A recent discussion on insurance (RL24) was timely as I received my premium notice a week ago.
I insured my RL28 for $35,000 with Club Marine on the advice of the broker when I purchased the boat - he was an agent. Too many other things to think about so rolled with this. I had to submit a survey and they (CM) had a number of issues. I addressed some and many I thought were fairly minor and have not addressed (yet). I guess this is a risk.
New premium with Club Marine is $598.15 – I find there is a charge for their glossy magazine of $33 which I was previously unaware of but can be optioned out. Nice pics but.....
Got a detailed web quote off RACQ. They do my other insurance and I am a Silver member - $36,500 value and premium was $430 which is quite a difference. No survey required from what I understand. Looks like it drops per year of no claims up until 5 years I think.
I am finding with my house insurance that if I could be bothered shopping around each year I could save money. Example is that 2 years ago I swapped from Suncorp to RACQ and saved $100 premium for the same coverage. Now I could swap back to Suncorp and save $50.
My aim is to cover pubblic Liability and 3rd party and the boat to write-off not replacement in the worst case.
What are other’s experience with yacht insurance and premiums?
I took this further with RACQ and they have refused cover as the boat is in a storage facility (WMYC marina) that does not have 24 hour manned security. Argued security fence etc but apparently their underwriters will not provide coverage unless it is 24 hour manned security.
Try GIO insurance. They should be Australia wide.You may have to work out price of hull mast and fittings.It cost me just over $200.00 for $10000.00 cover. Hope this helps.
Since I'm only a newcomer to RLs this is a fantastic site, I thank you all.
I hope to pick up my RL24 around about the 18th of May. Can't wait.
Thanks for your input Rod but I didn't shop around too much as it takes too much time.
For the interest of others...
Suncorp insurance would have been around $450 and wanted a Survey so rang up Club Marine and complained about the premium. $30 off to stop the magazine, 5% on line discount was given straight away on the phone and dropped the boat value from $35k to $30k (I had sold the trailer) to get the premium down by $100 to $500. Which is ok for now and not worth the effort to save another $50 or so.