Dean,
Suncorp are market value,not agreed value insurers.
David
Dean,
Suncorp are market value,not agreed value insurers.
David
Go to your dealer and ask him for the new price for your particular boat, motor and trailer -- separate prices. It's up to you whether you want to insure for the cost of replacing your boat with a new one (if the unimaginable happens - fire, theft), or a fraction of that cost for a second hand boat. If the dealer doesn't sell Evinrudes, ring a dealer that does. When you tell them you're after prices for insurance purposes they all seem to be understanding.Originally Posted by datamile
Hope this is of some help.
Quote was $525.80 [non ski] Agreed value of $35000, if the valuation stacks up.
Ski was $619.35.
northernblue
><)))))))*>
It is a far, far better thing to have fished and lost, than never to have fished at all.
When 3K trailer, 12 K motor , 13K hull with NRMA for 456 with ski option
CGU just back with a quote of 706.
Well with suncorp i told em i want my 5.2 kc insured for 55k they agreed and broke it up into 40k hull 3.5k each motor and 8k for ally trailer= 55k for $611.58
Currently with Club marine. I am paying $615 for $62K for my 650 patriot. the only thing I had to do was get it valued the first time by a dealer and the valuation has continued from there with no decrease. I would think so far its no too bad. If you approach the right dealer - or the one you bought the boat from - I don't think an insurance valuation will be any problem.
My opinion is insure it for what you fell it will be worth to replace the boat, plus if the policy allows as much as all your fishing gear is worth.
Russ
I did mine on line with Club Marine as I am not a qualified boat valuer and I got the hump with RACQ/Suncorp/NRMA insurance asking me what the separate value was for each part of the BMT package was. My argument was that i don't insure the indivual parts of my car!
Conversation went along these lines.
"... (insert company name) insurance call center (insert name here) speaking. How may I help you?"
Jman - "Hi, I need to insure my fishing boat and trailer. Thanks."
ICC - "Sure I'll just some details...."
Here is where it starts to go downhill!
After supplying the necessary obligitory personal details.
ICC - "All you need to do is get separate values' for the engine, boat and trailer."
Jman - "Sorry? What?"
ICC - "All you need to do is get separate values' for the engine, boat and trailer."
Jman - "I'm sorry. I purchased it as a BMT package. I don't work in the marine industry and I really don't know what the separate values would be."
ICC - "... (insert company name here) is not prepared to insure your boat unless you supply the individual retail values of each component."
Jman - "I don't have to insure my car engine separately which is held in my car with bolts the same as my boat. My car engine can fail and not affect my car chassis which is also not separately insured and my wheels are not sepately insured so the answer is no I am not prepared to do this!"
ICC - "I'll put you through to my supervisor..."
Repeat above conversation with supervisor
ICC supervisor "We don't make the rules..."
Jman - "Your not helping me then?"
ICC supervisor - "Moving forward...You need..."
Jman - " OK stop right there! How about I give you the name of the boat company that I purchased it from and you call them as I am an already existing policy holder with your company, I'll quote a receipt number and then we can move forward as they can give you theprices."
ICC supervisor - "We're not prepared to do that, sir!"
Jman - "We're not prepared or your not prepared to do that?"
I will end the transcript here as it serves no purpose to go furher!!!!
Times this experience x3 - just about word for word in each case.
A recent study found that Australia is up there in poor customer service!
Online Club Marine form, boat was insured within 24 hours - no questions asked. Forms were in my hand with 72 hours and the quote, excess and premiums were very competitive.
I do not work for Club Marine, I do work in the customer service industry and I was disgusted in the companies attitude towards me when I stood up and said I was not prepared to do what they wanted and even more disgusted when they wouldn't do what I wanted. This attitude towards an already existing member/policy holder/customer
Market value is the option most commonly chosen by boat owners when insuring their boats and trailer and motor.
With this option the insurer determines the market value of your boat by using industry guides.
The valuation is then used - in conjunction with other factors - to determine the premium on your policy.
If your boat is totally destroyed (written off) or stolen and not recovered, your insurer will reimburse you the market value of the vehicle at the time the loss or damage occurred.
This is again determined using industry guides and includes any variations as a result of the condition of the boat and any approved modifications or additions made.
You need to be aware that because the amount reimbursed is determined by the market value at the time of the accident or loss, this could differ significantly from the market value detailed on your policy, as a result of depreciation.
A market value valuation can be useful if you have an older boat in average condition.
However, if you have a new boat or one in good condition, you might be better off using the agreed value instead.
Agreed value
This option involves the owner agreeing with their insurance company on their boat's specific value, at the time the policy is taken out.
If the boat isn't new then this agreed value is discussed with the insurer,taking into consideration industry guides.
In the event of a claim being made as a result of the boat being written off or stolen and not recovered, your insurance company will reimburse you this agreed amount.
An insurance policy using an agreed value will likely have higher premiums than one using market value.
The most important thing to remember is to always read your policy documents and weigh up all the pros and cons, financial or otherwise, of both choices, because only you can decide how to best value your boat.
It’s essential to know how much your boat is worth.
When taking out boat insurance there are two valuation choices available to you: market value or agreed value.
Look at your policy document,and see how claims are paid.
Suncorp is not an agreed value insurer.
David
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