Nautilus marine insurance ripoff???

[hino310]

Hi Guys

I currently have my boat insured with Nautilus marine,and has been for the past 5 years. It is a larger vessel so last year i paid $1900 this year $3900. W.T.F a 100% increase. I have never even had a claim. Any recommendations for insuring a larger boat?

Cheers Hino.

[Finnatical]

Give trident insurance a go. I found them significantly better priced than nautilus for my kc3000. Good luck with the search, all insurers are questionable these days.

[fisho64]

yep you usually find the same underwriter such as Allianz behind them and hence similar conditions etc
But Ive found Nautilus to be quite accomodating and competitive.
You havent had a claim or changed addresses?

[Si]

Hi Guys

I currently have my boat insured with Nautilus marine,and has been for the past 5 years. It is a larger vessel so last year i paid $1900 this year $3900. W.T.F a 100% increase. I have never even had a claim. Any recommendations for insuring a larger bo

Cheers Hino.
For a depreciating asset, that's just plain wrong. Shop around. Ring them and ask and if they can't give you a justifiable reason then go elsewhere.

[hino310]

yep you usually find the same underwriter such as Allianz behind them and hence similar conditions etc
But Ive found Nautilus to be quite accomodating and competitive.
You havent had a claim or changed addresses?

No same address and no claims. I just rang a mate of mine who is also with Nautilus. When i told him he got his wife to go and check his renewal he just received, also a 100% increase actually more than 100% his went from $2200 to about $4600. It looks like at least two of us will be looking for a new insurer.
Thanks for your replies,off to have some fresh oysters and beer!

Cheers Hino.

[hakuna]

Same with mine, doubled, contacted club marine, they took $250 off my previous one
cheers
peter

[odes20]

also try Youi. I changed all my insurance to them last week and saved a huge packet. They do boat insurance as well

[Luc]

I got my contents renewal a couple of weeks ago and its gone up almost 500%.
Rang them up and got told the house is in a flood zone, told them never flooded in 30 years including the flood that took out one of the road bridge over the North Pine.
They replied that according to the Moreton flood map, there was a 1% chance of flooding.
After some more "friendly" banter I told them they're just a bunch of profiteering rip off merchants
A few days later, I get an updated quote showing a 'generous' $16 reduction of the monthly premiums!! Don't think I'll be staying with them!!

[odes20]

Was that Nautilus Luc??? You can change any time you want and they have to send you a refund of the unused premium. Suncorp sent us money back. Youi does a personal assessment of each client questionnaire and tey are able to provide cost savings on that basis.

[gr hilly]

YOUI just got all my business as my prices increased by other company,s but i did have to persist for a good deal but after they realised both my daughters and spouses had isurance with them and i needed three cars a boat trailer and my ute all insured i got a great deal.Hilly

[LittleSkipper]

Luc

A 500% mark up on your insurance premium is huge if your flood rating is only a mere 1% which according to the Moreton Bay river and creek flood mapping is considered in the medium range.

I too reside in the north pine region (Kallangur) and have never been affected by flood in over 25 years, nor do I reside anywhere near the lower north pine bridge that was damaged in the 2011 floods.

Insurance companies certainly like taking advantage anyway they can these days?


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[Luc]

Not Nautilus, GCU insurance.
One of their arguments was that they'd made large payouts in the floods so premiums had to go up to recoup!!
I suggested that any insurance company in Oz should expect an eventual large payout due to flood/fire and should make provisions accordingly, not ripoff their policy holders after the event.
Maybe its their way of limiting their exposure to flood payouts, massive increase in premiums for those with property in flood mapping areas, they go somewhere else, reduced exposure for the insurer.

[gruntahunta]

Before making the decision to change to a lot cheaper company, let me suggest that you talk to people who have made a claim through them and see how they processed and paid out that claim, after all this is when an insurance company should be judged.

A quick search on here will reveal a few of these cheaper companies have not been so good when it comes to paying out for a claim in a few cases.

[Lovey80]

Youi wouldn't insure my mothers house because of new "flood" mapping based purely on a street name given. When told the house was on the side of a hill they still didn't change their minds. Morons.

[Gon Fishun]

Luc

A 500% mark up on your insurance premium is huge if your flood rating is only a mere 1% which according to the Moreton Bay river and creek flood mapping is considered in the medium range.

I too reside in the north pine region (Kallangur) and have never been affected by flood in over 25 years, nor do I reside anywhere near the lower north pine bridge that was damaged in the 2011 floods.

Insurance companies certainly like taking advantage anyway they can these days?


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Your right there Littleskipper. A customer of mine ( retired) lives in Villeneuve, near the Stanley River and the back end of the Somerset Dam. His house insurance went from $1700 to $7000. He rang the insurance company, complained, they said that's how it is then he told them to look at a topography map which they did, after he told them if he was flooded, Ayres Rock would be an island, and they agreed he was high and dry. His premium went from the $7000 down to $1500. $200 less than previous.

[Luc]

Got new contents with RACQ. Monthly premiums up $7 from the old one.

Phoned GCU to cancel their policy, when asked, told the operator why, no comments from them.

[davo]

Don't think the "big companies"are better. I am going through a claim with Suncorp and I can say that after it is sorted I am leaving them and refinancing my loans away from them and never going anyway near them again full stop. Two months of jumping through hoops for zip all.

[SkullJug]

Hi guys, I work for a major insurer and thought I'd point a few things out.

1. Insurance isn't insurance. You get what you pay for, if its cheaper then buyer beware. That being said, it doesn't mean the cheaper policy IS worse, it may just be the company quoting has less / better exposure in your area / boat type / car model, which is why you should.....

2. READ THE PDS!!!!! Know what you are buying! You are not covered for what you THINK you should be covered for, you are covered for what this book tells you that you are covered for.

3. Your house CAN flood. People think that they won't flood because they never have or are situated on high ground. Floods aren't like slowly filling a bowl with water where the high points stay dry, it's more like spraying a gurney into the bowl at point blank, the water gets everywhere. Floods are about water MOVING. I've had houses set on high hills on top of the darling downs with 1.2 metres of water through the place. It didn't stay there long, but that sure didn't help.

I've also had to decline people who removed their flood cover because "for my place to flood Ayers Rock would be under water"(this was an exact quote from the customer when we explained to him the risk he was exposing himself to, he saved $800 up front, and lost everything in the long run. It's heart breaking to have to do.

4. Right now, as soon as you finish reading this, look at everything you have in your house worth more than $200 and ask yourself "if that got stolen how would I prove I owned it?". Some people are quite shocked that we won't take people's word for it.

[Luc]

I had the PDS for both and compared them in details, the new policy gives me as much cover as the one I just cancelled.

For the same cover, there is no way I would accept a nearly 500% increase in premiums.

[Thumbsuckers]

SkullJug and gruntahunta have it right. You only find out how good your policy is when you have a claim. Cheapest isn't always best. There are a multitude of brands vying for your business all targeting a particular part of the market. Insurance isn't just another bill to pay like the rates or electricity. But it is a product just like your outboard motor.

if you have a substantial vessel that needs insuring also consider getting some advice from a broker. They may have access to other underwriters and can assist come claim time.

Nautilus is an agent for certain underwriters at Lloyd's, the actual underwriter, according to its website.

[Aussie123]

My last boat cost me a touch under 13 grand a year to insure at the cheapest rates I could find that covered me for everything that I needed.
A group of us switched to a company in New Zealand who I cannot remember their name now but my policy dropped to 7 grand for a better range of coverage.
Several boats ended up making huge claims and they had better service than we ever got here from our insurance companies.
I hit a log in the river and was going to make a claim at the time and when I spoke to them they said go ahead and get it fixed and we will fax you through an authority form immediately to cover my claim and acknowledge our phone discussion.
I ended up slipping the boat and doing the work myself for the cost of the excess and back into the water in half the time so never got to test them out myself.
Don't be scared to look overseas if you are looking for a policy, just make sure they are underwritten by Llloyds of London and that they are happy to insure an overseas boat.

[FisHard]

Don't go near Nrma for anything! Had a 9 month battle with them, where their client was at fault in a accident between him and my truck. How they dealt with it, was a disgrace. The only way I got paid (nearly $30k) was to threaten to go on ACA. I guess they didn't care for any of my $20+k pa insurance spend on trucks, cars, boats, houses, business etc. Dogs