Boat insurance advice

[Jabba_]

I just wrote a big reply and the frigging refresh eat it... It would have to be the one thing a dislike about this site, that bloody refresh...

So with all the fat trimmed off...

My motor ingested water at 18hrs off ownership....

All the right things were done to get it going again.. and when I got home a gave it a liberal supply off WD40 in through the throtle bodies and a mist off fresh water around the powerhead and some more WD40 was sprayed around the out side off the powerhead

The motor worked good for another 5hrs / 3 weekends.. Then it spat a big end bearing causing massive P/head failure.....

Cause was seized bearing due to rust and pitting...

NRMA said that the rust and pitting had been there a lot longer then the time frame I had given them and only offered 30% off the agreed Value off the P/head.... I ask how would a motor with such bad pitting and rust last for 23hrs..... They had no reply....
We got them up to 50% an they that was it any more and it was off to court (so to speak)... I took the money and put it towards a new motor, rather then spend money on a lawyer.....

Also I made a mistake, I received 50% of the agreed Value (14000) which was $7000, then less $1500 for the access = $5500.

[PADDLES]

man, that's tough jabba. i'd have been upset too.

[Jabba_]

Yeah it was a bitch off a time, but now I have a new motor that is better then the old.. The new motor is quieter, more economical on fuel and oil, less fumes, cheaper to service and has a 3 year warranty...
Over all blowing up the old ficht was a blessing in disguised...

PS, I correct a few mistakes in my post above....

[White Pointer]

One piece of advice - see a Broker. You will pay a little more for your insurance BUT:

A good Broker will read the policy and understand it, then answer your questions. They will tell you who's good with claims and who isn't, they will tell you the ins and outs of agreed value vs market value.

When it comes claim time a good Broker will do a lot of the work for you, and they will push the Insurance Company to get the best result for you. A couple of results I've had in the past were simply outstanding. I reckon my Broker has saved me around $20,000 since I've been with him, in claims that would have been weaseled out of.

I have used him for years, and I could not be happier!

My boat was switched to Club Marine last year, John (my Broker) believes their policy is head and shoulders above everyone else, even though it was a couple of hundred cheaper than anyone else (and he made a bit less money on it). But he will check the competition every year.

Cheers,

Tim

G'day,

Thanks for that and I agree with you. But a word of caution. Insurance brokers are about as well regulated as financial planners - and they are not particularly loved by society at large, at present, along with ASIC and APRA.

If you engage a broker (or a financial planner, for that matter) make it a condition of the agreement that he will disclose (a) all the offers and his assessment of the value difference between them and (b) any commissions he will receive from selling you something over the life of the investment, policy, whatever (and don't cop the crap about not selling, just recommending).

If you find a good one (broker or financial planner) hang on to him and when he is telling you that things are getting tough it might be because they are, not because he failing. That's the time to assess your risks. If preserving cash is important it means you have to take more risk with investment or insurance excess. The important thing is to spread your risks. Put all your eggs in one basket with either insurance or investment and you are in a dangerous place.

Trust brokers and financial planners on experience, not the claims they make. They need to have had enough experience riding peaks and troughs in markets and have survived to deserve your trust. That probably means anyone under 45 can't cut it.

Enough.

White Pointer

[PinHead]

my neighbour is my insurance broker..saved me heaps on all the cars, boat and house etc etc etc.

NRMA would not even insure my previous boat so they did not get a look in on the current one.

[TimiBoy]

If you find a good one (broker or financial planner) hang on to him and when he is telling you that things are getting tough it might be because they are, not because he failing. That's the time to assess your risks. If preserving cash is important it means you have to take more risk with investment or insurance excess. The important thing is to spread your risks. Put all your eggs in one basket with either insurance or investment and you are in a dangerous place.

Trust brokers and financial planners on experience, not the claims they make. They need to have had enough experience riding peaks and troughs in markets and have survived to deserve your trust. That probably means anyone under 45 can't cut it.

Enough.

White Pointer

Good advice. I know my guy's about 400 years old... Cut his teeth when my Dad was in Commercial Law, about 30-35 years ago.

Cheers,

Tim

[Mindi]

Webster Hyde Heath Insurance Brokers. 0883625553. Based in Adelaide, I'm in Brisbane. It poses no difficulties! My man is John Heath, he runs the place. Please don't "tyre kick", just ring him if you're serious! He is quite busy, and you may end up just talking to Chanelle or Mary, but they are ALL good!

Mention my name please! That way he might buy me a beer at the cricket this year...

Cheers,

Tim

Tim

Did he say in what way it was head and shoulders above..? I am about to insure and wasnt going to even consider Club because for some reason I assumed they were top price... (yes I know you get what you pay for).. very interested to hear what he thought made their policy stand out..?

[TimiBoy]

Tim

Did he say in what way it was head and shoulders above..? I am about to insure and wasnt going to even consider Club because for some reason I assumed they were top price... (yes I know you get what you pay for).. very interested to hear what he thought made their policy stand out..?

I hear so much stuff - I hear it, make a decision, and trash it so I have more room! So I can't tell you. But what will have been a major factor factor is claims performance. I believe in it. No point having cheap insurance if they won't pay. But they came in about $300 cheaper than whoever it was that did it the year before, so price was OK too.

The only thing I recall checking was that they cover if the motor blows as a result of plastic bag ingestion...

Cheers,

Tim

[ozscott]

Even the Black Plague have an overheat alarm and rev reduction Timi

Cheers

[cormorant]

Even the Black Plague have an overheat alarm and rev reduction Timi

Cheers

Must have missed the fine print where the manufacturer declares there system so good it shuts the motor down before any damage occurrs no matter what so you can't kill one overheating it.??? Which brand has that sydtem???

[TimiBoy]

Even the Black Plague have an overheat alarm and rev reduction Timi

Cheers

Cheeky bastard. I'll be nice, 'cause I know you're jealous!

Cheers,

Tim

[ozscott]

Cormorant...I was taking the p1ss....

Tim - now if I could supercharge my V4 Yammy...now that would be sweet!

Cheers