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RACQ, is not, agreed value insurance, nor are most of insurance policies, for peasure craft.
You need to read the policy document, dont be mislead.
For example, page 9 of the disclosure doc, on the RACQ web site, says that the pay out will be based on
either market value.
Or the some insured, which ever is the lesser. That is correct, whichever is the lesser. NB
Yes you tell them what you wanr to insure the items for, and the companies take your premiums accordingly, but come crunch time, there will be a valuation put on the items, by a claims assessor.
You really need to shop around to find an agreed policy, where you agree to a value initially, and you pay a premium on that value, then you get that value.
I cannot emphasise this enough, BUYER BEWARE.
You may be paying a premium, for something you will never get.
David
CGU. ( Whitworths) market value page 23
Allianz Group ( Club Marine) Market Value page 3
you will find the policy wording on line
Check out NRMA, their quote to me was fairly competitive (within $15 of the lowest) and they pay agreed value. See their product disclosure statement at this address http://www.nrma.com.au/pub/nrma/poli...oat-policy.pdf
Dont be worried about claims assessor's ...if you fall for their sh!t then you will be ripped off.
To many people fall for their tactics and sign on the dotted line. ( the assessor might have been a hairdresser in a previous job, a sorry state of affairs but its true)
Just make sure you keep pictures updated of your boat, because there are stages of market value ie "below agerage, average, and above average ect ect ...and there is thousands and thousands of dollars between the gaps.
I am not going to go into it here its too complex.
If you have a claim, dont agree with the assessor unless you are happy with what he is offering and DONT sign off on anything unless its in your favour.
Agreed value policies are over rated and over priced..do you think they would insure you if they thought they would lose money on a agreed policy.
Rajawolf,
The problem is that people insure their property, for what they consider it is worth, and no questions are asked, or inspection done.
The eye of the beholder so to speak.
Generally, this causes items to be over insured, to their real value, IN SOME CASES, and premiums paid accordingly.
If I stood 100 boat owners in a room, and asked them do they have an agreed value policy, 95 of them would say yes they do, when in fact, the cover would most likely be market value,even though, the owner put the price on the boat and motor in the first place.
David
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