Insurance for a boat in Australia

[Rustic Charm]

Hi All,

For the past four years I have been with Club Marine. And I've been relatively happy with them. But last year they introduced a requirement that my boat being more than 20 years old has to have a survey. I did this last year at a cost of $470, but I now have to do this every two years.

Last night I got a quote from Youi which is very loud in advertising in Australia media at the moment. A couple down at the marina recommended them on Friday to me and said it halved their insurance.

The quote they have given me is $513 a year which is half the $1100 I am paying with Club Marine. But, I've just noticed in the detail today that 'sails, masts and riggin' is an extra I can add to the policy. So I'm going to speak to them today about that. I also can't find anything in the policy about area of limits. Club Marine was to 200 miles out.

Can anyone give me any feed back on how you have found 'Youi' Insurance?

[Snowpetrel]

Don't know about youi, but I will check them out, it's cheaper than my current premium. I had a lot of trouble finding insurance for an older boat on a mooring. So check the small print on that. Currently with RACT.

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[CapnKernel]

Originally Posted by Rustic Charm

For the past four years I have been with Club Marine.
last year they introduced a requirement that my 20yo boat has to have a survey.

G'day Rustic Charm. You can only be truly happy with an insurance company after you've gone through the process of making a claim. Did you ever make a claim with Club Marine?

I have two boats insured with Youi.

When I bought my Cavalier 25, I shopped around for insurance. Club Marine and places like that were around $8xx, which was disheartening. I was talking with my neighbour, who has a similar size boat, and his insurance was $4xx. I rang up Youi and asked for a quote. I got about the same premium amount as from the others: About $8xx. So I said to Mr. Youi, "how come my neighbour is paying a much lower premium?". Neighbour had given me a copy of his policy, so Mr. Youi could look it up. He said (and I'm sure you've heard it in the ads), "if we know a bit more about you, we can insure you for less". He and I worked through some questions. The one that made the biggest difference was whether there was a past experience of sailing. With a yes to this one, the premium was in the $4xx range. So yeah, it halved my insurance cost. (Another large determinant of premium amount is the excess, which I'll talk about a bit later)

Recently I bought a newer larger boat, a Cole 35. I rang the same guy and we went through the same exercise. Based on past experience, the premium came down to $6xx.

Originally Posted by Rustic Charm

just noticed in the detail today that 'sails, masts and riggin' is an extra I can add to the policy.

Yes. You have to work with them to determine the exact amount of cover. For my first boat, we agreed on $15k for the hull and fittings, $5k for the sails, and $1.8k for the contents. That's what I get for $4xx, and as far as I can make out, it's agreed value.

Originally Posted by Rustic Charm

I also can't find anything in the policy about area of limits. Club Marine was to 200 miles out.

I talked about this with Youi recently. They only have two types: Sailing in Inland waterways only, and "other". Inland waterways only is about 15% cheaper. Other is up to 200nm offshore. I specifically asked them if there were restrictions such as "only up to 2nm offshore" (some other companies have that), but no, if it's not inland waterways, you're good for 200nm. They don't offer insurance for outside of 200nm.

One extremely interesting thing: They didn't ask for a survey, on either boat, even though the hull dates are 1977 and 1987. I asked about this several times, and the guy was adamant that they don't require surveys. He said the closest they come to that is that they'll get an assessment done if you make a claim.

Originally Posted by Rustic Charm

Can anyone give me any feed back on how you have found 'Youi' Insurance?

Well, the price can't be beat, and they have been very easy to deal with. However, as I said at the start, you can only be truly happy when you've been through a claim (that they paid without undue pain).

To be honest, I have the feeling that people who claim from insurance companies end up having arguments with the wrong end of a company lawyer. For this reason, I don't expect to be claiming on these policies, ever. Also, I'm by nature not a risk taker. I have the insurance mostly for the liability cover, which the marina needs, and other marinas I'm planning to visit also need. For this reason, I made the decision to up the excess to a few thousand dollars. That makes a big difference to premium cost. If you want to reduce premium cost, and can stomach a high excess, it may be worth considering.

Hope this helps.

[Nauticatarcher]

i have third party insurance with Youi, all done over the phone at a reasonable cost, keeps marina happy

[Rustic Charm]

HI guys,

yes, this was all last year. I ended up transferring my house, contents, MC, and boat all to Youi. I'm saving a coupe of thousand all up each year. My MC insurance went from $8 a month casual use to $16 a month regular use. But that's the only one that went up.

My boat, previously insured for $45k is now insure for $80k, which is $40k for hull and $40k for rigging and sails (two masts).

Re whether I ever had a claim with One Marine, yes I did. A strange claim, which I had no problem with them assisting me and paying out. IN fact, in the claim area, One Marine was fabulous. Couldn't fault them. It was a strange claim because I accidentially swamped a 2.5hp motor and had to leave it on an island and as my tender had so filled with water by the time I got it to the main vessel I was unable to lift it and thus had to leave it. I was honest with all of this and they paid up.

I would have desired to stay with them, but not at the cost of a survey every two years..

I've had car insurances for 30 + years and not a single claim
House insurance (contents) a theft claim about 15 years ago.

I think I'm considered a low risk client