Insurance Premium Prices

[sporty1]

Hi Guys

does $474 from Club Marine sound like a ball park figure for my insurance on 4 year old 5.2m stessl center console with 90hp 4 stroke suzuki, cost new 30k or can I do better? This is what my insurance broker sent me yesterday.

[Jarrah Jack]

Seems overs to me. My 23.5k boat costs $298 from club marine. i told them to stick their $30 mag subscription which they always try to charge. Ring Club Marine direct,I think your broker has added a big commission, you can also get a price on their web site.

[NAGG]

I'm about $430 for a $33K boat of 5 years (NRMA)

Chris

[wirlybird]

its all gone up cause of the floods at the moment there are record amout of people not insuring cause of this.

PS i have sold my insurance company shares as i think they will be loosing many customers this year by inflating their insurance to cover thier payouts.

[tropicrows]

Slightly off topic my House & contents went up by 35%, I shopped around but could not find anyone cheaper. All insurance has gone up in the last 12 months and they all say it's because of the floods etc. They coped a flogging but to keep their profits up and shareholders happy we have to pay.

[sporty1]

Well it pays to shop around! I contacted both suncorp and CLub Marine today, the result is as follows. My original quote from club marine through the broker was $478.80.
I went online at club marine and filled in the quote and it totalled 368.60.
I then rang suncorp and with %10 discount for VMR membership it was $350.
Looks like I might be chatting with my broker!

[Linedropper]

With insurance make sure you know what you are getting. A standard policy say from Club Marine will only payout Club Marine's market value in the event of a claim. Club Marine's market value and your market value are bound to differ and both wont cover cost of replacement. Found this out the hard way a few years ago with an outboard that got knocked off. Club Marine's first offer was 3.5K and replacement was 6k. Fought it out and got 6k eventually but it was a battle.

Ask your insurer what happens in the event of a total loss or what happens if an outboard/trailer goes missing. Only takes a phone call. You'll be surprised what boats and their bits cost to replace these days.

I went with Trident this time around. 23K agreed value and cheaper than Club Marine non agreed value.

[theangryangler]

my old 5m side console was 23000 value and RACQ was under 300 with a 500 excess. a few years ago now but ya never know the little tinny i am runnin now is 160 (minimum they charge for a premium) so......

[fisho8]

I pay $525 for my 21ft Whittley and that is a market value policy with my discount I am an assessor for Suncorp but in saying that Club Marine where $20 dearer. All I can say is..is that insurance is only profitable when someone does not claim. All insurance policy's are insured again offshore by bigger organisations...This is called reinsurance in an event such as a flood,hail storm cyclone all insurers pay up to a certian amount which is usually about 10-20 million dollars in claims and then the claim any additional on the insurance they take out on the policies they have taken on. The catch is when these events happen the reinsurers put their premiums up as the insurance company has claimed on their policy. So in actual fact the profit is spread through the bigger insurers offshore. Suncorp Policys are insured by Lords of London so when Suncorp claims on it's insurance with them they can easily put their premiums up. Long of the short of it we all end up paying for it anyway. All big insurers insure their policies offshore as they would go broke if they didn't. All I will say is that Suncorp does write a pretty good boat policy but I will always shop around for a better deal when I get my renewal every year to make sure what I am getting is at a fair price.

[The-easyrider]

Thanks for the info Fisho what is the value of your Whitley

[Floating Rib]

Club Marine $560 for 47K.

[wirlybird]

I pay $525 for my 21ft Whittley and that is a market value policy with my discount I am an assessor for Suncorp but in saying that Club Marine where $20 dearer. All I can say is..is that insurance is only profitable when someone does not claim. All insurance policy's are insured again offshore by bigger organisations...This is called reinsurance in an event such as a flood,hail storm cyclone all insurers pay up to a certian amount which is usually about 10-20 million dollars in claims and then the claim any additional on the insurance they take out on the policies they have taken on. The catch is when these events happen the reinsurers put their premiums up as the insurance company has claimed on their policy. So in actual fact the profit is spread through the bigger insurers offshore. Suncorp Policys are insured by Lords of London so when Suncorp claims on it's insurance with them they can easily put their premiums up. Long of the short of it we all end up paying for it anyway. All big insurers insure their policies offshore as they would go broke if they didn't. All I will say is that Suncorp does write a pretty good boat policy but I will always shop around for a better deal when I get my renewal every year to make sure what I am getting is at a fair price.

Fisho I don't want to start a to and fro slinging match but your view is that you must take out insurance. This just isnt the case and if all insurers don't wake up they wont have any customers. In turn this will be pushing the price down to attract policy holders. How you cant make money because of the offshore reinsurers rates being so high isn't the end users problem its the company's corporate social responsibility to find a better deal or perish that's just business.