it is stored securely.

Several friends have boat in parents name as the insurance is 1/2 price. Sounds silly as if the olds are retired they spend all day on the water etc etc but insurance is all about what the punter will pay and risk is asecondary idea.

Offer to pay a higher exess is a way to reduce costs . Little calims are a shitfight anyway and affect your rating

Paying online some are also offering a discount.

Edited July 23, 2009 by pelican

[brickman]

yes i will proberly have to get a valuation every year but i get the boat seviced yearly and hewy was more than happy to do the valuation so that should not be a prob

my point was realy why pay a policy for 35000.00 when the boat was only worth 28000.00 and with out the valuation they proberly would have only payed 25000.00

most people get a bill and just pay it but being a tight ass and studying corporate law as a hobby[yes i lead a shallow life]i always read contracts carefully and ask way to many questions[not just a tight ass but also a pain in the ass]

cherrs gary

[petkovd2006]

Garry do you have to get a valuation every year?

When I last looked into different insurers I found that agreed value wasn't really agreed value. Worth reading the fine print and doing the phone call with an example. If it was a write off I have seen even the recovery charges get taken off the agreed value and yet they won't allow you to overinsure to take account of these.

For no reason my insurance is up over 15% this year and unusually they are not prepared to discount or negotiate. Might have to go elsewhere and get the introductory new customer rate from another company and see what they charge for .

The boat show stand for one insurer often has a voucher or a quote number discounted for those that attend and do a quote there.

I really think insurers should have worked examples in their paperwork as it is all very misleading.

I could have a rant here but it is really worth reading teh fine print as most policies aren't what they appear to be in boat insurance. Watch out espcially for what is secured equipment and wording like due care thet boat was secure. Couple of companies are offering a discount for a winter lay period where insurance is lower for a few months of non use if it is stored securely.

Several friends have boat in parents name as the insurance is 1/2 price. Sounds silly as if the olds are retired they spend all day on the water etc etc but insurance is all about what the punter will pay and risk is asecondary idea.

Offer to pay a higher exess is a way to reduce costs . Little calims are a shitfight anyway and affect your rating

Paying online some are also offering a discount.

Hi Guys,

Boat Insurance, in comparison, is relatively cheap insurance cover. Trust me, I know...I do it for a living. Personal preference I would use Club Marine. Might not be the cheapest, but with insurance, you get what you pay for. I hear stories everyday about claims not being paid, why...cause the cheaper option is exactly that, a cover that is cheaper...why...cause its cheaper for a reason.

Agreed value. it takes one Saturday to drive your boat to an approved certified valuer. Will cost you anywhere between $50-$100 but at least your baot is covered for what its worth...NO DISPUTES. Most boat dealers have the facilities to provide a valuation that is approved by most insurers. Why not pay it as a one off. I mean, if you can afford to run a boat, surely you can spare a little extra cash, to have a claim payment settled that will in return keep you satisfied.

Anyway, theres so much to insurance that would take hours to type up.

My opinion, get an agreed value, that way you cant complain.

[pelican]

Hi Guys,

Boat Insurance, in comparison, is relatively cheap insurance cover. Trust me, I know...I do it for a living. Personal preference I would use Club Marine. Might not be the cheapest, but with insurance, you get what you pay for. I hear stories everyday about claims not being paid, why...cause the cheaper option is exactly that, a cover that is cheaper...why...cause its cheaper for a reason.

Agreed value. it takes one Saturday to drive your boat to an approved certified valuer. Will cost you anywhere between $50-$100 but at least your boat is covered for what its worth...NO DISPUTES. Most boat dealers have the facilities to provide a valuation that is approved by most insurers. Why not pay it as a one off. I mean, if you can afford to run a boat, surely you can spare a little extra cash, to have a claim payment settled that will in return keep you satisfied.

Anyway, theres so much to insurance that would take hours to type up.

My opinion, get an agreed value, that way you cant complain.

Haven't read Clubs stuff for several years.

1 question. If it is a agreed value for 30k and it is written off. What is the net the client gets? Recovery costs? Does that also include all the cash , personal stuff lost etc?

We went away from agreed value several years ago as after many questions showed it to be a bit flakey. They commented that dealers offering valuatins were talking up valuations ( client got a warm fuzzy feeling) as they were getting kickbacks on value insured and no win that the insurers were still paying on market value not the agreed valuation. Things like epirbs, safety gear fixed or portable equipment?

It is so often teh little bits that add up to make a reasonable payment seem well underdone when you add it all up.

It is all very complicated and a good insurance broker can keep up to date but for teh normal human it is hard work and time consuming..

Thanks

Edited July 24, 2009 by pelican

[wrxhoon1]

Most insurance companies offer market and agreed value , if an insurer agrees to insure you for an agreed amount this is what you get in a total loss . All of them will want the hull , engine and trailer at specific valuations so if you lost the boat/motor they will pay you the agreed value less the trailer agreed value . If some sucker stole the trailer while at the ramp they will only pay for that ( the agreed value not a replacement ) bad luck if you have to pay storage for the boat until you find another trailer.

If you insure market value ( its always cheaper) you will get what they say its worth, not the sum you have it insured .

I have the jetskis with club marine and the boat with GIO, I have lots of other stuff with GIO and I must say I never had a problem with claims . I had a car that had $18,000 worth of damage,car insured for $42K, I told them I didn't want it repaired and they wrote it off . A couple years ago I had glass damage in the house $11k to replace 4 sheets, no problem ..

Make sure you compare apples with apples when you compare quotes and read the conditions especialy all the exclusions so you know what you are covered for and what you are not..

I never take out market value policies on cars or boats, only on buildings because you can't get agreed value on them .

[petkovd2006]

Theres no hard and fast rule to how you should insure your boat, or who with for that matter. Im a sucker for agreed value for the fact that I get what I pay for should something happen. Most cases, its only about 10% more of the premium they would charge you anyway. But with a market value policy, you will generally find the payout figures they settle claims on are 20% less that what you beleive the market value is for. Quick calcs will show you will be in front.

Insurance is there to put you in the same position you were at the time of loss. IE if you bought something for $20k, why should an Insurer pay $50k...? If they gave you $20k would you be out of pocket.

Anyway, I would suggest to get a few quotes, and compare them as all Insurers will vary on the type of product they offer. There are many variables as to why one is dearer than the other.

Look for:

Sum Insured - Agreed Value or Market Value and conditions of Agreed Value

Benefits included in the coverage and to what limits

Excesses applicable

Extras you can take out on a policy and at what cost. Eg. Skiiers Liability. If you dont tow skiiers, why pay for the extra cover.

Hope this helps a little.

Best to chat to the Insurers, I mean...thats what you pay them for right

[achjimmy]

my first boat was insured with Nrma for 2 mths before being written off. Only beef i had was being new i didnt have correct values on the Hull (too much on motor) and they were only going to take the hull. leaving me with a trailer and motor to sell! After a very friendly chat with the assessor he agreed to sell me the hull back and i flogged the remains on blah blah poop and breaking even.

2nd boat i took the Yamaha marine insurance (Yamaha users only) 30% cheaper than anybody else for the last two years with some really good included benefits. It was managed by Nautilass underwritten with Hollard and i had a bit of problems with getting an agreed value through. This year the renewal has just come through and it has gone up considerably now underwritten by Westfarmers!

I will be shopping around this month for the best deal but may go back with NRMA, just don't want the hassle of separate BMT values

[Bonehead]

I'm with Anchorage Marine. Seem to be really good operators.

Cheers,

Mark

[shaune]

I had my boat insured with Club marine until a few years ago when I let it lapse due to it being in the garage and me not using it.

Last week I tried to re-insure it with Club Marine and was told that because the hull was older than 20 years old that I had to take it to one of their dealers for inspection.

I then asked if I could get a cover note to cover me for the trip to the inspection. The answer was no.

So I called NRMA and got cover over the phone and it was cheaper.

Plus my cars under NRMA and I've had a couple of claims and had no problems.