Boat Insurance

[Breambuster33]

Hey Guys,
Just thought it would be a smart idea to get insurance on my new boat, as my mate had his pinched from him not long ago.
i just want to know what would be the best company for this??
any imformation is welcome
thanks

[backlash08]

when I looked around in detail, club marine was the best IMO on balance but depends on your needs - Cheers - Craig

[uripper]

.... depends on your needs - Cheers - Craig

good point

had to renew last month so again compared Suncorp (existing insurer), NMRA, & Club Marine- for me it was Suncorp @ $488 by a long way

MalM

[Teabag73]

I'm with Club Marine only because they specialise in Boating and know what your talking about. Just like my Camper Trailer is with CIL who specialise in Camper and Caravans and my Patrol is insurered with DGA Insurance brokers who are 4wd Insurance Australia.....They may not be the cheapest, I don't know but they know exactly what your talking about when you talk to them about issues. I'm happy to pay a little extra for less heart ache............

PS: Yes, I have made claims with them all and all have been very good......

[Marlin_Mike]

CGU through the credit union

[Argle]

Just renewed my insurance and changed from Suncorp to NRMA, Suncorp no longer offer an agreed value - or so they told me and they also will not cover you if you pick up a plastic bag or similar in the intakes! I checked with Club Marine and they dont cover you for the plastic bag either. It might be a small issue for some but I dont want to be left with a cooked motor and no cover, I also want an agreed value sum insured not "market value" I can only imagine what insurers might think the "market" value of my boat was if it came to the crunch, I am sure it would be a damn sight different to what my idea would be so by having an agreed value I at least know how much I am covered for. Might not be for everyone but thats my 2 cents worth.

Cheers ;D

[ToXiCFiSH79]

I was of the understanding Club Marine do cover for accidental blockages to cooling intakes (such as plastic bag etc) -

Page 16 of Club Marine Product Disclosure Statement (What they WONT cover);

"9. for loss or damage to a Motor caused by or resulting

from seizure and/or overheating unless caused by
an external blockage;"

Seems to me that a plastic bag IS an external blockage, and they have to cover it... ??

[mull dog]

Hi. i dont usually blow wind up a company's ar$3 but i had insured my new boat through RACQ. The very next day i had an incident that required a claim. there was no trouble at all through the claim process. Their assessor was over at MY house the afternoon i had called them. the claim was processed and damaged fixed in 2 weeks, even with parts having to be sent away. their premium for a $50k boat is around the $500 yr mark and the excess on the repairs was only $100. very happy with their service. hope this helps you

cheers mulldog

[Argle]

I was of the understanding Club Marine do cover for accidental blockages to cooling intakes (such as plastic bag etc) -

Page 16 of Club Marine Product Disclosure Statement (What they WONT cover);

"9. for loss or damage to a Motor caused by or resulting

from seizure and/or overheating unless caused by
an external blockage;"

Seems to me that a plastic bag IS an external blockage, and they have to cover it... ??


Cheers Toxicfish, seems I didnt read the product disclosure statement fully - and dont they keep telling you to do that in the ads?:-[
Good to know that they do although Im still happy with the cover and the premium that NRMA gave me

Cheers

[Chamelion]

I'm with club marine and have (ashemedly) made two claims for damage since Janurary. ($1090 and $3500)

Both claims have been approved and gone relatively smoothly.. That said, I'll probably go different on my next boat as club marine doesn't do a proper honest AGREED VALYE they'll agree on an INSURED VALUE, but they'll still only pay market value, unless the insured value is less!

[ToXiCFiSH79]

Cheers Toxicfish, seems I didnt read the product disclosure statement fully - and dont they keep telling you to do that in the ads?:-[
Good to know that they do although Im still happy with the cover and the premium that NRMA gave me

Cheers

No worries mate,

I nearly dropped a nugget in my drawers when i read your post, that's the only real reason i went and looked it up ;) nobody reads the WHOLE pds do they?? :o

I'll look at getting a few more quotes next year, i only went with Club Marine cause it was fast and convenient thru the dealer when we picked up our new boat... ($770 for a $60k BMT package) seems a little high to me compared to what everyone else is getting on here...

Bit worried about this market vs agreed value, i'd like to keep it as close to replacement cost as possible (and definately for finance reasons).... :-/

[dnej]

Can t go past NRMA.Do a search on this very sublect, as I and others have put together many posts .
David

[Damned67]

That said, I'll probably go different on my next boat as club marine doesn't do a proper honest AGREED VALYE they'll agree on an INSURED VALUE, but they'll still only pay market value, unless the insured value is less!

My insurance broker hooked me up with Trident for this very reason. The brokerage has pretty much stopped using Club Marine due to the lack of 'Agreed Value'.

[Zooter]

N.R.M.A , I have all our other policy's with them so it makes scene to stay with them, Great to deal with,

Had my old Merc 9.9 ripped off and they had settled claim and cash in my bank with in 2 weeks, Pretty impressed :)

I have my poly insured with them now for 15k and it cost me $28/month,

Even if they were more compared to someone else i would still go with the most trusted names!
GL with it

[Kero]

You can read about horror stories or tales of bliss when it comes to claiming from insurance companies. The best way is to compare cover (read & understand the PDS) and costs. Like many others have said, you may get a decent discount for multiple policies with the same company. Some may offer cover for extras for an additional fee (eg. accidental damage). Shop around and good luck with it!
:)

[Razgo-]

I'm with club marine and have (ashemedly) made two claims for damage since Janurary. ($1090 and $3500)

Both claims have been approved and gone relatively smoothly.. That said, I'll probably go different on my next boat as club marine doesn't do a proper honest AGREED VALYE they'll agree on an INSURED VALUE, but they'll still only pay market value, unless the insured value is less!

I dont understand? there isnt any point to pay agreed value insurence if they dont cover it. agreed value means just that.

so i dont get why they dont pay agreed value if they have agreed?