Boat insurance in NZ question

[David B]

Originally Posted by Deryck

I'm in the process of (hopefully!) doing a deal on a Bavaria 37 which I'm going to be using as a liveaboard here in NZ.

Obviously I need to insure the boat and have had a couple of quotes but they're wildly different - one is for $1200pa, the other is almost double that.
The cheaper one is from Club Marine so it's from a specialist boating insurer whereas the other one was through the bank I've dealt with for the last 22 years who are usually very good and competitive (but not on this occasion!).

I have two questions on insurance :-

Firstly which company in NZ provides the best and most competitive price for good cover - I emphasise, GOOD insurance cover, not just taking your money and then giving poor service and/or hard to deal with in the event of a claim?

Secondly, I want to store some items which won't fit on the boat in a secure storage unit - things that I won't be needing on a regular basis but want to keep for as and when I do need them. Insurance for this situation also seems to be hard to get for some reason but I must have these things insured just in case the worst happens and the storage unit burns down or floods out. Any suggestions where I can get such cover?

Any suggestions will be very welcome!

Have you tried Pantaenius? We find they are very good, and cover more than the others.

[Deryck]

Yes. I agree.

The willingness to pay out on claims is a big factor in deciding to go with any insurer and I'll be taking that into account before making my decision.

[KiwiKen]

The prime reason for taking out any form of insurance is to have a honest claim fairly met, and buying insurance should be based on this premise.
What are the risks covered by the Insurance Policy, do they reflect your needs or are there unacceptable gaps- when lodging a claim is the wrong time to discover that the particular risk that caused the loss wasn't covered.
Research and find out what the insurers Claim settlement track record is like - it is a general fact that one usually gets what you paid for, Too cheap, poor service and a serious shortfall on meeting ones expectations when the chips are down.

I would get visit the Royal Akarana Yacht Club at Okahu Bay in Auckland and have a word with a few owners about insurance over drinks the bar, do the same with the RNZYS at Westhaven, the cost of a round of drinks could prove to be a good investment.

For covering items in commercial storage, speak to the storage company, What is their cover, can they recommend something satisfactory at a fair price.

[Johnno]

G'day Deryck, I have the highest regard for Club Marine! As you know, it is a subsidiary of Alianz Insurance which is big world wide. I've had 2 claims with Club Marine, (one when a throttle cable broke while I was entering a pen and one where adverse tides and winds slammed us into the corner of our pontoon. Both claims amounted to some $40,000 worth of repairs) and found their claims department to be excellent, both with the initial claims lodgement and then with ongoing support during repairs. I would not hesitate to recommend them as an insurer.
However stay away from QBE as I had an unfortunate claim when our previous yacht sank as a result of bad workmanship be a repairer and it took QBE months to settle the claim. After some 9 weeks they finally wrote the boat off and then they had to pick up all expenses associated with the salvage.

[Hobie_ind]

Originally Posted by philiosophy

I suggest you contact Bill Garleck at The Marina Shop in opua. Good honest man.

+1. Great service when we were in NZ and looking for insurance.

[Deryck]

Thanks everyone for your suggestions and comments.

I've contacted several of your suggestions and am waiting to hear back from them.

As everyone points out, the service provided and ease of dealing with any claims is just as (maybe even more) important than the cost of the premium and I'll be taking all your comments into account before making any decision.

[Deryck]

I think I'll be going with the insurance through the Marina Shop in Opua for the boat. The quote is very competitive and the attention from Bill and Peter has been really good so far.

But I'm having real problems finding an insurer willing to offer insurance on my personal items that will be going into storage. They either won't provide cover or else there are very tight limits on the amount of cover offered. Seems like I might even have to end up taking a commercial policy just to get the cover required.

[lateral]

Originally Posted by fxykty

AMI only insures up to $250,000 NZ boat value, but fine for smaller boats and great if you have other insurance covers for multi policy discounts and umbrella liability.

I’ve insured via Neil Bailey of Baileys Insurance. Great service (no claims experience yet knock on wood) and reasonable premium. I’m up for renewal and will check with The Marina Shop for a competitive quote.

Second Neil@baileys

[PeterSz]

Hi Deryck
I’ve just gone trough the same thing. I used PIC (the brokers name is Moira). She was very helpful. I had the same situation. One quote $1200 the another one is around double. The cheaper one gone up to $1800 when I told I’ll live aboard permanently. Also the cheaper one pays only if you hit something or get any damage from physical contact (or stolen etc). The more expensive one pays if fa: your water pump brakes and floods your boat, any damage caused by this accident will be covered (not the water pump).

So in my opinion, look carefully what is in the contract. Give a call to Moira (PIC Insurance Broker).
The broker don’t get paid by you. Also when you need to make a claim the broker works for you, who probably can deal better with the insurance company.

By the way... we leave in West Park Marina Auckland. So if you’re around and want more info just pop in.

Best of luck with you purchase

Peter

[Deryck]

I've been dealing with Moira and she has been very helpful but the prices she's quoting are very similar to those you quote and there definitely seems to be a problem with insurers not liking liveaboards! I don't understand this as, although the boat might get used more, surely there's less risk of it being stolen or having items stolen as there's a 24/7 presence on board so increased use is balanced by improved insurance.

Insurance companies are a law unto themselves..... and not in a good way!

[Deryck]

At long last I've got 3 quotes to consider for the boat insurance and, not unsurprisingly, they're all widely different!

They range from just over NZ$1000pa (from Lloyds via The Marina Shop) to over NZ$2000pa (from Vero and NZI via PIC brokers) and all seem to be roughly the same in terms of policy conditions.

My gut feeling is that a quote somewhere in the middle of this range is probably fair but, given the various comments about the service from both The Marina Shop and PIC being equally positive, I'm mulling over the options before making any decision.

Has anyone got any bad comments to make about claims experiences with Lloyds, NZI or Vero as that might help clarify my thinking?

I'm still trying to find any insurer willing to even consider providing a quote for my personal effects that are going to have to go into a secure storage unit. They will only consider cover for a short term and only if I have an existing policy with them! I'm quite concerned about this as I really want to have these items insured. Anybody got any suggestions for insurers I can try for this sort of cover? So far, neither the Marina Shop people or PIC have been able to help with this.

[akprb]

What the heck are you storing???

We used the marina shop as a side note. Great service.

If you’re storing in Opua greatest risk is mold :-)

[fxykty]

AA Insurance Contents Insurance policy document shows that it covers contents in storage for up to 12 months.

Otherwise, a quick look at the websites for Kennards, Storage King and National Mini Storage shows that all offer insurance if you don’t have existing contents insurance that covers goods in storage.

[Deryck]

Yes, all the big storage companies offer insurance but the problem is they all have some serious limitations to that cover which don't suit my needs.

I'm a semi-pro musician and have a number of expensive instruments, amps and other gear - hence the need for a high level of cover. I can't store them all onboard (there's a limit to the extent of 'personal effects' that most insurers will cover if kept on board anyway.

I appreciate that mine may be a bit of a special case but I really didn't think it would be quite so hard to get what I need.....

[Deryck]

Finally got this all sorted out!

After being told by PIC brokers that Vero wouldn't insure my personal effects in storage, I called Neil Bailey at Baileys (Brokers) and both boat and contents insurance accepted by Vero within 24 hours! And the premium for the boat is almost $600pa cheaper than PIC were quoting - also with Vero!!

Had great service from Neil Bailey so far (long may it continue!).

To be fair, Moira at PIC was also very helpful but it looks like Baileys maybe have more 'clout' with insurers as they were able to get the cover I wanted and at much lower premiums than any other brokers.