So, I'm finally at the pointy end of getting my first keel boat and I'd like your input on insurance.
I'm wanting fully comprehensive on $23,500.00 in NSW and I've got 5 quotes ranging from over $2,000pa, two at around $1,300pa, and two that won't insure because 1) I live too far away from the mooring or 2) It's a swing mooring and not in a marina.
Am I being ripped off, or is $1,300 in the 'ball park' for a 10m long vessel?
Note it's not about the value of the vessel. Have a look at the other threads where costs for recovery are quoted. Cost of re-float and removal is probably way more than 23K.
I pay around that for a moored 9m boat in Melb via Racv. Be careful of ones that require a survey 'within 3 years of a claim'. RaCV have so far only required a survey at the start.
Also bear in mind that most of the insurance companies require a survey and mandatory rig replacement every ten years and now appear to be enforcing these requirements😒. These can set you back 10 to 12 grand.
Judging by your description I'm in the same situation as you. ACT based, boat on a mooring in Batemans Bay. 10m, $60K value at $1500 p/a with Club Marine. Nil claims. Did need an out of water shipwright survey at the start. That cost about $900 in the boat yard.
Put a Trek Transponde or similar on your boats. Same concept as an alarm in your home. Can make uninsurable boats insurable and reduce premiums and excess on other boats. My boat was doubtfully insurable but because the insurer knows its monitored they took it on. No out of water survey required. The bonus is unless something goes wrong really fast you can fix if before it costs you.
Went with NRMA, there were a couple of choices at a similar price. I already had a survey report from December and the rigging was done in 2021 so all was good!
