Annual Insurance Increase

[dslittle]

My insurance is due for renewal. Last year it was £868. The quote this year is £1042 (20% increase). Four years ago it was £686.

I have received a letter explaining that this is due to increased claims in the Med and a need to bring premiums in line across the board. I have been with the insurer for a number of years and I have been happy with their cover but this does appear to be quite a large increase.

Have others seen similar increases on their renewals?

 

[mainsail1]

Sounds a huge increase but then I do not sail in the Med. My increase was £12.

 

[Bobc]

Shop around

 

[JumbleDuck]

Have others seen similar increases on their renewals?

My renewal quote with GJW is £246.77, up from £235.49. 4.8% isn't too bad.

 

[awol]

Is "increased claims in the Med" an euphemism for Brexit?

 

[srm]

Last January my premium went up by 7%. As a percentage of insured value my premium had almost doubled over the previous six years.
I asked the UK insurer to reconsider as I felt they were discriminating against me - my last claim had been in 1976. I was told that premiums had to rise to cover claims.
Given the relatively low value of my boat and my current usage I did not renew their insurance but took out third party cover through a local broker at a more realistic cost. Asking around it seems that many boats here only have third party cover.

 

[laika]

My insurance is due for renewal. Last year it was £868. The quote this year is £1042 (20% increase). Four years ago it was £686.

Mine had increased more than 10% this year with something similar over the past couple of years. I asked how this could be as I've never had a claim and this year would be my 11th claim free with the same boat and insurers. Reply was similar to srm's above: increased competition had been holding prices low, claims were up and the market was correcting. They knocked a couple of percent off and I did renew as I had a lot going on at the time and a couple of automated quotes from other sites didn't show massive savings but I'll definitely be shopping around before the next renewal.

 

[Norman_E]

I just renewed with GJW and the premium was unchanged.

 

[Sandy]

I just renewed with GJW and the premium was unchanged.

My last renewal with GJW was the same, although I did need to point out to them that I have unlimited single handed cover, which they honoured. I don't expect that new policies will have the same.

 

[[2574]]

I'm at 0.45% of sum insured. That, to me, seems to be the key statistic but has to be seen in the light of variant policy cover. I'm with GJW, a recent look around the marketplace had considerably similarity of cost given constant policy parameters.

 

[Lucy52]

Mine went up 5% this year, UK and Eire, inland and coastal waters between Elbe and La Rochelle.

Mediterranean and Caribbean cover went up by much more due to their claims history. Must be the sun and the vino.

 

[doug748]

My insurance is due for renewal. Last year it was £868. The quote this year is £1042 (20% increase). Four years ago it was £686.

I have received a letter explaining that this is due to increased claims in the Med and a need to bring premiums in line across the board. I have been with the insurer for a number of years and I have been happy with their cover but this does appear to be quite a large increase.

Have others seen similar increases on their renewals?

A few people have mentioned the Med claims gag over the last year.

Mine seems to be unchanged for a least the last 5 years. Pants. I pay 350 quid on 27,000 so 1.3%
I reckon you have to look at the percentage, the standard of cover, the alternatives, how you would sustain a total loss - and make a judgement. If mine was to leap up at the present stage of my career, I would almost certainly go 3rd party.

.

 

[colind3782]

I am with GJW and I don't have the figures to hand but, if there was an increase, it was negligible. Last year it went down significantly!

 

[peteK]

Last year I had a quote of GJW and reading the small print it was with a different insurance company and GJW were acting as brokers.

 

[AndrewB]

My quote was a 10% increase. I told my insurers that was nonsense since Covid meant I would be able to use the boat (kept in the Med) a lot less this year, and we arrived at a compromise which is actually a 10% reduction - at least for a year.