boat insurance

[Reef Cruiser]

my question is about insurance with suncorp my boat is worth 25000 , they say it is insured for market value does that mean 10 000 dollers has anybody had insurance with suncorp ... and made a claim how did you go. even if i get it valued at a boat place would that help if i ever made a claim thanks for your help

[mick smith 1168]

hi i had a clam with a 4x4 and made a clam i was paying prem for $10'000 and they only was going to give me$4'000 so i tolled them to stick their insurance and now i only insure for agreed value least you now what your getting

[Flex]

my question is about insurance with suncorp my boat is worth 25000 , they say it is insured for market value does that mean 10 000 dollers has anybody had insurance with suncorp ... and made a claim how did you go. even if i get it valued at a boat place would that help if i ever made a claim thanks for your help

Market Value is a bad idea on boats, Id be asking them exactly how they value your boat.

With my boats and cars I always do agreed value.you might pay a smidge more but at least you dont get screwed

[Lachie1]

Most insurance is the value you nominate or market value - whichever is lower - usually market value by a fair bit. If you look on boatpoint for similar boats to yours that should give you an idea - then take off a few grand and that will probably be market value. Make sure you itemise things such as your sounders/plotters, engine and specs, vhf etc etc and serial numbers of all and have photographic evidence.

Most insurance polies have a clause for an agreed value and this requires it to be valued by one of their people.

Hope this helps some,

Lachie

[Homer_Jay]

I had a car insured with Suncorp many years ago, car was stolen and I was payed market value. It was Brock Commodore in immaculate condition) anyway, I refused the payout and did some research and copied adds of similar cars for sale and challenged the figure. They increase the payout by about 40% no questions asked... I was one happy chappy (well as much as one can be after having their pride and joy stollen).
I know it wasnt a boat, but the moral of the story is keep photos and challenge the payout if you have enough evidence.

I have been with Suncorp ever since.

[FishHunter]

I had a car insured with Suncorp many years ago, car was stolen and I was payed market value. It was Brock Commodore in immaculate condition) anyway, I refused the payout and did some research and copied adds of similar cars for sale and challenged the figure. They increase the payout by about 40% no questions asked... I was one happy chappy (well as much as one can be after having their pride and joy stollen).
I know it wasnt a boat, but the moral of the story is keep photos and challenge the payout if you have enough evidence.

I have been with Suncorp ever since.


Had 3 cars stolen did that every time and got my payout every time took 6 weeks on average to convince them.

BTW that wasnt in the land of Ozz.

[krazyfisher]

I asked the question of suncorp and the answer I got was they will asked the local dealers and reference the local ads to get a price.

[PADDLES]

racq is the same krazy.

market value is market value, it's basically the price that would have someone walk up to you right now and take it off your hands. for most people this is usually a lot less than they think it's worth and i would imagine is usually closer to it's wholesale value. i'm saying this based on what people think their second hand boats are worth in the trading post etc. the prices are mostly ridiculous and no-one is buying. go for an agreed value if you think you won't be able to handle their offer in the case of total loss.

[cormorant]

At your annual sevice as for a written retail valuation from you dealer. He won't charge you , he has no obligation to buy from you. Clip a photo on and file it away along with all the serial numbers etc etc.. Proves condition, accessories , maintainance record and proves it is all in running condition. That way you can adjust your insurance ( always pay more - never undervalue ) and you always have it as ammo if they piss you around more than usual. Several years of these valuatios shows you haven't just done it for the sake of a insurance claim.


Interesting that recently I went with a agreed value policy on my car with a new insurer.

Car has many many KM and is only in average condition. Car and plenty of them are for sale in the market at about $8000 in good nick with a lot less Km

Existing company came up with a number of $10000
New company came up with $14000


Seems they are always working on the fact that we think our vehicles are worth more than they are. Friends are getting hammered on teh 2nd and 3 rd year of agreed value with the insurers dropping agreed value amount significantly and only way out is to change insurers.

Basically some car insurers are traeting it as a introductory "suck you in""make you feel good"rate and contineue to chare high premium but reduce agreed value.

I went with a 3rd company they allowed me to choose the agreed value and was offering a sicnifiantly reduced premuim based on that lower value. They use teh red book values as a guide and don't inflate them to start with to give you that warm fuzzy feeling.

I chose $9000 which in reality is more than it is worth and would allow me to go to a yard and pay retail for a similar model.

Insurers - you really have to watch them

A policy that states agreed value should be that . None of this agreed value or market value whichever is lower which one company was offering. What a crock but well expected from a insurance comany.

[novice23]

which insurers offer agreed value for boat insurance?

[dnej]

NRMA for one.Its agreed value.

[PinHead]

which insurers offer agreed value for boat insurance?

QBE..will always have my business. NRMA and others will not insure all boats. Once above a certain value they sook out.

[ozscott]

Just be careful thinking that agreed value is in truth agreed value. As one poster said above its typically the agreed value or market value whichever is lower. I know a bloke who did up an old landcruiser that included a GM 6.8l (or thereabouts) diesel V8 with all the mod cons and RACQ agreed to a set value, but only after he got a valuer to value it and the valuation was still about 15k under what he had spent on it, but of course what you spend and what it is worth can be 2 very different beasts...like the castle, you can overcapitalise.

I cant stress enough to people, that as boring as it is, please print out and read the full policy wording (many companies call it their product disclosure statement) and if in doubt seek clarification from them in writing and if its a big doubt or a big potential loss to you seek some advice from a lawyer about it.

Ohh..and while I am at it...dont accept the line that some insurers' pedal (including Suncorp at times) that its not up to them its up to the assessor. Its not. Its up to the insurer - its their decision subject to your agreement to the policy, policy schedule and wording and ultimately remain calm with them and do your homework on values and present evidence. In the end if you dont like it appeal it internally with the insurer and if that is not successful you have the ombudsmen normally and failing that litigation (but it very rarely gets to the later).

Cheers