BUY AND MANAGE YOUR BOAT INSURANCE ONLINE
FREQUENTLY ASKED QUESTIONS
The cost of boat insurance is called a ‘premium’. Your premium will depend on a number of factors and can change each year when you renew your policy.
There are many factors that determine how your premium is calculated, such as:
- Value of the boat or pleasure craft
- The type of boat or pleasure craft
- Construction materials
- The type of engine, fuel, power and maximum speed
- Where and how your boat is stored when not in use
- The level of third-party liability cover you include
- Options chosen such as water skiing or yacht racing, lay up, excess levels and geographical or navigational limits
- Your risk profile
- Your claims history
The cost of Club Marine Boat Insurance ranges from minimum annual premiums in the hundreds of dollars for a low value aluminium runabout, to thousands of dollars for a high value, top of the range cruiser or yacht.
This depends on your home and contents insurance policy, though it may only provide cover when your boat is stored at the home location.
Club Marine Boat Insurance covers your boat when it’s stored and while you’re out boating.
When you lodge a claim, we ask for the following details to complete the lodgement:
- Policy Holder Details, including policy number, name and contact details
- What happened in the incident, including the location and date and time
- Details about the loss or damage being claimed
- Who was in control of the vessel at the time, and their date of birth
- Where is the vessel now
- Information about any other people, boats, vehicles or property involved
- Witness or Police report details
- Quotes and photos
After you lodge a claim we will:
- Acknowledge receipt, and your dedicated claims consultant will contact you to introduce themselves.
- Request repair quotes and photos of all relevant damages for us to assess. At times we may request further information from you such as service records or proof of ownership. We may even appoint an assessor or other independent professional to assist. If we do this we’ll notify you.
- Proactively update you at least every 20 days on how your claim is progressing.
- If you need a repairer, we have a which lists providers previously used by other members, who may be able to help you.
Adding lay up months reduces your insurance premium by up to 5% for each month you nominate. Lay up can be added when taking out a new policy, or renewing a policy, however you can't add it mid-policy.
Lay up refers to the months where you’re not using your boat (for example in winter), and it’s stored in an enclosed garage or shed, or behind walls, gates or fences.
During lay up you’re still covered for fire, theft and storm damage at the storage location. Lay up also covers the boat whilst being moved to / from and whilst at a dealer or service centre for normal servicing and maintenance.
With Market Value, the amount paid out may be less than what is shown on the schedule. That’s because the amount on the schedule represents a maximum payout, and what you will get is dependent on the actual value of the boat at the time of the loss, though all monetary limits may be increased for GST in some circumstances.
With Agreed Value, the amount paid out will be based on what you agree with Club Marine – but you may need to provide evidence to confirm what you are proposing is reasonable, for example, a valuation or evidence of the purchase price.