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Insurance - Paper Tiger


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Having recently purchased a Paper Tiger I am looking at insurance options (including racing).

 

I have had quotes from AMI, AON and Club Marine.

 

There seems to be a crazy difference in premiums between AMI and the other two. AMI is significantly less than half the premiums of the others.

 

AMI seem to be a fairly common option with others that I have talked to. Low premiums are definitely a selling point, but not if there are problems down the track.

 

What experience has everyone here had?

 

A couple of points that I've noted;

 

AMI only cover $300,000 for third party. Others can be anywhere from $1m to $5m. I can't imagine doing more than $300k damage with a PT. Am I wrong?

 

AON do agreed value whereas AMI is market value. Not sure that this warrants paying over double the premium.

 

AMI is looking attractive but am I missing something here?

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As far as I can tell this isn't an option. My current house and contents insurer (Lumley via Westpac) won't cover an almost 30 year old PT at all. And everyone that does has separate policies for beach launched or trailer boats.

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That sounds on a par with most of the others. AMI just seems crazy cheap at around $100. I thought it may have been a mistake on their part initially but the previous owner confirmed he had similar with AMI.

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I've had lots of boats insured with AMI and had a few claims. They've always paid out with no qualms. In one case they replaced my aging kite with a brand new one. 

 

I still have the trailer yacht with them, and would have the GBE with them if they would cover it.

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Might want to check that liability insurance amount with any requirements for specific regattas you will be entering. 300k does seem low.

 

We've got our sunburst added on to the policy for our trailer sailer we've got with Nautical Insurance -- was only another $80p.a. or so I think (boat $4.5k). $1M liability, which was theoretically required for the nationals regatta.

 

 

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Thanks guys for your input. I have gone with Aon/Vero this time around.

 

I wanted to race on Saturday so had to get something in place asap and AMI's apparently low price just made me a little uncomfortable. Maybe I was just being paranoid but will reassess when it's time for renewal.

 

Thanks hb, good to know I should look at the actual liability requirements at regattas and that other companies have a similar pricing to AMI. I wonder how much difference it would make if the sunburst was your only boat.

 

Freedom, good to hear that you had no problems claiming.

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Join the club. I don't have an answer sorry. Although we were once with PIC Insurance Brokers. You could try them and see if they can help. But most say no. If you are happy with Third party, you might get a little more joy from someone.
If you do find someone, please please let us know.

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