Allianz Yacht Insurance

[Irish Rover]

I've had my boat insured with Allianz in Türkiye for a good few years now. They quote premiums in Euro. Last year my premium went up 20% and today I got my renewal notice and it's gone up another 40%. Seems exorbitant. I've never had a claim. The new premium is just over €1k which is 1% of the insured value. Be interested to hear how this compares with other people's experience.

 

[Graham376]

I'm paying Topsail £483 (€550) on agreed value of £67k, which includes dinghy, outboard, generator etc. and personal effects. Mooring based, Portugal.

Have car insurance there with Allianz, very little premium increase this year.

 

[Tranona]

The %age of insured value is not a good measure of the premium as the premium is basically in 2 parts. The first is the third party risk which is largely fixed and determined primarily by the area and type of use and the rest is the "all risks" for the boat. This again is partly determined by the area of use, particularly in relation to the cost of claims/repairs in that area and partly the total value of the boat. To give you some examples. My current boat is relatively low value and initially I could only get third party pending a survey and valuation and it cost £172. After the survey the premium for a valuation of £14000 was £389 - an increase of £217. Premium therefore 2.7% of insured value. This year however I qualified for a significant no claims discount transferred from my old boat which is now sold. Premium fell to £322. However I then had a revaluation agreed to £35000 and premium rose by £56 to £378 or just over 1% insured value.

To put this into perspective, my old boat was insured for just over £100k and the last premium was £530 or 0.5%. So the all risks premium as a %age of value falls as value increases whereas the third party is essentially fixed. Graham's premium at 0.72% for £67k is in between reflecting the larger proportion of third party cover.

The only way to determine whether a premium is competitive is to get quotes from alternatives for the same cover. Inevitably a lower quote will be a lower %age of value, but it is meaningless - the actual price tells you that already.

As to your increases - they do seem larger than normal over the last couple of years. The 20% is not out of line, but the 40% suggests your current insurer does not want your business!

 

[Irish Rover]

As to your increases - they do seem larger than normal over the last couple of years. The 20% is not out of line, but the 40% suggests your current insurer does not want your business!

I think it may well be a case I've stayed with them a bit too long and they feel they can get away with salting me.
This has traditionally been a feature of insurance where long standing customers who renew every year are charged more those who are known to shop around. Ireland has recently introduced legislation to address this practice - "This means that, from 1 July 2022, insurance providers cannot charge relevant renewing customers a premium that is higher than they would have charged an equivalent year one consumer renewing their policy. However, to support competition and switching, new customer discounts will be allowed".
I've approached 2 other companies for quotes and I'm awaiting replies.

 

[Irish Rover]

Just as a matter of curiosity I had a look at the Alianz Ireland site and see they don't quote for cats or any multihulls. What's that about?

 

[ChromeDome]

When comparing also pay attention to the T&C + fine print.

Policies and coverage are not standardized, so make sure you compare apples to apples before deciding.
I'm happy with Pantaenius (no connection) - probably worth checking if they'd suit your needs.

As we know it is when things go wrong you really know the value of your insurance.

 

[Tranona]

Yes, that is a general issue with repeat insurance. Insurers here all seem to comply by making it clear on the renewal letter that you should shop around before automatically renewing. My experience is that many will then "adjust" their price when confronted with alternative quotes.

However I think that marine insurance is in a different position as in the last 7 or 8 years it has been heavily loss making, largely because of the number of extreme weather incidents in areas with large boat populations. This has resulted in many players either withdrawing or merging/reorganising, resulting in both a reduction in choice and shrinking of underwriting capacity. All not helped by the regulatory changes, some the consequence of Brexit.

 

[Tranona]

Just as a matter of curiosity I had a look at the Alianz Ireland site and see they don't quote for cats or any multihulls. What's that about?

Risk. High claims rate and high cost of repairs.