Insurance shennanigans

I recently bought a penned boat - not my first, and wont be my last (its a habit my wife is tiring of!)
Interestingly have had some trouble insuring it - which I thought was odd as it is relatively late model (99) and is a production boat - long story short CLub Marine would not insure it - period - and could not offer an explanation.
All others wanted a survey report due to age - understandable I guess but have had older boats previously that did not require his, RAC have come out as the winner the only catch is I have to fit a GPS tracking device to it.... not the end of the world, you can pick one up for ~100-150 bucks but would have thought the risk of theft would be higher with trailer boats than penned?


Posts: 5461

Date Joined: 17/06/10

If ever there was an industry

Thu, 2019-05-30 12:46

If ever there was an industry that needed a royal commission to have a look at how it is conducting itself then the insurance industry would have to be right up there with the real estate industry.

Mind you having said that in light of the banking Royal Commission who has been charged with charging fees for no service, who has been to court to face stealing charges, and who has been named and and shamed as an individual not the corporation millions and millions of dollars spent for nothing imo. 

sunshine's picture

Posts: 1929

Date Joined: 03/03/09

You should have tried Trident

Thu, 2019-05-30 13:37

Best by far as a specialist marine insurance broker, I get a guaranteed 50 per cent discount from the insurer I retired from after 44 years in the game BUT still insure my boat through Trident with no discount ......says it all I think.

just to put a cat amongst the pidgeons Most insurers are pretty good .....just a handful of bad eggs and they are easy to sort out when you know the processes available as several on here know  

z00m's picture

Posts: 1075

Date Joined: 10/05/14

Can we ask?

Thu, 2019-05-30 13:57

Can we ask what brand, how big and what construction the boat is? Seems very odd they wouldn't insure a late model boat. 

I've got a 23ft Caribbean trailer boat from 1975 and club marine insured it no problem after it was inspected.

pelagicyachts's picture

Posts: 953

Date Joined: 23/02/11

Hi Zoom its because its

Thu, 2019-05-30 15:36

Hi Zoom
its because its penned - fibreglass US import ~30 foot - I think once over 15 years they want a survey - which I don't want to do if I don't have to

pelagicyachts's picture

Posts: 953

Date Joined: 23/02/11

Hi Zoom its because its

Thu, 2019-05-30 15:36

Hi Zoom
its because its penned - fibreglass US import ~30 foot - I think once over 15 years they want a survey - which I don't want to do if I don't have to

Posts: 412

Date Joined: 19/06/14

I feel your pain

Thu, 2019-05-30 14:21

Try insuring a 40 year old Trimaran . No one in Australia would touch me . Edward William Marine ( Spanish based mob with a branch in Brisbane ) came to the rescue  . Sent em a detailed email with a ton of piccies showing every nook n cranny, rigging sails etc and was insured for far more than I was looking for without the need for a survey. All I have to do is pull her out if a Cyclone comes our way . 

____________________________________________________________________________

 My wife understands why I clean my rods n reels in the shower....

 

Swompa's picture

Posts: 2573

Date Joined: 14/10/12

Old boy built a 60ft

Thu, 2019-05-30 20:28

Old boy built a 60ft aluminium racing yacht in the late 80's. Raced up to Lombok twice and all things considered had a very good life. She was at the time in her life where she needed regular surveys which were always glowing. The build survey was particularly good.

Boat had always been with Club marine and when it came to sell, the new buyer called them and they refused to insure it. No corrosion, no damage yet the age was the killer. 

 

pelagicyachts's picture

Posts: 953

Date Joined: 23/02/11

have gone with RAC - was not

Fri, 2019-05-31 08:36

have gone with RAC - was not my pick but easiest option - got a tracker for $150 buck - now just need to get a cheap sim card for it...