Boat insurance

[Seahorse]

I just got my renewal. RACQ 309.00 for $20000 insured.

I was just wondering where other people insure their boats.

Cheers
Greg

[copie]

Was with RACQ a couple of years but changed back to Club Marine cheaper and better cover.

Mark

[gpz1991]

Club Marine, mate had his patriot broken it to while in dry storage, they paid for the repairs and the gear he had locked in the cabin, only heard good reports at this stage

[bf90]

Suncorp $45k full comp cover for $700. Cheers.

[Stansy]

Hey Greg,
I to was insured with RACQ for number of years with old boat, up graded to larger glass boat last year, their quote for my new (second hand) boat was hundreds dearer than Club Marine. Have no issues with them, went with Club Marine cheaper policy and better cover. Go with Club Marine.
Mark

[kingcray]

hey Greg i have RACQ aswell.. i cant even remember the policy i thought it was for 15k all i know is it only costs me $17 / month

[netmaker]

Suncorp $45k full comp cover for $700. Cheers.

worried about flood damage mate?;)

[Moonlighter]

Seems to go in cycles, these insurance prices.....

I was with Suncorp for my previous boat and the premiums got rediculous, so changed to RACQ where I'm a Gold member and got a great deal. Shopped around when I got the Surtees 2 years ago and they were still the best, policy and price wise. Recent renewal was a small increase so renewed.

Good idea to shop around every couple of years, it seems to me.

At present I'm checking out landlords insurance for an investment house I'm buying, and NRMAs policy looks good and their price is at least 20% better than RACQ and almost 50% better than Suncorp! So pays to check around.

The biggest problem with ank kind of policy is that the policy terms often vary so much that it's hard to compare apples with apples...... So many variables it's not funny. Just have to figure out what the most important policy terms are for you and compare them, otherwise you go nuts!

Cheers

ML

Cheers

ML

[paullee]

i'm with Suncorp and have a few policies but what annoys me is that as far as boat insurance goes they all quoted market value and did'nt want to commit to an actual figure...can't remember if Club Marine was like this as well? i know the last boat i had in NSW they made me split the value up by hull, motor and trailer....still not easy to do but i think i would prefer this than "market value at the time"......

[Still_Dreamin]

I have club but hear neptune is good

[LittleSkipper]

Another RACQ Car & Boat Insurer...

[fisho8]

All I am going to say here is you get what you pay for whether it be house,car,boat,trailer. As some may know on here I am an assessor for Suncorp and also do assessments for AAMI,VERO,JUST CAR,SHANNONS,GIO,AMP and BINGLE. Cheapest does not mean it is better it means it is basic so read the PDS and make the decision as to if it suits you. Don't wait until you make a claim to find out what you are entitled to under the policy you have purchased. I see so many people who buy expensive cars/boats etc and insurer them with the cheapest insurance they can find. Then I have to listen to them piss and moan about how shit the insurance company is and how we give them nothing and we suck and so on and so forth simple fact is if you can afford to own a big ticket item you can afford to cover it with the best. A mate of mine has just bought a $125000 merc he gets a quote from Suncorp it come's in at $1500 AAMI quotes him $1300 and NRMA quotes him $550 so he goes with NRMA 2 weeks later someone backs into him at the airport he was told by the broker he gets choice of repairer I know the NRMA process and I tell him this is not th case and they will choose the repairer for him. I now have a bet with him that I will know I will win haha and I am just waiting for the phoncall to say I am right haha. When you hand your money over you are bound by that policies terms and conditions so be careful and read the insuerers PDS to make sure you look at all the benefits you will get under the policy.

[bobbyb]

just got a quote the last week over the phone with racq for 30 grand. jumped though all the hoops......... that will be $575.00.WHAAAAAAAAT.

whoops mister xxxxxxxxxxxxxx i forgot to give you your discount. $410.00 ahh thats better. people who don't speek up must get screwd bad.....

[goat boy]

I was with RACQ when I lived in QLD, when I came to WA I found them just frustrating to deal with to try and swap everything over to RAC (and the premiums were a lot more $$). I gave club marine a go, they were helpful and knew exactly what they were talking about (unlike RACQ) so I went with them (and the policy was cheaper, yes I did read the documents before I signed and know where I stand). Never had to make a claim on the boat so dunno how any insurer is but RACQ/RAC lost all my insurance (had everything with them) because they just damn well seemed like they didn't want the business anymore, in fact, they had already told me they dropped my car insurance as they don't deal with cars and Karratha! Gave me 5 days grace to get new stuff and issued me a cheque pronto for refund (thats when I dropped them for everything).

[Lancair]

Im with Club Marine, full comp, fixed value $58k, and they know (have been advised in writing with photos) its parked on a road, outside my unit complex, with wheel clamp and hitch lock and its own cover, for security. Approx $640/yr, I pay by month for no extra cost (afaik) $53.40/mnth

[fisho8]

Just to add to what I have said Always ask the insurer is that the best price you can do. I got my house insurance renewal from Suncorp and with my discount it come to $1400.00 :o I basically got straight on the phone to them and said WTF.....They had a look at how many policies I had and with a few adjustments to the excess from $300 to $800 and paying it up front for the full year brought the policy down to $839.00 for the year. The is a 15-20% charge to that policy if you pay it monthly which is factored into the priemium you pay. Insurers are always willing to disscuss or price match or beat their competiton. As for Suncorp insurering for market value they changed over to this because alot of people get confused when the boat is insured for a sum insured amount. Check your certificate and confirm if it is "agreed value" or "sum insured value". Agreed value will mean you recieve that amount no questions asked.....However Sum Insured is defined "Sum insured Market Value which ever is the lessor". The sum insured amount is the maximum an insurer will pay on any one claim in the event of the boat being a total loss if it is justifyable. if the market is showing the same boat for a lessor amount then that is what you will get so in actual fact Sum insured is market value.:)

[feral cat]

Hey fisho8 im with suncorp but i will be shopping around soon.You said read the fine print.Thats all well and good if you have a lawyers degree and understand there manipulative word twisting books.I must say i got well and truly bent over once and they tryed to bend me over another time later but they were wrong in what they were saying and had to pay out.Much to my disgust when i was talking to manager she was trying to put words in my mouth,then she agreed to pay and hung up in my ear.Without going into it to much the first time they bent me over properly is when i had rods stolen out of my boat at night in my yard.Had gear out ready for fishing etc.They got me on a technicality saying my rods were either in use or ready for use so that means there not covered.How pissed do you think i was as the reason i went with them is because i was told over phone they will insure fishing gear outside my shed.Not having a dig at you fisho just agreeing read the fine print and the pdf because the pricks will bullshit over the phone to get your business.I have since pulled all my fishing gear and accessories out from suncorp and insured with a different company that offers a better policy.

[bay cruiser]

Nautilus Marine $30k cover $380 pa

[Scott Ashe]

I am with RACQ too, My "425 Reelmate" is insured for $12500 and I paid $246.00 back in April.
Cheers

[fisho8]

Hey fisho8 im with suncorp but i will be shopping around soon.You said read the fine print.Thats all well and good if you have a lawyers degree and understand there manipulative word twisting books.I must say i got well and truly bent over once and they tryed to bend me over another time later but they were wrong in what they were saying and had to pay out.Much to my disgust when i was talking to manager she was trying to put words in my mouth,then she agreed to pay and hung up in my ear.Without going into it to much the first time they bent me over properly is when i had rods stolen out of my boat at night in my yard.Had gear out ready for fishing etc.They got me on a technicality saying my rods were either in use or ready for use so that means there not covered.How pissed do you think i was as the reason i went with them is because i was told over phone they will insure fishing gear outside my shed.Not having a dig at you fisho just agreeing read the fine print and the pdf because the pricks will bullshit over the phone to get your business.I have since pulled all my fishing gear and accessories out from suncorp and insured with a different company that offers a better policy.

Sorry to hear that mate and that's a fair call you got an outcome but had to fight for it which is wrong. Whoever you were speaking to should probly have a read of the PDS themselves. Some PDS's are hard to understand yet others are not. I have told people you can go into a branch and have a talk to a rep in there to take out insurance talking face to face with someone is always better than over the phone but for most people getting the time to do it can be hard. The boat policies have come alot further than what they were and are alot better than what they were. As for your Rod's I would still persue it and go through the IDR Process (Internal dispute resoloution) to see if you can get an outcome there. All I can say to anyone is there are plenty of ways to give feedback to a business 1 is taking it elsewhere 2 is calling their feedback line and voicing your concerns and I can tell you they will be recorded and let them know you will taking your business elsewhere. If you lose one person you lose 10. I always shop around myself when my renewal comes to It pays to I always call Club Marine and RACQ they have never been able to match the price I have got from work and that is why I have kept my policy where it is.

[bobbyb]

tip on home insurance.
changed over to youe for less than one quarter of my old company prise, all reads the same but no flood insurance, which the last mob don't have anyway.
and i live on a hill so don't matter to me. only thing is they are paperless.. so all done on the computer, which wouldn't bother you lot..

[jhmtaylor]

Buyer beware.

I have insured my 5M tinny with Club Marine for the last 17 years and just become aware of a issue with their insurance product. Unless you have agreed value (valuation required, which is only valid for 12 months) they only pay their definition of "market value" (in the event of a total loss), which is what you could sell your boat for in your local market. Most other companies define "market value" as what it will cost you to replace the boat allowing for it's age and condition. They may sound almost the same thing but consider my dilemma.
My boat is a plate ali boat which is 17 years old. I have just had it professionally refurbished. Structurally it was in very good condition, everything was removed, a casting deck and live bait well added, ply floor replaced with plate ali, grit blasted and painted with tow coat two pack system, new 70HP 4 stroke, new electronics and lecci motor, new hydraulic steering, LED lighting, AGM batteries etc etc The bottom line is that I now have a boat that I have always loved which is in better that what it was when new. I spent $35K on the work because to get the same as what I have would cost $45K to $50K new. Club Marine insisted I get a condition report and "market value" valuation from a dealer. The dealer looks at the boat and says it is immaculate (not bad for a 17 year old boat). If he had to sell it it would go for $25K. I said to him what would it cost if the insurer said "find another boat of the same age and bring it up to the same standard before the damage" and he said $40K to $45K. Ie an 80% difference in payout in the event of a total loss. A lesson learned before it was too late. Needless to say "Bye Bye" Club Marine after 17 years.

[juggernaut]

Interesting, according to this link you can choose between market value and agreed value policy.

Perhaps you have chosen to insure at the boats market value rather than the agreed value?

http://www.clubmarine.com.au/internet/clubmarine.nsf/docs/PI+Special+Conditions

[jhmtaylor]

Juggernaut,
If you want agreed value you have to pay a dealer to pay for "Club Marine Market Valuation " every year which in 95% of cases will be substantially less than cost of buying similar boat. The underlying principal of all insurance is one of indemnity, Ie putting you back in the position you were before the loss subject to adequate sum insured. My point is that you will always be worse off with the club marine concocted definition of market value.

[fishychrissy]

Just today insured my Stessco SFX 450 Catcher and Yamaha F60F on a Dunbier Trailer with Suncorp for $16500 for $269, quote from Club Marine was $391.
Cheers

[juggernaut]

Let me know which insurance coy covers the cost of restoration/improvements/modifications as i am all ears.

I found car insurance coys are the same as they don't cover the cost of the restoration/improvements/modifications - well certainly not what is spent even if it is an agreed value policy.

Luckily I've had the salvage rights to one of my cars i spent a few bob on so i received the payout as well as have the car back when i wrote it off. These policies don't come easy these days though.

[jhmtaylor]

Check with Shannons for your car, their agreed value allows for cost of the restoration/improvements/modifications.
Re The boat I will advise soon.

[jhmtaylor]

Let me know which insurance coy covers the cost of restoration/improvements/modifications as i am all ears.

I found car insurance coys are the same as they don't cover the cost of the restoration/improvements/modifications - well certainly not what is spent even if it is an agreed value policy.

Luckily I've had the salvage rights to one of my cars i spent a few bob on so i received the payout as well as have the car back when i wrote it off. These policies don't come easy these days though.

I have decided to run with RACQ. They will cover the "cost of the restoration/improvements/modifications" in the sum insured. The policy wording is fair with no extraordinary exclusions. The price and excess was also good.

I also obtained a quote from Yuoi but decided against it because in my opinion some of their exclusions were way too tough.

[juggernaut]

Check with Shannons for your car, their agreed value allows for cost of the restoration/improvements/modifications.
Re The boat I will advise soon.

I am with Shannons......the fine print say....If we agree to cover them.

My sister had her car insured with RACWA and based on her experience re a recent claim I wouldn't touch them.

I guess all insurance coys have their issues. All in all I have been very happy with Shannons though for my cars.

[Darren J]

I recently got pricing from Suncorp, (dearest) Club Marine next cheapest which surpised me, and then Youi being a LOT cheaper. about $480 for 85k value total insured as agreed value. They also do a break up split as I cal it for boat/engines/trailer/accessories (loose) within the total insured amount. Club Marine were about $900 for equivalent. I have had a relatively recent car claim with them (Youi) and cannot fault their service, willingness to fix unseen problems months down the track etc..... There are a lot of new players in the insurance industry at present and a lot of old players licking their wounds from recent years so it pays to shop around. I had a home insurance policy go up x10 (yes x 10, not a typo!) heading towards $20k a year, due to being in a flood zone. After a lot of ringing, I am now paying about 1/3 of the best other price I could get (and 10 x less than my previous insurer wanted) with Comminsure (Commonwealth Bank). Half my street now insures with them. I think they are competitive as relatively new to the market and trying to win business.

[scottar]

I spent 20 years in marine retail. During this time I was involved in quite a few insurance claims. Let's just say that Club Marine is one of the best for utilising a "Market Value" definition in my experience. Read your policies carefully as previously stated. Personally mine is with RACQ but so is all my insurance so if they ever give me a hard time they will lose more than just one policy.

[hilta1]

I have just swapped both boats over to Yamaha Insurance saved heaps and policies are comparable, was with club marine