Boat Insurance, do you have it

[ynotaj]

Just about got my first boat, hoping to pick her up in a week or so and man I can't wait to get her in the water and catch me some fish, I thought I should look at insurance for it first.

Is a boat like a car, do the insurance guys value your boat then set a price or is it agreed value, and what are you covered for, if the boat falls off the trailer on the way to the ramp is it covered or if when in the water you hit a rock and sink her is it covered, and if another boat runs into you are you covered because their boat is registered meaning they have third party insurance.

And if the value is agreed how do you come up with a value, what you paid you it or new replacement. Also not sure where to go, I'm in NSW so NRMA will do it I guess. All up the boat is going to cost me around $11000 any idea how much the insurance on that would be.

Cheers guys
Tony

[blaze]

No Idea on cost
Mine is insured for agreed value, dont forget to add things like sounders ect. mine was
hull value
motor value
aux motor value
trailer value
accesaries value - life jackets etc
sounder value
gps value
also need to be aware if you have a lock up cab etc, as some things airnt covered if it is not in a lock up cab
worse to deal with than car insurance as its not so cut and dried
IMO you are wise to have it, if only for the public liability
cheers
blaze

[Argle]

Mines the same as blaze,
Hull value = $$
Motor value = $$$
Trailer value = $
Accessories sounder gps etc =$
Total = lots of $$

Make sure you know what the value of replacement items are ie dont undervalue the engine because if you get a plastic bag or similar caught in the intakes and it cooks the engine, insurance will only pay what you valued the motor at.

It pays to check every couple of years as the values do change, but at the end of the day if you can afford to lose $11000 then dont insure but its peace of mind to know that you are covered.

Dont forget to enquire re: waterskier extension if you plan to do any skiing/tubing or whatever as the standard policy will not cover you for this.

Cheers

[Spaniard_King]

I am with RACQ and they do as Argle has stated.

Tony when ya get it..write down all the major parts and get prices for them

For a start recommended retail for a 40 with trimn and tilt is $7,800 :o

Sh!t that was a good buy ;)

Garry

[Black_Jack]

yep

im insured at an agreed value.

[backhoe]

Yep agreed value.
Get a few quotes as have just been through the process and it varies a bit. Most of the companies have an on-line quote system.
Had to claim on a policy with club marine a few years ago and they paid up no worries so I've stuck with them.

[ynotaj]

Thanks guys I didn't think about insurance for individual components I was thinking more of a total write off figure, and garry I got to say I was abit worried you might say the boat was no good and then go buy her for yourself :P, I didn't want anyone else to know about it let alone see it :D. just got to get a trailer and off I go.

cheers
Tony

[Spaniard_King]

Tony,

I can understand where ya comin from ;) I wana see some good fish pics comin outa that boat [smiley=thumbsup.gif]

Garry

[Dignity]

Tony, I took stock of all my fishing gear that is normal for a trip and included that in my policy. I did this because when I started to add it all up I was shocked at the replacement value. There's more to insurance than meets the eyes. I'm in qld and quite a few of my friends used to insure with southern companies but have changed over as there is one in particular that gives short thrift, PM me and I will let you know who it is. Also you need to check who covers you when towing on the road as there are plenty of rednecks out there.


Sam

[Jusel]

My boat is insured for agreeded value. As other have already mentioned don't short change yourself when valuing the boat/motor/accesories.

[LoveLutjanids]

Whatever the case just do it! At least 3rd party because if nothing else it'll start to reduce your annual premiums so 10 years down the track when you want that new Pacific Sportfish you'll have an awesome no claim history! PS Boat insurance at Full Comp aint cheap - no matter how good your car history is.. Doh!

[bignick]

Most of the Insurance companies want to know the age of your boat (manufacturing date, regardless of condition or if it's been restored) and won't touch boats over a certain age. Some companies even want a detailed itemised list of everything on the boat, with each item included individually with information on brand, value, seriel number, etc.; and this goes right down to life jackets. I finished up going through Club Marine, as they seemed to be the easiest to deal with. Other companies all but wanted a deatiled survey inspection of the boat before they would enter into anything. Club Marine's premium was a tad dearer, but, if you added on the cost of the inspection the others wanted, there was little, if any, difference in price in the end. And, Club Marine is a specialist Marine Insurer, where their agent only had to have a quick inspection of the boat to provide insurance, and that inspection cost me nothing if I took up the insurance, which I did. Any repair under $1000 gets done pretty much on the spot and the policy also takes into account any fishing gear you might have on the boat at the time of any mishap. My V-Sea is insured for $12,000 and that cost me about $340 (no water skiers insurance), which I think is pretty reasonable.

Cheers,
NICK.

[nonibbles]

I'm with club marine and I use their lay-up insurance. What I do is pay for 12months lay-up and then if the boat is to go out on any particular month it costs me $29 to upgrade for one month's on-water cover as well. This cost me $196 for the 12month lay up and by the end of the year if the boat only hits the water in 5 or 6 months of the year I've saved myself about $100 on full cover. Lay up insurance covers the boat when it is stored at its insured address only so in the windy months I'm only paying for what I use. One thing to figure in as well is that each year the initial premium goes up by about $30.
In a few years time I may have to look to seeing if I can itemise the boat on the home & contents insurance at the rate I'm actually not putting it on the road/water ;D

[dnej]

I would really question if you read the policy document, that you all have agreed value.
A lot of you will find, that you "agreed" as to what you think it should be insured for, but when the crunch comes, an assessor will put his value on same, and that is where the problem starts.

Sure, they will take your premium. for what ever price you put on the items, boat,motor,etc, but its a different story come claim time.

I am with Whitworths, they were agreed value, that is, what you insure for is what you get, but their underwriter has changed, and the agreed value is being brought back to market value.
Buyer beware, check your policy document, dont assume.
I am in the industry, so that is how I know about this subject.
Regards David

[88fishframe]

RACQ - 'wouldn't be without it'.

Mine is agreed value. They will want serial numbers of motor and electrics like sounder and gps. Also vin of your trailer and boat hull. Cost at $11,000 shouldn't be too excessive although it will higher if you want it endorsed for waterskiing or towing tubes ect ...

I shop around every year. RACQ always comes up tops for me and they cover everything I require.

[ynotaj]

Thanks guys for all the feedback, I did an on line quote with NRMA and for $12000 they want $390, maybe I need to do some shopping around.

cheers
Tony

[dnej]

Tony,
NRMA,appear to be agreed value. Did you look at the pilicy wording on their site. IMPORTANT.
David

[frankj]

NRMA just quoted me $255 for $13000.
I have 2 years previous marine insurance with another company, but that is a big difference.

[dnej]

88 Fishframe,see my post I put on under a separate insurance topic, today.
RACQ is not agreed value.
David