Joined: 27/March/2012
Location: Australia
Posts: 6
QuoteReplyTopic: Boat Insurance Claim Posted: 27/March/2012 at 20:24
Hi there,
I have owned my Pontoon boat since brand new and it is only one year old. I had an accident in the river over christmas and hit submerged log and damaged the pontoons and motor. The insurance company contacted me regarding the claim and have told me i need to contribute to the cost of repairs by 10% about $3,500.00 . The vessel was insured for $44,500.00 motor, 16,000.00 trailer 4,500.00 the total repair costs are 37k for hull and 3.5k for motor. I dont see why i have to contribute other than the $500.00 excess. The only reason i think they want me to contribute is because it is over a certain percentage in there costs to repair. I look at it this way, if it was stolen would they of made me contribute to the replacement cost? I dont think so!!!!!! I need some good advice on what I should do before I go to dispute resolution and the ombudsman. Please feel free to give your best advice it will be really appreiciated.
Write to the insurer. Ask upon what basis they want you to pay for 10% of the repair costs. Explain that clause X says "excess $500" and politely reject their kind offer in writing.
Get out the contract and read all the fine print. If a term or phrase is not clear go online and look it up. Study the austlii website - enter various keywords in the search box like "insurance" and "excess" and "damage" or "replacement" or whatever. Be warned it can be an exercise in frustration. Persist anyway.
Good luck and keep us posted.
If it was insured for less than its market value you will be required to contribute towards the repairs. Did they say this?
What is the market value of the vessel? What is it insured for? I don't understand your figures above, are different parts of the vessel insured separately?
What was the cost of the repairs?
Why not ask them for full details of how they arrived at the figure they are prepared to pay. If you are not satisfied with their answer, consult your solicitor for assistance.
EDIT, sorry posting at the same time.
Edited by MartinO - 27/March/2012 at 20:45
I am NOT a lawyer. Anything said is NOT legal advice.
Please post your legal questions in a forum rather than sending a PM. Thanks.
I have insured the Vessel for $65,000.00 all up. At the time i insured it they asked me to itemise the three components being the Hull, Motor and Trailer. The Hull was 44,500.00 the Motor was 16,000.00 and the Trailer was 4,500.00. To replace the whole boat today would cost around the same value. To repair the Hull it is going to cost them around $39,000.00 max and to repair the motor is $3,500.00 the hull has been dented beyond repair and the repairer will need to import a new one from the states. There argument to me is that they "think" that the hull would of had at least 10% of the dents and scratches on it before the accident. I know i have a good argument i just dont know from a legal point of view as to tackle this properly. I think they are trying to bully me into contributing towards the damage when all i should be paying is the excess only.
Thank you for your time. I will look into what you have advised. It just feals like they are trying to bully me into contributing when its not my problem that the cost to repair the hull exeedes their 80% margin on the sum i insured it for. And they will not total loss the hull only even though they asked me to itimise the Components seperatly. I think it is time to see a solicitor and get them to contact the insurer on my behalf? Although I have not been in direct contact from the insurer yet as they have contracted it out to a 3rd party assesor that has been giving me these scinarios.
P.S Sorry about my Gramma went to a Technical school.
Thanks, I agree with you. With that information I believe you should pursue them for the full repair costs less the excess.
I'm sure you kept the vessel in immaculate condition which I'm sure you will advise, and perhaps they may have difficulty proving otherwise. A solicitor will probably be the best person to write the very strong letter for full repair costs. Ask the solicitor for a quote to write the letter.
Good luck.
I am NOT a lawyer. Anything said is NOT legal advice.
Please post your legal questions in a forum rather than sending a PM. Thanks.
I think i will get in contact with the insurer direct and by-pass the contracted assesor so they can at least send me the scinario in there writting before I pay a solicitor to give them the hard letter. I will keep you posted. Thanks again.
Het Stuey, best of luck with this. Insurance companies are notorious for giving people the run around - almost like a war of attrition. They wear you down and you throw your hands in the air and give up. Ch-ching for the insurer.
I almost always agree with MartinO about getting legal advice but with this one do a bit more study first. Just a word of advice, please take no offence ..... Anything you do write to anyone please spell-check it on Australian English first because it looks better if there are no typos or spelling mistakes. eg: "scinario" is spelled scenario - comes from the word "scene". If ever in doubt, please get help from someone else if that's an option because it is really hard to proof-read what you've written. I'm sure you'll win this. Keep onto them. Cheers
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