Insurance

[Titanic]

Just looking at Insurance on my new boat. Currently Insured with RAC here in WA and have been for a number of years. No claims made so no issues. Dealer gave me a quote with ClubMarine which was slightly higher but said my current Insurer did not cover seizure of the motor. I had never considered this issue before and will ring RAC tomorrow to clarify because their policy document says they do not cover seizure unless it is caused by an accident. I would term a plastic bag fouling you motor an accident. Clubmarines policy says they do not cover seizure unless it is cause by an external blockage . Anyone had any experience with this as I know Insurers will look for a way out it they can . The difference between the two quotes is around $50 so that is not an issue

[marco]

club sucks , may as well be not insured then give your money to those mongrels .

[Homer_Jay]

With a name like Titanic I would definatly be well insured!!

[bluefin59]

I was with club about 10yr ago and we seized the motor on our ski boat a 140 suzi they would not pay to fix it and it ended up costing us $4000 to fix it rods where welded to the crank it was all very ugly never found the reason why it happened they just dropped us like a bag of you know what never insured with them again ......

[Titanic]

Does anybody have an Insurance Company they can recommend.
RAC have said seizure due to anything other than the motor falling into the water is not covered. They then said thay would need to motor to be retreived and inspected. They told me thay have been hit with claims where people have deliberately seized their motor and others where people have also ditched the motor overboard. It seems the genuine of us are penalized for the unscrupulous.

[dnej]

You will fimd NRMA to be one of the best, so far as they are agreed value insurers.
There only two compamies that I have found, that insure for agreed value,and NRMA are one of them.
Not sure about motor seizing, but you can ask.

Dont be confused with what you "agreed to insure your boat for" with thew company,but rather ask about agreed value cover.That is, the company will pay you the amount you agreed on,if you make a claim.

The claims on policies that do not insure on the basis of agreed value at claim time, will only pay out on the market value, regardless of how much you tell them it is worth, and paid the premium accordingly.

This really sucks, you pay extra premium,for the value you insure for, yet they only pay market value.
David

[Titanic]

I suppose you have to be honest in what value you place on your boat, but having just sold a boat it is very hard to know the real value anyway. I sold mine for $18000 another guy has one much the same on boats on line for $22900 did I sell too cheap? or is he asking too much? who knows.
I got on to another Insurer today who covers seizure and the quote was Good. I have both my Car and House with them so I am pleased to go with them .
One thing that did get me though was the wording on there policy doc was almost the same as my existing insurer who would not cover it. They both have a different spin on the word "Accident". One deems a foreign object fouling the water intake and causing damage as an an accident and the other does not.
I think anyone Insuring a boat needs to look a lot further than the price.