Boat Insurance FAQs

What different types of cover can I choose from, and what is the difference between them?

We offer Third Party Cover and Comprehensive Cover. Third Party Cover provides cover for your legal liability to pay compensation for up to $10 million for death or injury to other people, or loss or damage to their property resulting from an incident that arises out of your ownership or operation of your boat during the period of insurance and within the geographic limits. Third Party Cover does not cover any loss or damage caused to your boat.

Comprehensive Cover provides cover for your boat for theft and accidental loss and damage (which includes cover for incidents such as fire, storm & hail, malicious damage, sinking, running aground, accidentally hitting an object such as another boat, a jetty or a submerged log) where the incident happens in the period of insurance and within the geographic limits. It also includes the cover provided under Third Party Cover.

What does 'geographic limit' mean?

This means that your insurance provides cover when you are using your boat anywhere on the land and waterways of Australia and up to 200 nautical miles off the coast of the Australian mainland, or the coast of Tasmania. If you use your boat beyond the geographic limit, you will not be covered.

What do I need to do to make sure my boat and its contents are secured against theft?

Minimum steps you must take to prevent theft

Boat type Minimum security precautions
Boats on trailers
  • keep it inside a fully enclosed garage allocated for your personal use only; or
  • when in the open air (e.g. carport, backyard, on the street or unattended anywhere else) secure the boat trailer with an anti-theft device designed to prevent the theft of your boat and boat trailer, such as:
    • tow ball lock
    • coupling clamp
    • trailer wheel clamp
Note: Chains or cables with padlocks are not satisfactory is used on their own
Portable boats not on trailers Must be kept inside a secure storage area

For securing boat contents

You must take the following minimum security precautions to prevent theft of your boat contents when your boat is in the locations described below. Otherwise, we can refuse your claim,

Location Minimum security precautions
When your boat is at the place where you normally keep it (e.g. your house, unit, flat) Locked inside either:
  • a fully enclosed room, shed or garage; or
  • a cabin or compartment on your boat, but not under or behind a tarpaulin or canopy as these are easily torn or cut.
When your boat is anywhere else and unattended (e.g. you are away from your boat buying bait or supplies) All portable boat contents items must be locked inside either:
  • a cabin or compartment but not under or behind a tarpaulin or canopy;
  • your vehicle; or
  • the house, unit or caravan where you are staying.

For securing boat motors

You must take the following minimum security precautions to prevent the theft of your boat motor(s) in the location described below. Otherwise, we can refuse your claim.

Location Minimum security precautions
When your motor is an outboard motor and your boat is left unattended anywhere
  • remove the motor and store in a locked room, shed, garage, vehicle or caravan; or
  • lock it to the transom with a suitable padlock or other similar device
Portable boats not on trailers Must be kept secured inside a storage area.

Why does Suncorp now offer ‘amount covered’ instead of market value on my boat?

We have introduced cover on an ‘Amount Covered’ basis for all Suncorp Comprehensive Boat Insurance policies. ’Amount Covered’ is our way of saying ‘Agreed Value’. Our policies are now designed this way so that customers have a clear understanding of what they are covered for at the start of each period of insurance.  You should always check that the amount covered for your boat meets your needs as it may change at each renewal (for example taking into account depreciation).

I have a sailing boat, what optional cover can I choose when I participate in a race?

You can ask us to add the optional cover for sailing boats when racing for an extra premium if you have Comprehensive Cover on your trailer sailer or sailing dinghy. This option provides cover for insured incidents that happen when you are participating in a race up to 100 nautical miles in total distance. Other than the cover provided under this option, we do not provide any cover for loss, damage or liability arising from incidents that occur while you are participating in a race.

I use my power boat to tow a water-skier, will I have cover under my insurance?

If you have Comprehensive Cover, you can ask us to add the water-skiers liability optional cover for an extra premium. This option provides cover for your legal liability to pay compensation up to $10 million for death or injury to a person being towed by your boat or death or injury to other people or damage to their property caused by a person or object being towed by your boat during water skiing activities. There must be a competent observer on your boat for this cover to operate. Other conditions also apply. Other than the cover provided under this optional cover, we do not provide cover for any loss, damage or liability arising from water-skiing related activities.

Will I be covered if my motor breaks down?

We do not cover the cost of fixing a mechanical breakdown (including seizing or overheating) of your boat motor but we will cover your boat motor if it is damaged as a result of impact, fire, malicious damage, sinking or grounding.  

How does Lay-up actually work?

Lay-up is a new feature for Suncorp Comprehensive Boat Insurance and it allows you to lay up your boat for up to 6 months in the year when you will not be using it, for example in winter. If you have this optional cover shown on your certificate of insurance, your premium will be reduced but it means your Comprehensive cover is limited such that we do not cover any loss, damage or liability if the boat is used on the water during the time it is in lay-up.  Under this optional cover, you are only covered for accidental loss or damage that can happen at home such as theft, fire, malicious damage and storm, when your boat is in commercial storage or in transit to a repairer for repairs after a claim has been approved by us (or when you are taking your boat to be serviced) but at no other time.

Should you choose this option your ‘lay-up’ period will be shown on your certificate of insurance and your premium will be reduced based on the length of the lay-up period.  Refer to the PDS for more details.

Am I covered if I am towing my boat and I hit another car, or reverse into a parked car causing damage?

Your boat insurance does not cover this. When the boat trailer is attached to a vehicle of any description, the legal liability for incidents arising from the towing of your boat trailer falls to the driver or operator of the towing vehicle. So if there is any damage caused to another party’s vehicle, this would usually be covered under the car insurance of the towing vehicle and not the boat insurance policy. If your boat has Suncorp Comprehensive Boat Insurance, we would in this situation cover your boat to the extent it is damaged in the incident (assuming no exclusions apply) but not any damage to a third party’s vehicle or the towing vehicle.

What options do you offer as part of Suncorp Comprehensive Boat Insurance cover?

We offer the following Optional covers:

  • Water Skiers Liability;
  • Cover for sailing boats when racing

New options now available are:

  • Lay-up period cover
  • Additional cover for boat contents.

Any option you choose, and we agree to give you, will be shown on your certificate of insurance. Depending on the optional cover you choose, an additional premium may apply.  Refer to the PDS for more details.

Why will Suncorp no longer insure moored boats?

We have developed a new product that now caters specifically for trailered boats which are the most common boat types that are sold in the market. As moored boats require much tighter underwriting guidelines in relation to the age of the boat and the maintenance of it as it ages, we believe these boats are much better suited to be covered by a more specialist insurer.

Is Suncorp a signatory to the General Insurance Code of Practice?

Yes. We support and adhere to the General Insurance Code of Practice. By incorporating these standards into our business, we fulfil our commitment to provide the highest level of service to our customers, every time. Access a copy of the Code at the General Insurance Code of Practice web site, or alternatively, contact the Insurance Council of Australia by visiting www.ica.com.au or phoning (02) 9253 5100

Insurance is issued by Suncorp Metway Insurance Limited ABN 83 075 695 966. Please read the Boat Insurance Product Disclosure Statement before making any decision regarding this product. Contact us for a copy. The features and benefits described on this page and in our Boat Insurance Product Disclosure Statement apply to new customers from 26th November 2012 and existing customers on renewal from 4th January 2013