Big y insurance increase

Just received a renewal notice from my insurers (GJW), it has yet again gone up so want to shop around. Already tried getting a quote from Y which was cheaper BUT they require a dry survey which is difficult at the moment and anyway would be a costly hike on my current premium. What are peoples thoughts of Towergate being offered by MDL at a discount or Velos as mentioned by the Sealine forum? Any others that have a "good" policy and others I should avoid? Thanks.
 
Scubadoo said:
Just received a renewal notice from my insurers (GJW), it has yet again gone up so want to shop around. Already tried getting a quote from Y which was cheaper BUT they require a dry survey which is difficult at the moment and anyway would be a costly hike on my current premium. What are peoples thoughts of Towergate being offered by MDL at a discount or Velos as mentioned by the Sealine forum? Any others that have a "good" policy and others I should avoid? Thanks.
Click to expand...
I looked at insurance4boats by Porthcawl insurance, their policy seemed quite comparable to Y and cost but i suppose its depending on the boat and value
 
I wonder if the premiums for next year will go down as most boats have not been used as much which should translate into less accidents/claims, I have had a refund from my car insurance due to lower claims ?
 
I had a renewal from Y saying the underwriters will now only insure the boat at purchase price plus 15% max. I disagreed with this as I bought my boat at a very competitive price but with risk as it wasn’t running properly at the point of purchase. As is where is sort of thing. Got it sorted and spent much time and money getting it into to top conditoon.

the value I want it insured for is mid market value backed up by a Surveyor’s valuation and they where fine with that so have stayed with Y again.

it does seem strange as in my mind I’m paying x amount for y amount of cover. I could have been a numpty and overpaid for any boat but the underwriters would be happy with that and insure it for y amount even though the boat might not be actually worth that money in any world?
 
Meagain said:
I looked at insurance4boats by Porthcawl insurance, their policy seemed quite comparable to Y and cost but i suppose its depending on the boat and value
Click to expand...
Thanks, just got a quote from them and cheaper than GJW and Y, have choice of a MSAmlin or Allianz policies. Will check the policies to see how they compare.
 
There are several Y threads somewhere - perhaps the moderators will merge them - but this is the main one google will find for me and by coincidence I happened to start it in the first place!

My renewal was up so I contacted Topsail asking for it early so I could deal with shopping around.

I was dealing with Ric Ric.DeCristofano@topsailinsurance.com who is one of the owners.

Unfortunately for them a friend of mine ( also on here) has a boat of the same value in the same marina and it is the same length. I am sure you can guess .... mine was significantly more expensive and had a higher excess.

I have been back and forward with Ric - who has been very patient - however there should be no need to go back and forward in the first place.

The bottom line is that now my premium is about the same as last year.

This has come about by ....

1. my cruising range was to 20 degrees east. The one I was comparing it to was to 10 degrees. I put on 20 degrees some years ago and Y did not make a charge for this ( nor has any other insurer when I have asked for it to be changed)

2. the excess was lowered. I have no idea why it was different in the first place.

3. my no claims was 20%, the other person boat 25%. They could see no reason for this ( I have never had a claim) so this went up to 25%

4. the BIG difference was that the base premium for my boat was £250 higher than the other boat after adjusting for value differences.

My boat - 2004 squadron 58, the other a 2004 princess 62. Both owned by Uk nationals, boat listed as in the same Marina. So a bigger boat is less to insure. This made no sense to me. I am not sure it made much sense to them either so they put on a £250 discount to make it the same.

So my tips

- look at the renewal
- look at the cruising area
- see if you can find someone else's quote to compare it to

It should not be this difficult but for whatever reasons it is.

They offer excess waiver insurance that is VERY expensive. I offered to underwrite his book if he wished at a lower premium ( this was a serious proposal - I could never loose money unless about 30% of people claimed). don't take it

- they offer protected NCD. I did not take this either.

for reference my boat is worth £350,000 + 23k of tender. Base premium £2800 less £700 ( 25%) NCD

Other boat £345k + 17.5k tender base premium £2445 less NCD etc
 
jrudge said:
There are several Y threads somewhere - perhaps the moderators will merge them - but this is the main one google will find for me and by coincidence I happened to start it in the first place!

My renewal was up so I contacted Topsail asking for it early so I could deal with shopping around.

I was dealing with Ric Ric.DeCristofano@topsailinsurance.com who is one of the owners.

Unfortunately for them a friend of mine ( also on here) has a boat of the same value in the same marina and it is the same length. I am sure you can guess .... mine was significantly more expensive and had a higher excess.

I have been back and forward with Ric - who has been very patient - however there should be no need to go back and forward in the first place.

The bottom line is that now my premium is about the same as last year.

This has come about by ....

1. my cruising range was to 20 degrees east. The one I was comparing it to was to 10 degrees. I put on 20 degrees some years ago and Y did not make a charge for this ( nor has any other insurer when I have asked for it to be changed)

2. the excess was lowered. I have no idea why it was different in the first place.

3. my no claims was 20%, the other person boat 25%. They could see no reason for this ( I have never had a claim) so this went up to 25%

4. the BIG difference was that the base premium for my boat was £250 higher than the other boat after adjusting for value differences.

My boat - 2004 squadron 58, the other a 2004 princess 62. Both owned by Uk nationals, boat listed as in the same Marina. So a bigger boat is less to insure. This made no sense to me. I am not sure it made much sense to them either so they put on a £250 discount to make it the same.

So my tips

- look at the renewal
- look at the cruising area
- see if you can find someone else's quote to compare it to

It should not be this difficult but for whatever reasons it is.

They offer excess waiver insurance that is VERY expensive. I offered to underwrite his book if he wished at a lower premium ( this was a serious proposal - I could never loose money unless about 30% of people claimed). don't take it

- they offer protected NCD. I did not take this either.

for reference my boat is worth £350,000 + 23k of tender. Base premium £2800 less £700 ( 25%) NCD

Other boat £345k + 17.5k tender base premium £2445 less NCD etc
Click to expand...
Thanks J
Guess what I'm going to do!!!
 
I have been round the houses with insurers and brokers and have seen the prices tumble. A nice surprise.
I thought I had found the lowest price of all together with the lowest excess and satisfactory cover at the minor penalty of reduced range yet within my needs for 2021. I have been offered another 10% off for the exact same deal Via Topsail. This is with Haven KJ as insurers.

The initial prices including all of the results of automated online enquiries were high. Communication by email and phone with real people yielded results. The final result is a premium significantly lower than I paid last year .

Thank you to Topsail for so competitively working to win my business.
 
Nautical include protected bonus within the premium calculation.
They do not offer excess waiver as many areas of the policy excess free. They advised if my outboard were to be stolen then no excess would apply .
I did get a reduction in premium as I reduced my values to insure, cruising range and in commission dates.
The policy is an agreed value policy .
 
This was posted on our marina forum this morning.

It seems it comes from a member of the CA.

THIS FROM A CA MEMBER New Clause in Boat Insurance.

Our boat, like many others, has been out of the water in Greece for 18 months and is likely to remain so for another year. Our insurance renewal from Topsail this year has this new clause.

"Topsail Insurance Yacht and Motorboat PDS and Policy Wording Version 1 dated January, 2021 here UNATTENDED VESSEL
If Your Vessel is left unattended for any consecutive period in excess of 30 days then the following condition will apply: Following 30 consecutive days of non-attendance at your vessel you must make arrangements to have your vessel checked at
least every 30 days thereafter by a responsible person who is familiar with your vessel and the check confirmed to You.
Checking the vessel shall include:
a) Confirming that the batteries are remaining charged by either shore power and or by other renewable means
b) That the bilges are free from excess water and that the bilge pump is active and operational
c) That cockpit drains and ondeck drainage channels remain clear
d) That a visual inspection of the boat shows no signs of internal or external damage and that all covers where applicable are secure and intact.
e) That the means of mooring and or lay-up remains secure and adequate.
Confirmation of the check shall mean:
Providing to You such written communication that may be used as future evidence in the event of a claim that the vessel has been checked in accordance with this condition.
Definitions:
Unattended and Non-attendance shall mean You not being physically present on board the vessel.

This plus a 20% increase in premium has left us wondering what to do next! Find another insurer? Or are they all putting this clause in now?
 
Hurricane said:
This was posted on our marina forum this morning.

It seems it comes from a member of the CA.

THIS FROM A CA MEMBER New Clause in Boat Insurance.

Our boat, like many others, has been out of the water in Greece for 18 months and is likely to remain so for another year. Our insurance renewal from Topsail this year has this new clause.

"Topsail Insurance Yacht and Motorboat PDS and Policy Wording Version 1 dated January, 2021 here UNATTENDED VESSEL
If Your Vessel is left unattended for any consecutive period in excess of 30 days then the following condition will apply: Following 30 consecutive days of non-attendance at your vessel you must make arrangements to have your vessel checked at
least every 30 days thereafter by a responsible person who is familiar with your vessel and the check confirmed to You.
Checking the vessel shall include:
a) Confirming that the batteries are remaining charged by either shore power and or by other renewable means
b) That the bilges are free from excess water and that the bilge pump is active and operational
c) That cockpit drains and ondeck drainage channels remain clear
d) That a visual inspection of the boat shows no signs of internal or external damage and that all covers where applicable are secure and intact.
e) That the means of mooring and or lay-up remains secure and adequate.
Confirmation of the check shall mean:
Providing to You such written communication that may be used as future evidence in the event of a claim that the vessel has been checked in accordance with this condition.
Definitions:
Unattended and Non-attendance shall mean You not being physically present on board the vessel.

This plus a 20% increase in premium has left us wondering what to do next! Find another insurer? Or are they all putting this clause in now?
Click to expand...

I have someone check the boat every 2 weeks, and I would do the same if required by insurance or not. I don't think that it's an unreasonable requirement, and for me, doing so gives me peace of mind.
 
We use a Gardianarge local guy for the boat as well .

Look carefully at your property insurance policies too for similar requirements if left “ unattended “ for [ insert days ?]

Make suitable arrangements to comply .
 
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