18.2% increase in Y insurance premium, normal or what

[Hooligan]

I agree. I use Colemans and have found them good and I am insured with Amlin . Having had a very substantial claim I can add that they were unbelievably efficient and more than fair. Overall the general market for boat and yacht insurance has taken a battering recently especially in the Caribbean - witness the pictures of boat stacked on top of each other post whatever Hurricane it was. My understanding is that insurance rates go in cycles and an insurance broker friend told me that for a few years rates have been very competitive. This has resulted in underwriting losses as a whole especially post the issues as per the above and so it is my view that we should be expecting a few years of nasty renewals as supply leaves the market. Happy days!!

 

[rubberduck]

My view is its a boat, when I signed up I gave consent for everyone & anyone to raid the bank account at will, which they do !

 

[bigwow]

My view is its a boat, when I signed up I gave consent for everyone & anyone to raid the bank account at will, which they do !

:encouragement:

 

[kennyh]

I’ve just received my renewal from Y Yacht insurance.....

A lovely 32.88% increase from last year!!

I’ve never made a claim (ever for car or boat insurance) so an increase like that is surely excessive, beyond reasonable!

Any other recommendations on who I should approach for a comparison / similar cover?

(I’ve a 30ft Jeanneau in a marina on the Loch Fyne - West coast Scotland - in my view a VERY low risk location for damage / loss / theft).

 

[AllanG]

Get a quote from GJW.....I’ve been using them for the past 12 years and, whilst I’ve never had to make a claim (luckily), their premiums have been very reasonable.

 

[jrudge]

As why it is so big.

Mine was about 12% from memory

 

[Momac]

The increase on my Y insurance was 20% in March.
To be fair all others that I asked were a similar price or higher.
The only lower price was with Saga. That was only a few pounds cheaper but may be worth a look if you are above a certain age.

 

[Old Harry]

The increase on my Y insurance was 20% in March.
To be fair all others that I asked were a similar price or higher.
The only lower price was with Saga. That was only a few pounds cheaper but may be worth a look if you are above a certain age.

Saga -- a search here might be useful

 

[Boat2016]

I’ve just received my renewal from Y Yacht insurance.....

A lovely 32.88% increase from last year!!

I’ve never made a claim (ever for car or boat insurance) so an increase like that is surely excessive, beyond reasonable!

Any other recommendations on who I should approach for a comparison / similar cover?

(I’ve a 30ft Jeanneau in a marina on the Loch Fyne - West coast Scotland - in my view a VERY low risk location for damage / loss / theft).

You may not have claimed but many others have and insurance companies aren’t a charity, I have always treated insurance as a way to pay for something that I couldn’t afford myself and for small things I just pay up and leave the insurance for the occasion I really do need it, many don’t and that means the rest of us are paying more to allow them to claim. I have many policies for various things and when I negotiate at renewal time I get treated well.

 

[Scubadoo]

Get a quote from GJW.....I’ve been using them for the past 12 years and, whilst I’ve never had to make a claim (luckily), their premiums have been very reasonable.

Received my GJW quote recently and it has gone up by 40% and I have never made a claim. Last year considered Y Insurance but the premium was about the same and also wanted a survey, so cost a lot more, asked for a quote again this year to compare, other insurers e.g. towergate, Velos etc were all cheaper but not read the policies yet.

 

[petem]

The increase on my Y insurance was 20% in March.
To be fair all others that I asked were a similar price or higher.
The only lower price was with Saga. That was only a few pounds cheaper but may be worth a look if you are above a certain age.

Just had my renewal through, 20% increase for me too (£692 -> £831).

 

[julians]

Mine has come through too, also the same increase.

 

[Greg2]

Just had my renewal through, 20% increase for me too (£692 -> £831).

Got mine through a week or so ago - 21% for me but still shy of five hundred quid.
Letter accompanying it explains why - no increases before last year for 8 years and lots of lightening strikes and groundings in the eastern Med featured.

 

[Deleted User YDKXO]

Paid my Y premium a few days ago. 15% increase

 

[mcanderson]

10% increase with Pants citing trouble in insurance market, large claims, years of under cutting policy prices all to blame.

 

[jon and michie]

Mine has risen 16% apparently saying it was to do with brexit and uncertainty.
I was thinking to myself about moving insurers but having a quick look over this thread I'm obviously not on my own
Jon

 

[Momac]

Mine has risen 16% apparently saying it was to do with brexit and uncertainty.

I wonder if they think Brexit and uncertainty will result in an increase in claims .
That does sound like a poor excuse.

The main reason given to me for the large increase in premium was underwriters are trying to recover past losses.