Big y insurance increase

Very interesting, I’ve been trying to keep an eye on the insurance market for the last few years, and whilst insurers come and go, the last two years I’ve seen who the new players in the market are by getting quotes on compareyachtinsurance .com .
I think every yacht owner has to take a view of how much risk they want to assume themselves and pick a right policy and price to match that. Case in point is windstorm coverage in the Caribbean. If it were me, I’d never get windstorm coverage because I would never leave my yacht in the hurricane belt during the windstorm season, and even I I were caught out, I’d move out of the path of the storm as soon as it’s announced!
 
As it looks like my boating is going to be even more severely restricted this year I am going to renew 3rd Party only. Fed up with compound 20% price rises each year TBH.
 
superheat6k said:
As it looks like my boating is going to be even more severely restricted this year I am going to renew 3rd Party only. Fed up with compound 20% price rises each year TBH.
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A lot of boating costs have gone up more than inflation for several years - its not a cheap hobby . The only way boating makes any kind of financial sense for us is the time we spend on board at weekends and also for our main two week summer holiday. Unfortunately its looking increasingly like we will be going nowhere by boat for some time.

However I can't afford to replace my boat if it should be seriously damaged or lost. Therefore all risks insurance is the only option for me.
 
superheat6k said:
As it looks like my boating is going to be even more severely restricted this year I am going to renew 3rd Party only. Fed up with compound 20% price rises each year TBH.
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Just a thought (and somewhat of a triumph of hope over experience), but if, as looks quite probable, there is very little leisure boating this year, one would expect a commensurate reduction in claims and thus premiums next year (I know, I did say hope over experience).
 
With not much else to do I have been giving the insurance issue some further thought.

I have just a few years boating behind me, with not a single claim incident, including some 10 years off shore racing. So why on earth am I paying for fully comprehensive anyway. I have over the past 28 years since I first owned a boat (rather than sailed someone else's) paid some £12,500 for nil net return. As my boat value has likely tumbled in the current crisis I expect to now stop making Barry Sullivan any richer. Sorry Barry.
 
superheat6k said:
I have over the past 28 years since I first owned a boat (rather than sailed someone else's) paid some £12,500 for nil net return.
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How much did you spend on other boat related things over the same 28 years eg Moorings , lift out , service antifouling, fuel and financing boat purchases?

I don't like to add these things up but I think the marina have had more out of me in mooring fees than any other business other than my house mortgage lenders . I imagine over the 12 years since I started boating (as of this month) I may have spent almost as much , possibly more money on boating than I have spent buying boats .

I just received my council tax bill - £2091 for the year ahead . Now that is a lot of money for what often seems nothing much in return.
 
superheat6k said:
With not much else to do I have been giving the insurance issue some further thought.

I have just a few years boating behind me, with not a single claim incident, including some 10 years off shore racing. So why on earth am I paying for fully comprehensive anyway. I have over the past 28 years since I first owned a boat (rather than sailed someone else's) paid some £12,500 for nil net return. As my boat value has likely tumbled in the current crisis I expect to now stop making Barry Sullivan any richer. Sorry Barry.
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Having made underwriting losses for several years now (by keeping premiums low and having the most comprehensive policy) I doubt Barry is making much in the way of bonuses.

I think those of us who want decent cover will just have to accept that premiums have historically been low and will continue to rise. In the grand scheme of things, insurance premiums are a minor cost of boating.
 
superheat6k said:
With not much else to do I have been giving the insurance issue some further thought.

I have just a few years boating behind me, with not a single claim incident, including some 10 years off shore racing. So why on earth am I paying for fully comprehensive anyway. I have over the past 28 years since I first owned a boat (rather than sailed someone else's) paid some £12,500 for nil net return. As my boat value has likely tumbled in the current crisis I expect to now stop making Barry Sullivan any richer. Sorry Barry.
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Good luck and I hope you don't have an unisured neighbour whose boat catches fire sinking yours too (or similar)!
 
MartynG said:
How much did you spend on other boat related things over the same 28 years eg Moorings , lift out , service antifouling, fuel and financing boat purchases?

I don't like to add these things up but I think the marina have had more out of me in mooring fees than any other business other than my house mortgage lenders . I imagine over the 12 years since I started boating (as of this month) I may have spent almost as much , possibly more money on boating than I have spent buying boats .

I just received my council tax bill - £2091 for the year ahead . Now that is a lot of money for what often seems nothing much in return.
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Just worked mine out and my boat insurance costs me less per week than a pint down the pub.
 
superheat6k said:
With not much else to do I have been giving the insurance issue some further thought.

I have just a few years boating behind me, with not a single claim incident, including some 10 years off shore racing. So why on earth am I paying for fully comprehensive anyway. I have over the past 28 years since I first owned a boat (rather than sailed someone else's) paid some £12,500 for nil net return. As my boat value has likely tumbled in the current crisis I expect to now stop making Barry Sullivan any richer. Sorry Barry.
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You are quite free to go 3rd party & possibly make a saving, entirely your choice as are many things in life
 
I insured previous boat with Y and got a quote for the new one (just over £1600 py) for the med, I shopped around thinking I could get cheaper but no luck, stuck with Y. Never had to claim but they've always been very responsive when it comes to queries so happy to stick with them for the year and then do the usual comparisons when renewal comes around.
 
On a more positive note with all the boats in lockdown is it too much to hope next year fees will relax? I mean it's not like I've done a runner with my boat on anchor while I'm downing G&T's at Adriano's Bar and Bistro
 
From 2,600 to 3,041, and excess up from 1,600 to 2,400. I suspect because of the two claims I had for damage caused by flying iron filings. Mind you, both were settled by the the party....
 
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petem said:
Good luck and I hope you don't have an unisured neighbour whose boat catches fire sinking yours too (or similar)!
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To clarify this, if your neighbour's boat catches file and sets your own alight you can only make a claim against him if you can prove he was negligent. If you cannot prove negligence (which is obviously very difficult to do as the evidence is likely to be destroyed) then you are reliant upon claiming on your own insurance.
 
Ours has just risen by £40. Very pleased. Been with Y for six years, one £2000 claim.

Boat and accessories insured for £170,000.

Premium for comp. cover, usual area, £918.00. Winter on hard, mid Harbour pontoon mooring during season.
 
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