help valuing engine/hull/trailer for nrma insurance ?

[datamile]

I'm looking at nrma for insurance, and got a the following quotes based on $28K value with skier option.

Standard Excess $200
Your Annual Premium Payment (including govt charges) $482.58

Voluntary Excess $500
Your Annual Premium Payment (including govt charges) $395.39

Is nrma good, I can't see any strick rules for theft in the PDS.

I need help valuing the separate parts for the insurance. I paid $27.5 for

2005 STACER 525 EASYRIDER x51 gsp 126,
115HP EVINRUDE DI with 50hrs
REDCO TRAILER

[rayken1938]

I think that they go by the red book. That is what the racq did last year when I was enquireing.
Cheers
Ray

[PADDLES]

as far as i know there's no red book for boats ray. i enquired at racq last year as well and after going through a series of levels of managers they asked if they could return my call when they found out the answer for themselves. they returned it and said that what they actually do is get the assessor to do a bit of research of what your boat is worth in the boat yards in your area and then come up with a figure. this is in the event of a total loss anyway. datamile, i have just gone through this excercise with my new (second hand) boat and
i got the dealer to help me out with some off the record numbers.

[thelump]

Just went through the same thing with QBE. All i did was pick the most expensive bits and see how much they are new then make a educated guess.In your case the motor sells for about11.5k (my mate bought one recently)and the trailer would come in about 2k .That leaves about 13 for the hull and 1 for electrics.Just to give you a few ideas!:-/

[polky]

Datamile when you insure rember the tackle you use, I found to replace 3/4 rods and reels tackle and esky would cost me around $2000, so I included this when insuring my rig.

[honda900]

Mate,

I have recently changed my insurance, all of it, away from NRMA, After a couple of incidents which proved them to be incompetent, Get a quote from CGU, better PDS and support and I saved a couple of hundred dollars a year as well.

Regards
Honda

[rayken1938]

as far as i know there's no red book for boats ray. i enquired at racq last year as well and after going through a series of levels of managers they asked if they could return my call when they found out the answer for themselves. they returned it and said that what they actually do is get the assessor to do a bit of research of what your boat is worth in the boat yards in your area and then come up with a figure. this is in the event of a total loss anyway. datamile, i have just gone through this excercise with my new (second hand) boat and
i got the dealer to help me out with some off the record numbers.
When I asked for a quote they wanted the year and model of the hull, trailer,and motor and extras and they then came up with a quote which I rejected as the then outfit i owned was only 18 months old and they valued it at around 60% of its replacement value. I was told that if I provided an independant valuation they may reacess the quote.
Cheers
Ray
Dont know of it is public access for marine you may have to subcribe for access.This is result of a google search for red book for boats.
Check Car and vehicle prices online with Red Book ... well as wholesale, retail and new prices for Boats and Outboards, plus Trailers.www.redbookasiapacific.com (http://www.%3Cb%3Eredbookasiapacific.com%3C/b%3E)/au/commercial/printproducts.php

[dnej]

NRMA,are agreed value.You put your realistic own value on same,like the lump has indicated,and pay the premium accordingly.
Market value is a depreciated value,and companies pay out on the market price,which is usually low,by comparison,to what you feel it is worth.
David

[Brumby]

Mate,

I have recently changed my insurance, all of it, away from NRMA, After a couple of incidents which proved them to be incompetent, Get a quote from CGU, better PDS and support and I saved a couple of hundred dollars a year as well.

Regards
Honda

Hate to be the bearer of bad news, but both CGU and NRMA are part of the IAG Group, you'll probably end up dealing with the same claims department.

As far as agreed value goes, read your PDS carefully, most policies allow insurers to choose either agreed or market value when they settle - obviously whichever is the lower. It's still worth doing your homework though, if you have a claim you'll be able to argue your point.

[The-easyrider]

You lucky bugger datamile ,you only paid $27.5 ;D I bought the exact same boat but a 2004 modle but cost me $25000 :(

[datamile]

There's a black one for 28K going now at Aus Marine centre, not sure on the hours on the motor, but it had a couple more things than mine.

[PADDLES]

yeah that sounds about right then ray. i asked the question of them because the policy was for agreed or market value whichever is the lesser and i noticed that on my vehicle insurance it states the market value on the policy document but doesn't state a value on the boat policy document.

[northernblue]

I applied with club marine and they want a valuation done in order to have agreed value. The boat is a 23 sharkcat 1982 model.

[Dean1]

I insured my kc with suncorp i found them really good and the cheapest. Anyone else agree with suncorp?? Northernblue arent club marine really expensive?

[ss--ss]

I found gio to be pretty good & i picked a 3 month layoff where it can't be used but will be insured if stolen .. 26k boat insured for around $380 which includes skiers option.

[dnej]

Dean,
Suncorp are market value,not agreed value insurers.
David

[wags on the water]

I need help valuing the separate parts for the insurance. I paid $27.5 for

2005 STACER 525 EASYRIDER x51 gsp 126,
115HP EVINRUDE DI with 50hrs
REDCO TRAILER

Go to your dealer and ask him for the new price for your particular boat, motor and trailer -- separate prices. It's up to you whether you want to insure for the cost of replacing your boat with a new one (if the unimaginable happens - fire, theft), or a fraction of that cost for a second hand boat. If the dealer doesn't sell Evinrudes, ring a dealer that does. When you tell them you're after prices for insurance purposes they all seem to be understanding.

Hope this is of some help.

[northernblue]

I insured my kc with suncorp i found them really good and the cheapest. Anyone else agree with suncorp?? Northernblue arent club marine really expensive?

Quote was $525.80 [non ski] Agreed value of $35000, if the valuation stacks up.
Ski was $619.35.

[datamile]

When 3K trailer, 12 K motor , 13K hull with NRMA for 456 with ski option

CGU just back with a quote of 706.

[Dean1]

Well with suncorp i told em i want my 5.2 kc insured for 55k they agreed and broke it up into 40k hull 3.5k each motor and 8k for ally trailer= 55k for $611.58

[walruss]

Currently with Club marine. I am paying $615 for $62K for my 650 patriot. the only thing I had to do was get it valued the first time by a dealer and the valuation has continued from there with no decrease. I would think so far its no too bad. If you approach the right dealer - or the one you bought the boat from - I don't think an insurance valuation will be any problem.
My opinion is insure it for what you fell it will be worth to replace the boat, plus if the policy allows as much as all your fishing gear is worth.

Russ

[jman2016]

I applied with club marine and they want a valuation done in order to have agreed value. The boat is a 23 sharkcat 1982 model.

I did mine on line with Club Marine as I am not a qualified boat valuer and I got the hump with RACQ/Suncorp/NRMA insurance asking me what the separate value was for each part of the BMT package was. My argument was that i don't insure the indivual parts of my car!

Conversation went along these lines.

"... (insert company name) insurance call center (insert name here) speaking. How may I help you?"

Jman - "Hi, I need to insure my fishing boat and trailer. Thanks."

ICC - "Sure I'll just some details...."

Here is where it starts to go downhill!

After supplying the necessary obligitory personal details.

ICC - "All you need to do is get separate values' for the engine, boat and trailer."

Jman - "Sorry? What?" :-X :o

ICC - "All you need to do is get separate values' for the engine, boat and trailer."

Jman - "I'm sorry. I purchased it as a BMT package. I don't work in the marine industry and I really don't know what the separate values would be."

ICC - "... (insert company name here) is not prepared to insure your boat unless you supply the individual retail values of each component."

Jman - "I don't have to insure my car engine separately which is held in my car with bolts the same as my boat. My car engine can fail and not affect my car chassis which is also not separately insured and my wheels are not sepately insured so the answer is no I am not prepared to do this!"

ICC - "I'll put you through to my supervisor..."

Repeat above conversation with supervisor

ICC supervisor "We don't make the rules..."

Jman - "Your not helping me then?"

ICC supervisor - "Moving forward...You need..."

Jman - " OK stop right there! How about I give you the name of the boat company that I purchased it from and you call them as I am an already existing policy holder with your company, I'll quote a receipt number and then we can move forward as they can give you theprices."

ICC supervisor - "We're not prepared to do that, sir!"

Jman - "We're not prepared or your not prepared to do that?"

I will end the transcript here as it serves no purpose to go furher!!!!

Times this experience x3 - just about word for word in each case.

A recent study found that Australia is up there in poor customer service!

Online Club Marine form, boat was insured within 24 hours - no questions asked. Forms were in my hand with 72 hours and the quote, excess and premiums were very competitive.

I do not work for Club Marine, I do work in the customer service industry and I was disgusted in the companies attitude towards me when I stood up and said I was not prepared to do what they wanted and even more disgusted when they wouldn't do what I wanted. This attitude towards an already existing member/policy holder/customer >:(

[dnej]

Market value is the option most commonly chosen by boat owners when insuring their boats and trailer and motor.
With this option the insurer determines the market value of your boat by using industry guides.
The valuation is then used - in conjunction with other factors - to determine the premium on your policy.
If your boat is totally destroyed (written off) or stolen and not recovered, your insurer will reimburse you the market value of the vehicle at the time the loss or damage occurred.
This is again determined using industry guides and includes any variations as a result of the condition of the boat and any approved modifications or additions made.
You need to be aware that because the amount reimbursed is determined by the market value at the time of the accident or loss, this could differ significantly from the market value detailed on your policy, as a result of depreciation.

A market value valuation can be useful if you have an older boat in average condition.
However, if you have a new boat or one in good condition, you might be better off using the agreed value instead.
Agreed value

This option involves the owner agreeing with their insurance company on their boat's specific value, at the time the policy is taken out.

If the boat isn't new then this agreed value is discussed with the insurer,taking into consideration industry guides.

In the event of a claim being made as a result of the boat being written off or stolen and not recovered, your insurance company will reimburse you this agreed amount.

An insurance policy using an agreed value will likely have higher premiums than one using market value.

The most important thing to remember is to always read your policy documents and weigh up all the pros and cons, financial or otherwise, of both choices, because only you can decide how to best value your boat.

It’s essential to know how much your boat is worth.

When taking out boat insurance there are two valuation choices available to you: market value or agreed value.

Look at your policy document,and see how claims are paid.
Suncorp is not an agreed value insurer.
David