Im just in the process of insuring my boat...my current insurer is charging an annual premium of $900 with a $250 excess for $70k cover...how does this compare to others? I thought $900 seems a bit steep...

You can get cheaper, but I have never had any dramas dealing with State when required (outboard claim on old boat, and car write off from water damage), for me, that ease of use when the sh*t hits the fan counts for a bit.

went youi,$600 on $18k,no idea what claims are like though

$200 for $12k trailer boat with AMI

but I will be changing all my insurances away from AMI when I get back it the country

they are your best friend when you are asking for quotes or paying them but a pack of W4NKERS when it comes to claims

had a car stolen so got pinged for 2 excesses (car and contents), they wouldn't cover the full market price they had always quoted me, they cancelled my auto payment and someone else's policy so I got a late bill from them, they didn't de-register the written off car, so NZtransport sent me bill and over due letters multiple times even after I contacted ami that they should sort it out

 

have had a quote from club marine for around $270 for $12k ... but then NZSFC gets a 10-15% of that I believe. and club marines cover is much greater

Sounds like Denny Boy is getting a pretty grouse deal!

ie $150,000 @0.5%=$750 + GST =$862.50pa

The thing to watch is most insurers will start at this when competing for your business and then try and creep it up above the 0.5% over the next few years, you have to keep them honest.

A 'payout for a new turbo' so you have some sort of mechanical warranty as part of your insurance? I have heard of that also but keen to know more about your mechanical warranty. Do the other insurers cover mechanical? p.s I spoke to AMI and checked my boat is covered when crossing the Manukau Bar, it was and I asked them to put that in writing for me. They also asked me when insuring the boat to break it down into, hull, outboard, trailer which could be messy in the event of a claim as the component costs are unlikely to adequately cover fitted prices. Did you guys with the Club Marine insurance get asked to break down the valuations? 

Damage to a turbo may not necessarily be due to a mechanical fault. It may be due to other issues such as ingesting water from a leaking hull.  All pleasure hull policies exclude mechanical failure, but it comes down to something called proximate cause.  If the mechanical issue is caused by something else that is insured for, then you should get paid out.

Dene

The policy will state basically what is covered and will have a number of specific exclusions - e.g. mechanical damage, electrical faults etc.  Contaminated fuel will cause mechanical damage, but the mechanical damage may still be covered because the cause is external to the engine - e.g. someone has deliberately put water in your fuel. So the cause is not just a mechanical breakdown, it is another act that has caused the mechanical breakdown - a subtle but important difference.

 I have noticed over the years that although many claims may not be technically covered by the policy wording, reputable insurers will still often cover them just to maintain reputation.   Probably goes against the grain of what many people think, but that is what I see.

Dene

I put it to them that it was a 'sudden and accidental loss' and not due to lack of maintenance (was a hose clip band that had been sitting in the filter for who knows how long? sucked into vanes, luckily no further damage) 

just insured a $300,000 trailer boat with Vero for $2,200. Excess $1000.

called a few places, they were the cheapest.

From December 2020, Club marine appear to have sold out to Tower, and they forward your call to Tower.  Service not much good so far.  Got sick of waiting for them to answer the phone so requested a call back.  That was over 20 minutes ago.

Also tried to call AMI, also poor service.  Sent them an email, still no reply.

I'm now going to go back to my current insurer, Mariner, and ask them why they've put my premiums up by 18% over 5 years.  It's not much, but the sum insured hasn't changed, so why?

I have an excellent new policy sorted by the guys who look after my health insurance. The boat specialist is super on to it and arranged comprehensive cover at the best rate I could find.

PM me for his details.

I am with AMI, tacked on to other vehicle insurance. Seemed like a reasonable deal versus a couple of other providers, but I did manage to get through to a real person to set it up!

But it's worth being insured - I know a guy who's just getting his boat repaired after a recent accident at Half Moon Bay.

He was minding his own business retrieving his boat on to his trailer, when another boatie came in at quite some speed and smashed into the stern of his boat, which then jack-knifed into his vehicle.

$6000 bill so far to the boat, and he was VERY lucky to escape uninjured. If he was on the side where the boat jack-knifed, he would have been squashed between the boat and the car.

The guilty party claimed his throttle got stuck as he neared the ramp! 

My previous insurer Mariner wanted $306 with a $500 excess.

Tower wanted $249 with $1000 excess (I'm happy with a higher excess)

AMI wanted $195 with a $1000 excess, so I went with them.

Before I settled on AMI I went back to Mariner to ask if they would change their excess to $1000, but they wouldn't.  Also asked why they had hiked their premiums, and they said that their customers were claiming more, so they had to put their premiums up.  I told them I had a lower quote and they looked at whether they could lower the premium, but they couldn't, so byebye.

The difference is a 36% saving with AMI, which might not be much in $/year, but should add up to over $1000 over 10 years.

$830 with Tower

$1080 with AMI (all other insurances with AMI)

Big enough difference to put the boat with them