Boat insurance.... again

[Damned67]

Hi All,
The wonderful postman just delivered the insurance renewal for my boat. I just hate that guy at the moment!
Of course, the cover page actually apologises for the delay in sorting my premium, and it's due next week! Double yay!

Anyway, I opened it up and just about died. Agreed Value of the package is $9700 (which is a bit low now), but the damn premium is $412!!!
I'm sure it was less than $300 last year.
Anyway, my broker seems to have changed my coverage from Club Marine to QBE marine.

Looks like it might be time to dump the broker and find a new insurance company.

Anyone have suggestions on who I should look at?
And more importantly, how much I should be paying?

Cheers

[Spiderpig]

I package mine with my home, contents and car insurance. It works out a lot cheaper.

I am with RACQ and am very happy with their boat insurance; not so much with the house policy anymore.

[Still_Dreamin]

Just got my renewal from club marine and was going to post the same question. My premium is 650 to cover $42000. Doesn't seem so bad compared to yours. Has anyone made a claim through racq for marine cover. If so what are they like to deal with.

[Damned67]

Still_Dreamin, do you think your premium is significantly higher than last year?

[Still_Dreamin]

Not sure of the top of my head. Will check when i get home and post tonight.

[cobiaman]

Just got my insurance for my car, $520 and market value is $3800.

[Still_Dreamin]

Wtf! How the hell does that work, cobiaman.

[cobiaman]

Buggered if i know, never had a claim in 12 years with them either. Lets just say that i didnt go ahead with that policy...

[Kram71]

I got a boat insurance quote from Suncorp recently... $330.00 for agreed value of around $10000.00. Might be worth giving them a try...?

[fisho8]

My boat is with Suncorp and I am paying $570 a year for for my Whittley with a $53000 AV. I do not have the water skiers cover though as that can make a differance to the premium. Over $400 is a bit hight for 10k though. I also have a 385 Quinny explorer insured for 5k and I pay about $190 for that. Were the brokers fees on top of that cost to ???. I work for Suncorp so I get a discount to.

[mutineer]

Well my house insurance went from 1200 to 7000 so I thought I would ring around , suncorp 14000 , aami 13500 , got a broker onto it and best was 3300 no flood cover . They are all trying to get moneys back from all the floods I reckon. When you have a few cars a couple houses boats trailers bikes etc , if I insure insure em all I would have no money to put fuel in the boat ...very interesting times ! Zero claims seems to be worthless now with the huge increases

[jelifish]

Mine is with Suncorp $321 with multi policy discount. It is broken down into hull, motor, trailer etc but about $12000 worth

[coopersman]

RACQ works for me with all out gear price is pretty good to !!!

[Dantren]

I pay club marine $485 for 45K market value, 5 mil thid party, 50K injury.
I ditched the broker a few years ago and paid CM directly online & saved heaps.

[oldie]

ring a platinum club marine dealer they offer at least 10% discount on premiums thats what i did anyway $300 for 18k boat sold it in december though

[Lancair]

I'm with Club Marine, no broker involved. Around $630 for $55K, no waterski cover tho, must add that tho before I go towing skiers again.

[Luke G]

Club marine as well, $1100 for 120k market value

[Hsvjones]

I'm with RACQ for $420 for 24k agreed value..
I would skip the broker and save commission money for yourself!! Either club Marine or RACQ is the go!!

[Jakers 69]

CM as well, paid around $600 for 78k

[Still_Dreamin]

Still_Dreamin, do you think your premium is significantly higher than last year?

It has gone up $80 since last year for same sum insured.

[J2DAG83]

Hey Mate

Just paid my premium with suncorp, i have a 6.4m sportsfish (96 model) total insurance value should everything get stolen is about 50k... premium was $545.
In case you haven't done it or got it there's a resonably good discount to be had by being a member of VMR.
2 years ago the hydrastar brake actuator mounted on the front of the trailer got water in it from bringing the boat back through flooded roads (water just over the road not a lot) between rainbow beach and maryborough... suncorp covered the replacement, this surprised me somewhat.

Oh and just one other thing have a look at what individual things are covered for, my boat trailer was covered for 3k... to go out and buy a new one i'd be looking at 10k plus.

hope the above helps

jared

[uripper]

Thank all who posted here. The Ausfish community is an awesome invaluable resource.
My recent experience FYI ......

I have a 2005 Haines Hunter 650 'Horizon' (weekender version) with 200hp Johnson/SukDF200 4st & Dunbier hydraulic braked tandem trailer. My insurance was due so did a bit of shopping around on an agreed value of $70,000 with standard inclusions /excesses etc


Suncorp $1,400 (existing insurer wanting 20% increase over last years premium)
Club Marine $1,000 (approx)
RACQ $800 (the winner)

hint: do a standard 'online' quote inquiry first, then fiddle with the variable terms by phone after you get the emailed proposal certificate


hope this may help others - MalM ;D

[tenzing]

Also with Cm and reasonably satisfied with premium for boat value.
Do yourself a favour though. One day when everything in your life looks to be going so so well, sit down and read the PDS from your insurer and compare a couple of others. Takes ages but you may be surprised at what you are buying .
The coverage can vary very widely . I remember when I got the victory I compared a few then rang to put a couple of scenarios to their phone line staff. Not one could tell me what would happen say if the trailer left the car or boat off trailer causing damage to property etc. CM at least called me back with answers.
Check out a lot more than the premium. after all if you are not storing correctly ( according to the policy ) or are not covered for you activities ( eg skiing ) then you may as well pay nothing - as you may not be insured anyway.
Cheers
Brendan

[Fed]

tenzing I think third party property & personal insurance is covered by the car's insurance while you're towing.

IMO CTP insurance should be a requirement for boat registration so I could dump my comprehensive cover.

I'd love to know the stats on just how many boats are running around with no insurance at all.

[tenzing]

tenzing I think third party property & personal insurance is covered by the car's insurance while you're towing.

IMO CTP insurance should be a requirement for boat registration so I could dump my comprehensive cover.

I'd love to know the stats on just how many boats are running around with no insurance at all.
You Might think so Fed, but as I recall it was not as clear cut as that.
Remember the boat and trailer are not covered by your car policy, so neither would be third party damage arising out of an accident caused by them.
It started to get a bit funny when the Suncorp lady said "well thats a good reason to have both with us".
Also. Why is Third party insurance not compulsory on cars as a rule.
The damage to a person is covered, but not to another car ( or house). I used to work with a girl whose brother's car rolled down a hill into a house and caught fire!. He had no third party cause it was a shitbox. But he did own a house ( well he used to - dont own property and not have 3rd party)

Anyway my point was why worry about the premium without knowing what you are paying for.
Each person I queried seemed truly shocked that I had actually READ the PDS.
Cheers
Brendan