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Old 27 March 2009, 13:12   #1
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Engine insurance

I have mentioned this before but I don't think people grasp just how serious it is.

I was horrified to discover the insurance value for my engine is not much over £2000. I saw an older suzuki DT225 sell for £5000. There are 2 stroke 90s being sold for over £2000. If my engine was knicked what the hell would I get to replace it for £2,000???

I bet most people's insurances are the same. I think it's about time everyone checked.
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Old 27 March 2009, 13:21   #2
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I have mentioned this before but I don't think people grasp just how serious it is.

I was horrified to discover the insurance value for my engine is not much over £2000. I saw an older suzuki DT225 sell for £5000. There are 2 stroke 90s being sold for over £2000. If my engine was knicked what the hell would I get to replace it for £2,000???

I bet most people's insurances are the same. I think it's about time everyone checked.
I am with you CP I think most are market value, unfortunately like the car industry it is not us that make the value!! There has to be a fairer way as you said there is not much you could buy with what they offer. I suppose they would bump the cost of insurance up if they were made to offer the correct price for replacement. Ordinary people never win!!

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Old 27 March 2009, 13:24   #3
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We are with Porthcrawl insurance
and they asked us to break down the cost of
Engine boat GPS wet weather gear trailer etc etc
is yours the same
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Old 27 March 2009, 15:40   #4
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We are with Porthcrawl insurance
and they asked us to break down the cost of
Engine boat GPS wet weather gear trailer etc etc
is yours the same
I'm also with Porthcawl - doesn't the breakdown just show what each element of the boat is insured up to, as opposed to what you'll get in the event of a claim?
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Old 27 March 2009, 15:52   #5
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I'm also with Porthcawl - doesn't the breakdown just show what each element of the boat is insured up to, as opposed to what you'll get in the event of a claim?
That's what I thought when I was filling out a quote?
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Old 27 March 2009, 16:16   #6
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We are with Porthcrawl insurance
and they asked us to break down the cost of
Engine boat GPS wet weather gear trailer etc etc
is yours the same
Yes I am - it was a while ago when i discussed this. i was told the replacement costs for an engine came from some blue book - I assume a watery version of glasses guide or similar.

The prices bore almost no relation to what an actual replacement would cost. If you have a brand spanking new engine you will be fine but once it hits say 3 yrs look out. Of course the price takes no account of the fact the engine may have very few hours on it and been pampered. You could end up with a real lump of trouble as a replacement.

Also we all know that small 2 strokes are really holding their money as they are so rare - again the magic book won't help you. If your 18hp 2 stroke Tohatsu is nicked God knows what you would end up with as a replacement.

This is NOT just Porhtcawl of course - I think it will prob work the same with most insurance companies but I would like to be proved wrong.
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Old 27 March 2009, 19:35   #7
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What ever the insurance book price states, if you can prove that the replacement retail value is x amount more and you are adequatelly covered then they will have to pay up, Engine hours and condition etc should allso be a factor. Ive just had a lengthy battle over my daughters car,a ford ka bought for £1200.00 2 years ago.
one owner low miles, and they offered £450.00, similar cars were fetching
£1500 to£1700.in the auto trader. after starting court procedings against them i had a cheque within 2 weeks for the higher amount.The legal asistance that you pay for was crap,
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Old 28 March 2009, 07:34   #8
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This is interesting. I always thought that marine insurance was different, in that what you were insuring was a sum of money that reflected the value of the boat at the time of the contract and that's what they paid you if your boat was lost.

I'm probably being naive these days.
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Old 28 March 2009, 08:20   #9
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This is interesting. I always thought that marine insurance was different, in that what you were insuring was a sum of money that reflected the value of the boat at the time of the contract and that's what they paid you if your boat was lost.

I'm probably being naive these days.
The insurance company should agree a value with you at the time of taking out your insurance as some off road 4x4 policys do, but with most companys all they want is your money,and when shit hits the fan and you need to claim,then the fun begins with the owness put on you to prove value, Allso how many people cruise out of there insured range or rcd rating, which im sure in the event of a claim at sea would be looked into by the company to find a way to reject the claim.
Ive found with boat insurance, if you intend doing anything out of the policy limits then inform them, change storage location,night use, left on temporary mooring,change cruising range, etc etc. Pain in the arse i know but better be safe than sorry.
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Old 28 March 2009, 09:51   #10
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The key thing is that they will be looking to indenify you - ie put you in the same ' financial' position as you were before - ie if you own a £15k boat ( in thier opinion) - but you paid £30k for it 12 months ago - they will try & give you £15 k.


Unlike cars and as we know the same age of boat can be in vastly differant condition - therefore worth far less. Insurance for me is more important for the third party cover & so IF I need to claim for my own stuff I accept I will get bugger all so do everything I can possibly do to reduce the chance of that happening.

Remember Insurance companies are trying to make money out of you, not let you make profit in a claim - they owe you nothing but the minimum they can get away with.
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