Boat Insurance

[Timfishin4fun]

Hi all, I just read about that poor bloke down south that has had his pride and joy stolen. It p!sses me off that these mongrels are too lazy to work and earn money to buy these things for themselves and even more they don't appreciate someone that has.>:(

Don't won't to make it any worse for this person but why no insurance? Thats just plain crazy to me.

What insurance companies do you guys use? And what little tricks have you guys found in policies that have made you change companies or added extras to include special coverage.


I've never worried too much about my policy as I only had a boat for the estuary, now I have bought a haines I will be going offshore and that makes me think I better check them out a bit more as I know a bloke who went arse up in the bar and wasn't fully covered due to his policy only covering him inshore and offshore and this left a gray area for the bar.

Anyway I feel sorry for this fisho and hope he gets his boat back soon.

I'm looking forward to everyones thoughts on the issue.
Tim

[Synful]

Watching this thread with interest Tim.

I need to get boat insurance soon so will be keen to see what others recommend.

[SgBFish]

I have RACQ for a number of reasons.
All my policies are with the same company.
My previous claims for house etc have never been queried so hopefully if I need to claim on the boat it won't be an issue.
Although the idea of an agreed value policy interests me.
scott

[litenup]

I too have RACQ on my Haines, but with old boats they wantm like most companies a certificate about the sea worthyness of the boat. I understand why. I wanted to insure my old tinnie (Dehavilland, probably 40 yr old) yep really old, so found Nautilus Insurance would cover with a photo of the boat. Cheers Pete

[Spaniard_King]

With RACQ as well, all policies as well. Had a couple of claims. one on a boat very easy to deal with.

[snelly1971]

Ract...I had a previous claim and they were just great...

Mick

[shabss]

did my homework and took out insurance with racq
also were the cheapest

[Timfishin4fun]

Hi guys, I too have RACQ for rest of policies so I'll start with them. But I'm going to have a good read into it just to see if anything can come unstuck.

[reidy_g]

did my homework and took out insurance with racq
also were the cheapest


My Club Marine Insurance policy is $67 cheaper than RACQ.

[Timfishin4fun]

Still no one has said wether their policy covers more or less, are we all overlooking this or is it not necessary. I'm sure me moving upto a boat that can do more that I need to check out this info. Or is bar crossings and the like covered.

What happens if ya stupid enough to go offshore in 40knts and the boat tips. Is it just a case of " I GOT INSURANCE I'M RIGHT MATE".

I'm still keen to hear more from everyone.

[reidy_g]

Hi Tim,

Insurance companies provide a product disclosure statement which describe in layman's terms what is and isn't covered. They're a fairly easy read. I'll admit I haven't sifted through all the PDS's available but from the 2 or 3 I did read through I couldn't find any real difference. You may find some policies provide differing levels of cover for your gear and agreed/market value timeframes. As the list of what is and isn't covered is too extensive to list here I've attached the PDS for my policy for you. Hope this helps.

http://www.clubmarine.com.au/internet/clubmarine.nsf/docs/PI+Policy+Wording/$FILE/Pleasure+Craft+Insurance+Policy.pdf

[peterbo3]

Our good buddies at Suncorp want a hitch lock, which any ######## can pop in 30 seconds, plus the hull must be secured to the trailer. Things like wheel locks - hardened steel & $300+ for a good one, motion activated alarms & high tensile chain with Abloy locks do not count. I do not know where they get their advice from but their risk assessment team needs to be replaced. Plus you are rated on your postcode..........which in a big suburb means 5/8 of 3/5 of bugger all.

[northernblue]

Our good buddies at Suncorp want a hitch lock, which any ######## can pop in 30 seconds, plus the hull must be secured to the trailer. Things like wheel locks - hardened steel & $300+ for a good one, motion activated alarms & high tensile chain with Abloy locks do not count. I do not know where they get their advice from but their risk assessment team needs to be replaced. Plus you are rated on your postcode..........which in a big suburb means 5/8 of 3/5 of bugger all.

When I moved up the sunny coast from bracken ridge, my home, contents, and car Ins all got cheaper.

[Foxy4]

Very interesting to read all the ones with RACQ. I too need to insure my boat soon and was looking at Club Marine but might now consider RACQ as i have my two vehicles insured through them.

Thank you for this thread and those who have replied. All good info to take on board so to speak.

[haggis]

I Have my boat insured through the racq , was previously with nrma but were dearer .
cheers fae haggis................................

[PinHead]

I have my boat with QBE...one of the few that would give guaranteed agreed value not "agreed value or market value, whichever is the lesser"

[buggerit]

NRMA agreed value on hull , motor and trailer . Never tried a claim though . I also have house and contents as well as 3 motor vehicles with them so get discount on all as well as lifetime rating 1 .

[Timfishin4fun]

Thanks for the input, for something so trivial it's quite an interesting topic ( I think anyway). Has anyone had a claim from being on the water in an accident or something?

[fishing111]

I remember a while ago that dfox said something about going out in 30+Knott winds and his boat was not covered by insurance. Don't quote m on that though. So going on that, (if correct) I would say that if you go out in 30+knott winds they may well question your claim in the event shit happened.

[dnej]

There are only a few that do agreed value ,and pay out the amount you have agreed to insure the boat.
NRMA is one of them. RACQ,is not agreed value cover.
Do a search for agreed value boat insurance,on Google.

Also there have been many enteries on this site on the very matter.
I used to be in the industry,and would not take cover,unless it were agreed cover.
David

[roydsy]

Surely some of you offshore boaties can comment on insurance........ bar crossings covered? Covered for all conditions..... I mean surely you are covered for all reasonable weather?

[withoutatrace]

I went through the insurance process a few months ago for a new boat and researched RACQ, Suncorp (which I have most of my other insurance with), QBE & Club Marine.

In the end I went with Trident Insurance. Best cover, agreed value, better price, great cover for personal effects etc.


All I can say is make sure you read the product disclosure first and then discuss any details with the insurer before making up your mind.

WOAT

[Yapoon]

I recently did all the research for agreed value cover and went with Trident Insurance, they are underwritten by QBE, good coverage on extras and reasonable limitations on where the boat is parked or garaged plus all those points mentioned by WOAT above

cheers
Allan

[Stroadman]

Hey Tim, i recently got a flyer in the mail from Nautilus Marine boat insurance who claim to beat your current insurance premium by a minimum of 10% it might be worth looking into, Ph # is 1300 780 533 Hope this helps.

[Jru29]

I did the ring around today...Nautalis looks like the go...good policy, good price.

BEWARE - If you live in cyclone prone areas check with your insurer as to whether you are covered for cyclone damages. RACQ won't cover my area and Club Marine don't cover Cyclone damages. This is for a trailered boat so I can only assume it would be no different for a berthed boat.

Hope that helps someone...

Cheers
Jru

[buggerit]

As i've said earlier i am with NRMA and have just read some of the policy , seems amusing to me , boat is covered for flood .

[Synful]

BEWARE - If you live in cyclone prone areas check with your insurer as to whether you are covered for cyclone damages. RACQ won't cover my area and Club Marine don't cover Cyclone damages. This is for a trailered boat so I can only assume it would be no different for a berthed boat.

Hope that helps someone...

Cheers
Jru

Thanks JRU - good "heads up" there.
I was going to go with RACQ as most members here seem to be with them; I will definitely investigate that now.

[OB1]

I opted for club marine as they specialise in boat insurance. I called RACQ who were about the same price for my 5m quinnie hornet wildfisher but the operator had no idea about boats and this put me off. Also I was already tainted against RACQ as they refused to pay a claim on the first boat I owned about 15 years ago. A 2 year old 20hp merc was stolen from the tinnie - they refused to pay as their policy stated that there needed to be evidence left on the boat that the motor was stolen eg it was cut away from the boat or a chain had been broken. As a young fella I couldn't afford to replace it.

I had to make a claim this year from club marine for my electric that unfortunately went overboard in the middle of the bay - no problem with them paying up!

Cheers,

Ollie

[SgBFish]

How does agreed value work?
If my bot new is say $40K. Is that what I set as the agreed value?
What happens each subsequent year, as the price of the replacement would rise each year do I have to up the agreed value to the cost of replacement?
If I didn’t cover the cost of replacement then I would be out of pocket in the event of total loss.
Scott