Club Marine boat insurance

[INDULGENCE]

I have 2 boats insured with Club Marine and the larger a local built Platey is up for renewal.
Club Marine has written to me asking for an independent assessment of the boat prior to excepting the policy.
Whilst I understand the value of the boat will decrease each year is this a common ask.I have had the boat insured all its 10 years and when I re powered it I up-ed the agreed value.
They state that they will insure for the market value without the valuation.Surely the market value and the assessed value would be the same prior to an incident.
Any thoughts

Wally

[PinHead]

Wally..r u sure you had agree value with Club Marine...they usually state agreed or market whichever is the lesser.

I changed insurers so that I could get guaranteed agreed value.

[camsharkman]

Club Marine did the same thing to me when I was in NSW and that was on a 12 month old 600 offshore. I never bothered to get an assessment or find out what the market value was. I changed insurance companies and insured for an agreed value. Had no problems since.

[Homer_Jay]

Ring suncorp. They have agreed value and you wont need an assesment. I am with them and they were good value as I shopped around.

[shayned]

Homer,
Please do yourself a favour and read your product disclosure statement. Hopefully I'm wrong but you may find something like this.
Limits of cover
The most we will pay if your boat is lost, damaged or stolen is either:
. the sum insured shown on your Certificate of Insurance or

. the market value of your boat, whichever is less.

While you are at it look at what is payable for accessories and equipment or contents, in particular look at how a total loss settlement would affect you. Other people on here have explored avenues such as their house contents policy for their peace of mind.

Just presenting the facts as I know them, up to you to do with them what you will. I hope you found this helpful.

[Pitsta]

Hey wally just went back to club marine & no problems so far !!

Mark

[shayned]

Here's another interesting one, did anyone see the tow product advertised which was an aerofoil which would become airbourne behind the boat. Check your boat policy if you own one, I don't believe you have legal liability cover for this situation.

[Homer_Jay]

Thanks Shayned. I will have a look into it.

I have had insurance with Suncorp for cars and house and have made a few claims over the years and have been more than happy with them. A few years ago I had a car stolen and made a claim through Suncorp and they gave me a payout figure that i was about what I was expecting (below what I thought it was worth). I rejected the payout and gave evidence as to what it would cost to replace with similar and evidence of the immaculate condition the car was in. They came back with another offer that was more than I had the car listed for sale for at the time! Needless to say I was over the moon ;D ;D
I also work in an industry where we deal with repairs to storm damaged property and we deal with all the house insurance companies and I know that Suncorp are by far the best and fairest to deal with.

Thanks for the tip off about the policy though I will investegate it further.

Homer

[shayned]

Yep, I like them as a company as well, just sometimes it pays to be aware before not after.

[DazSamFishing]

Gentlemen,

I work for Suncorp... and we do not offer agreed value for boat insurance...

I work in a complaints dept. and I am kept busy when people call to claim and they haven't read their product disclosure statement thoroughly...

You will find that there isn't a huge price difference between company to company... The major aspect that will separate one from another is the way they can handle and process your claim.

Daz

[shubeej]

hey daz no doubt we must of spoken on the phone then it took suncorp at least 3 times just to get my details correct.i'm still insured with them
shubeej

[Smelly]

Gentlemen,

I work for Suncorp... and we do not offer agreed value for boat insurance...

I work in a complaints dept. and I am kept busy when people call to claim and they haven't read their product disclosure statement thoroughly...

You will find that there isn't a huge price difference between company to company... The major aspect that will separate one from another is the way they can handle and process your claim.

Daz

Daz and others - please confirm if agreed value is it or not. Others have stated agreed value by SUncorp - you have not.

What is the G O?

[INDULGENCE]

Thanks Guys
Club Marine have offered to insure for the market value until I can provide them with assessment.
The problem I have who will assess the market value in the event of a claim.
They are very co-operative and will allow me time to get the assessment then they will change over to agreed if the value is higher than that classed as market value.
As the boat was made locally by a company that makes oyster punts and the like, my boat was a only child. Its this point that I cant make them understand in their market value.If the boat was to be maufactured again now it would be around $90k not the $45k they claim. Last year the agreed value was $55k at my request.The local Dealer thinks assessed value could be as high as $70k.
I am fearful that in the event of a claim they will
a/ tell me I am under insured
b/ tell me the market value is far less

The boat is due to be serviced this month so I will have it assessed by the local dealer and send it off to Club Marine, only if its more than their market value




Wally

[holy_mackarel]

When buying a new boat or car the dealership will recommend insurance with the company they have a commission's with !

[Adamy]

Hey Daz - I'm confused too... better go have a look at my policy... when I rang suncorp about the cover - they gave me a quote for a specified amount for the boat - for the trailer and the motor all separate... my policy states the amounts - but is that like a maximum amount as compared to market value? - which ever is the least?

Got a flyer from some mob in my rego paperwork - thought it was club marine guaranteeing to beat any previous/current insurer by 10%... still going to check it out - hard to beat suncorps claims service though... on household and car... but havent claimed on boat yet.

Adam

[DazSamFishing]

Daz and others - please confirm if agreed value is it or not. Others have stated agreed value by SUncorp - you have not.

What is the G O?

Suncorp do not offer an agreed value! As mentioned by Shayned...
the sum insured shown on your Certificate of Insurance or

. the market value of your boat, whichever is less.


Unless you have insured a brand new boat/motor/trailer... then we can replace it or pay you a sum.

Daz

[NAGG]

Wally ....... Dot your I's & cross your T's when you deal with CM :'(

NAGG