Boat Insurance?????

[TopEnder]

Hi All,

Just a quick question. Who is your boat insured with and why? The reason I ask is because I am in the process of purchasing my first boat and the insurance issue is a little confusing! ??? For example Club Marine has a choice of 1, 2, 5 and 10 million dollars for public liability. What do you choose? ??? There is quite a difference in the premium depending on your choice. I believe being insured with a company that specializes in boats is a good thing. I just wanted some other opinions. Any feed back would be great.

Regards
Dave ;D

[reefraider_II]

i got a quote from club marine and it was 570 i then got a quote from cgu and they were 470 this is on a 18000 boat dont know how much public liability .I think when it comes to insurance it may be good to go with one that specializes but at the end of the day insurance company is like any other i am not sure what the benefits would be by going with club marine.I could understand had it been a rare hot rod or something very special but i think boat insurance is quite common .I might also check out if club marine trade for themselves or if they are under written by other company.If you find out any info please let me know i am in the same boat as you mate!

[aussiebasser]

I went with NRMA, 'cause that's who my car and house are with. Their premiums were cheaper, and they offer monthly payments which is handy.
I've had one claim, and this was paid quickly and efficiently. They also support the fishing community with great sponsorship of the Tweed Classic Comp every year.

[lordy]

NRMA are sneaky bastards about monthly payments (I have NRMA insurance for most of my stuff).Basser, double check the monthly payments with NRMA. They often charge up to 10-20+% more if you pay by the month over a single yearly payment. Worth checking.

[bj]

Dave,a little tip here about insurance of your boat.There are some boat clubs around Brisbane that have an arrangement with Suncorp and if you are a member of that particular club you will save a lot on your insurance.I am a member of a boat club at Hervey Bay and saved around $200 on my insurance which is around $850 plus, a year through Suncorp.I have had a few claims over the years for one thing or another and have never had a problem with Suncorp.Anyhow just something to think about.

[bj]

Just another thing don`t think that just because an insurance company specilised in boats that it is the way to go.My first boat 35 or so years ago was with Club marine I had a prop claim and the trouble I had to go through and then have the claim refused made me look else where.I then went to R.A.C.Q. and then ended up with Suncorp and glad I did.Don`t get me wrong this was only my experience others may have better experiences.But all insurance is good till you have to make a claim.All the best.

[dnej]

The last post is right on the money, and forget premiums as your first port of call, look at the policy doc,especially the part about depreciation.
Do a search of this web site, these question have been all answered previously and will help you
Regards David

[CQ_Fisher]

G'Day gents,

I'm an insurance broker, but dont hold that against me ;D. Club Marine are simply an underwriting agency, the actual insurer for Club Marine is Allianz. They are a large European insurer that came into the Aussie market to pick up the pieces when HIH/FAI fell over. The best bit of advice that i can give you all in regards to insurance is, you get what you pay for. If a policy is significantly cheaper than others then there is normally a good reason for that and you will find that reason when you try to make a claim. To be honest, i dont have alot to do with pleasurecraft insurance (other than my own)as the company i work for is more into business, commercial and industrial insurance so i cant quote you specifics from particular policy wordings but just read your policy wordings and that will tell you everthing you need to know. They are becoming much more "user friendly" these days and written in plain english so u dont need to be a professional to understand them. If at all possible try to get an agreed value on your boat as opposed to a market value cover, this will prevent problems with depreciation for age, wear and tear in the event of a total loss. A few other things to look for are additional excesses that may be imposed for certain circumstances such as theft from open air,etc. So, in a nutshell, read your policy thoroughly and understand what you are insured for. I'm sure if you purchased a new outboard you would read the owners manual, why should your insurance be any different.

Cheers
JD

[moondancer]

Lots of good advice here! Best of all is the one about 'read the policy documents'! I was with Club Marine for many years, and had no reason to claim (touch wood) so therefore no problems! Look out for the magazine charge - it's quoted aw part of the overall poklicy cost, but you can remove it (unless of course you want the glossy mag of boats you can never own!)

With my current boat I was advised to try RACQ - they have onloy recdntly started boat insurance, and I have found them considerably cheaper. They were very very picky about every single detail, serial number, life jacket etc. on the boat (which I guess is a good thing) whilst Club Marine just wanted an all up figure with major accessories listed. I think the policies are much of a muchness in how they operate, and that RACQ are cheaper because they're new at it and trying to attract the market.

Jump on their website and read the policy docs.!

Lawry

[TopEnder]

Thanks Guys for all the info. Looks like a lot more research is required. I still have about 2 weeks until the boat will be ready, so I still have some time left to make a decision. My current is best quote is for about $370-$430 for just over $22000.00. Does this sound about right? Once again thanks to all of you who replied.

Regards
Dave ;D

[aido]

i've just renewed my suncorp policy.
it's split like this..
hull 7,500
accessories 2,000
motor 10,000
trailer 2,500

total $22,000

liability $5,000,000
claim excess $500

policy for 12 months $302.50
including gst+stamp duty

i did'nt shop around,
no need by some of the quotes here.
aido.

[mako_5.2]

$330 to insure for $32000 and same excess and liability as Aido with Suncorp.
No problems yet, I pay and they keep taking my money.

[davo]

A bloke at work was insured with Club Marine. His V Sea about 15yrs old and knowing him you would be able to eat off the baitboard. He is in have swith his brother-in-law who happened to damage the transom on the boat.

No problems except that CM informed him of his hull depreciation and multiplied that by the age and he got bugger all :o :o. CHECK YOU POLICIES. An older boat may not be worth insuring. In reply to CQ_Fisher. Allianz took over from FAI. I had the boat insured with them and never had a claim from 1988 and when Allianz started they took my premiums from $210 to $395 and that was a few years ago. Don't trust any of them!!!!

[SNAFU]

hi ,all .i just had a claim for a bimini lost in transit with suncorp. they payed up minus excess in 4 days .they did ask how old it was (11months) and said that they will pay replacement cost if i had receipts ,which i did.new bimini in 2 weeks and me happy minus 150$.premiums for 2 year old tinny, motor and trailor was about 260$ for 9500$ insured value.
ps i dont trust them either as they are not a non profit orginisation.