Insurance in Australia for yachts under $30K

[Walaby]

I am trying to get insurance for a 1980 34' steel hull yacht in very sound condition with a current survey and being told most companies will not issue new policies for yachts under the value of $1200 per foot ie. Club marine, NRMA & Nautilus. Keen to hear if anyone can recommend an insurer that does not have this condition. The yacht is on the South Coast of NSW. Appreciate any input / idea's

[TassieBloke]

Hi Walaby,

If you are over 50, try APIA. I am know they do insure pleasure craft, but not sure about the minimum value thing, or who underwrites the policies.

[Uncle Bob]

Originally Posted by Walaby

I am trying to get insurance for a 1980 34' steel hull yacht in very sound condition with a current survey and being told most companies will not issue new policies for yachts under the value of $1200 per foot ie. Club marine, NRMA & Nautilus. Keen to hear if anyone can recommend an insurer that does not have this condition. The yacht is on the South Coast of NSW. Appreciate any input / idea's

Hi, have you tried Anchorage Marine at North Sydney, could be worth a shot.

[UFO]

Originally Posted by Walaby

I am trying to get insurance for a 1980 34' steel hull yacht in very sound condition with a current survey and being told most companies will not issue new policies for yachts under the value of $1200 per foot ie. Club marine, NRMA & Nautilus. Keen to hear if anyone can recommend an insurer that does not have this condition. The yacht is on the South Coast of NSW. Appreciate any input / idea's

I have a 34' Boat at $30K with Club Marine in WA

[Fore and Aft]

Have you tried Elders insurance? Maybe Topsail as well?
Cheers

[Mike Banks]

Getr it cleaned up and nice and shint, then get an approved valuer to give it a valuation of forty five grand. Yopu will pay more premiums, but you will be able to enter a marina.

Personally, I only insure for wreck removal and third party property damage. Comprehensive cover costs a bit more, and some insurers will ONLY cover you if you take comprehensive cover. The biggie is wreck removal and third party property damage. They are the costs that can bankrupt one.

[Walaby]

Thanks all for the feedback. It seems that having comprehensive insurance is a necessity for entering marina's these days or even selling a vessel as I am learning. I will be on the phone next week to follow up on your suggestions. Many thanks for the idea's!

[MartinAdelaide]

Both of my trailer sailers are insured with SGIC, along with everything else we have. It's part of the AIG Group which includes the NRMA.

[KevHanco]

QBE did my 1977 34' aluminium yacht over the phone. No survey. Easy. 30 mil public liability boat well under 39K. Give them a ring

[Derick Warne]

I can help, call me on 0438563164
Derick

[GILow]

Originally Posted by Walaby

Thanks all for the feedback. It seems that having comprehensive insurance is a necessity for entering marina's these days or even selling a vessel as I am learning. I will be on the phone next week to follow up on your suggestions. Many thanks for the idea's!

Not that I have heard... certainly not where I am or have been in the past. All have asked for and provided with a copy of my current third party insurance certificate.

I have never been asked for Comprehensive. Makes no sense. Why would they care if I cannot replace my boat? They just care if I destroy some other person's boat.

Also, check Pantaenius, I don't remember any issues on price per foot from them. (Actually, I've never heard of that requirement either.)

[Perfusser]

I second Anchorage Marine in North Sydney. I too have a 1980's yacht, which I paid $13.5 k for several years ago. They have been hassle free, though i haven't made a claim.
cheers

[Fore and Aft]

GiLow I thought most marinas were asking for comprehensive insurance? Mainly because if you sink in their marina who pays to salvage your boat? If you can’t pay comprehensive insurance then what chance have the marina got of you paying for salvage costs?
Cheers

[GILow]

Originally Posted by Fore and Aft

GiLow I thought most marinas were asking for comprehensive insurance? Mainly because if you sink in their marina who pays to salvage your boat? If you can’t pay comprehensive insurance then what chance have the marina got of you paying for salvage costs?
Cheers

I've stayed in half a dozen marinas in South Australia and Victoria, and had telephone discussions with four marinas in Tasmania, and all requested and were happy with my clearly stated third party insurance with Pantaenius. Before that, with the smaller boat, it was third party with RAA and again, no problems.

I don't know, but I SUSPECT, the cost of salvage would be levied against me, and would therefore be a third party cost to me, and therefore covered by the insurance? Really need an insurance professional to make a call on that one, that's just my layperson's interpretation.

I just checked my "Blue Card" from Pantaenius, the same one I send to the marinas, and there's nothing on it that I can see that specifically mentions salvage costs, but I do seem to remember something in the policy document itself.

Either way, it has been accepted by all so far.

And I know dozens of cruising couples who only have third party and come and go in the marinas up the east coast with no problems at all.

[Walaby]

I'd be really interested in what you find out regards whether wreck removal is definately covered by third party insurance in Australia. I've been led to believe that it isn't. Maybe it differs depending on the insurer? Thanks