Boat Insurance

[Bilopete]

Can anybody tell me how to work out the insurance value for a hull, trailer and outboard?

Its no good quoting brand new prices if the insurance company is only going to pay market value.

Is there an equivalent thing to the "redbook" for boats?

I have a

4.3m Sea Jay Aluminium tinny - 1997 model
35hp Envinrude Elan - 1997 model
Belco Custom Trailer - 1997 modelHow does everyone else give an estimated cost of these for their insurance?

Cheers

Bilopete

[CreelReaper]

I am sure there is there is mate.......hop into your bank and they should be able to help you with the market value (if you ask nicely). The insurance company would probably have a something too. One thought though.......Would market value give you a replacement on all your boating gear as well. I don't know if they still do it but the insurance companies used to have a preferred value type of policy. Costs a bit more but its added piece of mind. At the very least you should notify the insurance company of everything that is stored in the boat and ask what cover they have. (includes sounders/gps, rods, tackle etc)

[dnej]

Firstly,what did you pay for the unit.
Secondly,try Boat point,to see if there is one like it for sale.
NRMA,do agreed value,but have all your details ready when you call up.Serial numbers etc.They will need values individually.
Very few companies do agreed value,but NRMA is one of them
David

[dnej]

http://www.nrmaqld.com.au/boat-insurance/features-benefits.shtml#cow

That a link to some insurance details you need to consider.
David

[PADDLES]

hey bilopete, have you only just purchased the rig? if so ask the dealer for an "informal" breakdown of the purchase price. i had to do this last year when i bought a second hand boat because i'm stuffed if i knew how to value the individual parts for insurance.

[Reel Nauti]

I'm with NRMA and they asked me how much I would like to insure each component of the BMT for. I gave them figures which I believe will replace everything if I lost it, they were happy with that, and I pay the premiums. I've only had one claim for damage done with a submerged object. No probs, just a phone call and sent them the repairers quote. The cheque arrived in my letter box less than a week later.

Dave

[Bilopete]

hey bilopete, have you only just purchased the rig? if so ask the dealer for an "informal" breakdown of the purchase price. i had to do this last year when i bought a second hand boat because i'm stuffed if i knew how to value the individual parts for insurance.

Thanks Paddles,

I bought it 2nd hand in a private sale for $3800 (boat, motor and trailer). I have since spent another $800 on the motor, $250 in safety equipment and $200 on a sounder.

Most insurance companies I have sopken to state they pay market value (not new for old) so its not worth quoting brand new replacement prices as you are only paying inflated premiums.

I guess I could go to the manufacturer or reseller and ask for new prices and work it back from there...but then again I don't know what is considered extras on the boat (bow, side and rear handles, welded in floor etc etc etc) and what % to reduce the value for time (all 1997 make).....

Any comments or suggestions?

[Bilopete]

So what I have come up with and I wouldn't mind is you all could advise if this reasonable or not ...or maybe the mix is wrong:

Replacement trailer - $1500
35Hp outboard (currently evinrude) $2000
Hull (Sea Jay 4.3m aluminium with floor and rails al around) $2500

Personal equipment $1000 (sounder, safety gear, jackets, radio etc)

[Timfishin4fun]

Hi mate I went thru same thing with my haines for insuring.

First of what is market value? What someone is willing to pay at the time. $3800

And if you try to go too much higher than this what will happen is you will pay insurance at a higher level that WON'T cover you at that amount.

It really sucks as you can do all this upgrading and tidy the thing up but they will go back to your receipt of purchase and then give ya a couple of hundred extra for all ya hard work.

Ring up a place like logan river marine and ask what they think an approx value for engine is. And think what value trailer is worth now then the rest is boat value. Also add personal equip separate.

Hope this all helps.

Tim

[Fatenhappy]

Wondering if these mobs do "an agreed value" type thing like what you can do on some insurance covers for cars etc .... would that work ... probably worth an ask !

[Reel Nauti]

My policy with NRMA is for an agreed value. I gave them a figure, they and I agreed to it. The figure for the trailer, boat, and motor is listed separately on the insurance policy and that is the amount I am entitled to in the event of a total loss.

As I said, I had a claim on my original motor which was a 40hp 2 stroke 1990 Rude. I hit a submerged object which buggered the t & t. Replacement of the t & t was quoted at $2500. I paid the excess (350) and the cheque for $2,150 came within a week.

A year later I put a new 40hp 4 stroke Yammie on the back. Rang NRMA and asked for it to be insured for 8K. No probs, agreed for the duration of the policy.

Check out NRMA. I couldn't find better and am very happy with them after more than 5 years.

Cheers

Dave

[Bilopete]

Thanks everyone,

I think the best I can do is ring a few boat retailers and get an idea on replacement costs. Friends has suggested just getting a quote on the $3800 purchase price but I still have the same problem...how do you breakdown the costs????

I'm currently with Suncorp Insurance and they weren't to bad. RACQ required me to present the package at their local inspection station before they would offer insurance...

If the motor is only worth $2k and I insure it for $3k, can I assume that they won't pay me anymore than the original purchase price i.e. $2K? This is what I can't get a straight answer on from any insurance company!

[Reel Nauti]

Bilo, if you insure the motor for 3k and your insurer agrees, then that is what you are enititled to in the event of total loss.

Cheers

Dave

[Outsider1]

You don't necessarily have to break up the value into the components either in my experience Bilopete. I am with Club Marine and they did not ask for a break up, and they have always kept the sum insured the same for over 10 years now. I must however check out the NRMA policy next renewal, I have all our cars with them already .

Cheers

Dave

[marco]

You don't necessarily have to break up the value into the components either in my experience Bilopete. I am with Club Marine and they did not ask for a break up, and they have always kept the sum insured the same for over 10 years now. I must however check out the NRMA policy next renewal, I have all our cars with them already .

Cheers

Dave
dave, read the policy with club marine , they deduct a percentage for the age of the boat so the sum insured is only a reference point as such . i have found them to be a sleazy bunch of mongrels when having to make a claim and many in the industry have since told me to keep well clear of them .

the secretary of the mbtbc is a insurance broker who has organized with qbe insurance " the parent company " to do a boat insurance package and it really is a good deal , good enough for me to leave suncorp for them .

mark

[Outsider1]

Thanks marco,

I have to review and update my policy because I recently put a new motor on it, so will take those comments on board. Thanks again.

Cheers

Dave

[Local_Guy]

Bilopete, go through RACQ Boat Insurance.

I recently bought my boat and when it came to insurance they weren't just the cheapest, but provided the best service on all itemised bits..
How much the engine is worth, how much the boat is worth, how much the safety pack is worth (all priced separately. PFDs, flares, EPIRB, etc), how much teh trailer is worth.

I bought my boat brand new and kindly had the boat yard write down all the prices individually for my insurance needs.

Maybe if your boat is 2nd hand, you could go into Terry's Marine and get them to estimate what your boat is worth.. if you tell them it's for insurance purposes they should help u out no worries. Take that info back to RACQ.

I'm 27, boat licence for 10yrs, never owned a boat until the start of the year, hence no claims and i'm only paying $220 / yr for a brand new 4.6cc + all accessories.

best of luck.

[marco]

Thanks marco,

I have to review and update my policy because I recently put a new motor on it, so will take those comments on board. Thanks again.

Cheers

Dave
dave if you want to know about the qbe policy give me a pm and i'll give you the brokers details .
mark

[Bilopete]

You don't necessarily have to break up the value into the components either in my experience Bilopete. I am with Club Marine and they did not ask for a break up, and they have always kept the sum insured the same for over 10 years now. I must however check out the NRMA policy next renewal, I have all our cars with them already .

Cheers

Dave
I've tried 2 insurance companies and a broker and in every instance I was asked to break the cost down into motor, hull and trailer (and any extras as well). Not that its a problem but as you can see it's hard to determine these cost especially if you purchase second hand!

[Bilopete]

Bilopete, go through RACQ Boat Insurance.

I recently bought my boat and when it came to insurance they weren't just the cheapest, but provided the best service on all itemised bits..
How much the engine is worth, how much the boat is worth, how much the safety pack is worth (all priced separately. PFDs, flares, EPIRB, etc), how much teh trailer is worth.

I bought my boat brand new and kindly had the boat yard write down all the prices individually for my insurance needs.

Maybe if your boat is 2nd hand, you could go into Terry's Marine and get them to estimate what your boat is worth.. if you tell them it's for insurance purposes they should help u out no worries. Take that info back to RACQ.

I'm 27, boat licence for 10yrs, never owned a boat until the start of the year, hence no claims and i'm only paying $220 / yr for a brand new 4.6cc + all accessories.

best of luck.

I ende dup with Suncorp because I didn't have the time to present my package at a RACQ inspection station. From memory the toal insured was $5k or $6K and my premium is only around $188...so I'm not whining about the premium, only how best to breakdown the costs of the components.

I still don't know why RACQ wants to inspect the package and all the other insurance companies I have seeked quotes from are happy to quote sight unseen? Can anybody hazard a guess to that?

[Reel Nauti]

That Marine place that you speak of in Rockhampton is not at all friendly nor helpful, nor does it enjoy a good name in Rocky. How do I know?.......lived there for 2 years, and like so many others, gave up on trying to get any service, lead alone even an acceptable level of service. Big guy in the ever dirty shirt was only ever interested in talking to his mates at the counter. Went in with a wallet full one day to buy a new motor and he didn't want to know me until I had walked back to the door with my son. Then he yells "Are ya right mate?". So I turned and said "Yep I'm fine, just taking my 8k to another shop". I won't print the reply I got.

Dave

Dave

[r3volt]

Racq doesnt trust you and your prices lol... its prob because they have been ripped so much by people claiming $2000 sounders when the boat had a $200 one. Try getting an agreed value for your boat so it doesnt matter what your boat is or has in it. Alot of thefts to do with boats arnt normally the whole thing ect.. the take the outboard, take all your gear, take the sounder.

[Local_Guy]

strange about your comments with RACQ.... maybe because i bought my boat brand new they didn't ask to inspect it.

as for Terry's marine.. i've only had good service through them, though i haven't bought anything i was always felt welcomed in their shop.

[uripper]

Just been through comparison exercise on my "new" rig -

1989 Haines Hunter $10,000 est value
2005 Yam 130HP 2st $10000
2008 new Redco trailer $5000
2008 new electronic equip $ 3000
total insured value $28000Club Marine - approx $600-$650 subject to me taking rig for inspection by authorised agent :-/

NMRA - $668 :'(

Suncorp - $438 (with water-ski-tubing $5.0M cover, no age excess on driver or other policy qualifications provide fully licenced - other policy conditions roughly similar to Club Marine & NMRA) ;D ;D ;D ;D

"Charter boat - what charter boat ???"

MalM

[MarkDiver]

For others seeking advice too, remember to list additional items you use frequently like diving equipment, personal tender/life raft, etc. as they can include this stuff if you list the items and values.
Also, read the fine print or ask for details such as whether you need a lockable cabin for example. If your boat caught fire, do you have a receipt for a registered sniffer? There are so many catches...Best talk to a broker face to face than ring for a quote if it's a larger vessel.

[Hornet Rider]

Bilopete, RACQ also do an 'agreed value' policy, by hull, motor, trailer & contents /accessories (flares, anchor & rope, safety gear, sounder, radio, EPIRB, fire extinguishers, spot light, etc) I gave them the value, along with serial numbers where applicable, & the gave me a premium price per month. The policy is similar to motor vehicle full comprehensive - if I'm a fault on the water for a collision (charter boat, what charter boat?) then it covers the other party, as well as my damage, after I pay the excess of course. It also covers theft on the water, at anchor or under power (pirates), and when parked either on the street or at home, providing I make 'every reasonable effort' to secure the beast (trailer coupling lock, wheel chain). There's lots of fine print in the product disclosure booklet - salvage issues, maximum payouts for fishing gear, rods, tackle etc stolen if its left unattended at a jetty, beach etc but it's a reasonable package that appears to survive the acid test by my lawyer mate, & gives me some comfort that I may have a good case to argue with RACQ if things go south. Never any 100% solutions with insurance agencies, but it might be worth your time giving RACQ a call to see what suits your circumstances.

[Hornblower]

Hi Bilopete,

I have to agree with Hornet Rider, but the thing to do with any insurance policy is to ask plenty of questions and give as much information as you possibly can on what you have. Tell them to note down what you keep in the boat, even down to two anchors (if you have two). It is like anything though, if you are very vague it gives the Insurance companies an out to paying you out when something happens so information is the key. Always remember to READ your policy and question anything you don't understand and challenge them on things you don't agree with. Also make sure that you stipulate any of your security measures you take with the boat as these can lead to discounts. Hope this helps,

Horny;)

[aussie_true_blue]

My rig is 2nd hand and valued at $13000.00 and I'm with RACQ and it costs around $240 pa
and I didnt have to take it for inspection.

they say I also get for free -contents - $500.oo
additional emergency expenses- $500.oo
Recharge or Replace safety equipment - $500.oo


cheers Bob

[Bilopete]

Thanks to Hornet Rider, Hornblower and aussie true blue for your comments.

Maybe RACQ are happy to insure my boat now that I currently have insurance with another company. I will find out later in the year when my renewal is due. Though from what I can see, Suncorp and RACQ seem to provide the cheapest premiums!

Cheers