Boat Insurance again

[grumpygit]

Apologies for the insurance thread again.
Here in Greece I have a Hunter Legend H260 which gets me out on the water without much stress on the old limbs and with this I have only ever day sailed. The boat is on the SSR.
I was with Mercia but they said the were ceasing to insure boats in Greece. There are so many insurance companies out there which means a lot of proposal forms to fill out so I thought it may be an idea to ask if there any I should keep away from.
Also recommendations based on any good experiences would be welcome
Cheers in anticipation.

 

[Graham376]

Y Yacht are still covering EU based boats, my memory a bit hazy but IIRC they've opened an office in France? to obtain the necessary licenses to continue doing business in EU after 31/12

 

[PlanB]

I always used Bishop Skinner. They dealt with two claims really well.

 

[ASW11]

A 2nd shout for Y-Yacht, never had to make a claim, but, generally, good, efficient and straightforward communication. Maybe worth giving them a shout?

 

[grumpygit]

A 2nd shout for Y-Yacht, never had to make a claim, but, generally, good, efficient and straightforward communication. Maybe worth giving them a shout?

Thanks for the replies. I tried Y-Yachts in 2017 and the quote made me think I was taking out a marine mortgage not an insurance.
The last boat which I sold in 2016 was insured for £165k with a premium of £900 ish p.a. This H260's value £15k and in 2017 Y-Yachts wanted £358p.a. Sorry but the percentages just don't work.

 

[Graham376]

Thanks for the replies. I tried Y-Yachts in 2017 and the quote made me think I was taking out a marine mortgage not an insurance.
The last boat which I sold in 2016 was insured for £165k with a premium of £900 ish p.a. This H260's value £15k and in 2017 Y-Yachts wanted £358p.a. Sorry but the percentages just don't work.

That seems much too high, I'm paying them £6.60 per £1,000, 12 months in commission, mooring based. Obviously that can't be taken across all values as third party may be a fixed amount regardless of value.

 

[grumpygit]

That seems much too high, I'm paying them £6.60 per £1,000, 12 months in commission, mooring based. Obviously that can't be taken across all values as third party may be a fixed amount regardless of value.

Thanks and this around where I would like to see it plus a small premium for the policy size. I suppose I had better start doing the online quotations, this chore will be a bore!

 

[srm]

My last marine insurance claim was in 1975.
I had been with my last marine insurance broker for over 15 years, but when my renewal came up at the beginning of this year I wrote back saying I was being discriminated against as a 7% premium hike was too much on top of the year on year increases that have almost doubled my premium rate (% of value insured) over the last 10 years. They apologised but explained I was paying for the losses incurred by other owners.
I cancelled that UK based policy and went to a local insurance office and took out third party cover with a Portuguese company as that meets the requirements of the marina I use.

 

[grumpygit]

My last marine insurance claim was in 1975.
I had been with my last marine insurance broker for over 15 years, but when my renewal came up at the beginning of this year I wrote back saying I was being discriminated against as a 7% premium hike was too much on top of the year on year increases that have almost doubled my premium rate (% of value insured) over the last 10 years. They apologised but explained I was paying for the losses incurred by other owners.
I cancelled that UK based policy and went to a local insurance office and took out third party cover with a Portuguese company as that meets the requirements of the marina I use.

Interesting thanks, and you didn't have a problem with it being on the SSR and getting on to a local Portuguese policy? May have to try shopping around in Greece.

At the moment a premium of 3% of the boats value seems to be the norm at the moment with UK companies.

 

[Poignard]

Grumpy

Have you tried the insurance broker WG Yachts (Yachtline)?

I think the proprietor has a boat or property in Greece. See website:

WG Contact Us

 

[srm]

Interesting thanks, and you didn't have a problem with it being on the SSR and getting on to a local Portuguese policy?

No problem, I think they took a copy the UK registration certificate; they certainly took information off it for the proposal. I do have a local address though.

 

[colind3782]

Interesting thanks, and you didn't have a problem with it being on the SSR and getting on to a local Portuguese policy? May have to try shopping around in Greece.

At the moment a premium of 3% of the boats value seems to be the norm at the moment with UK companies.

I paid 0.7% last year. Coming up for renewal soon with GJW.

 

[Cariadco]

I paid 0.7% last year. Coming up for renewal soon with GJW.

And mine's just gone upto 0.8%, nowhere near 3%.

 

[Cariadco]

Grumpy

Have you tried the insurance broker WG Yachts (Yachtline)?

I think the proprietor has a boat or property in Greece. See website:

WG Contact Us

I'm currently with Yachtline, and they've been pretty good for years, but their premium's starting to creep up, too much.
I'm having a half hearted look at other providers to see what they come up with, but at the mo' they are all similarly priced, with like for like insurance.

 

[grumpygit]

I'm currently with Yachtline, and they've been pretty good for years, but their premium's starting to creep up, too much.
I'm having a half hearted look at other providers to see what they come up with, but at the mo' they are all similarly priced, with like for like insurance.

Ok thanks all for the info. I will give Yachtline a try and see what they are prepared to do. I do realise the boat has little value but 3% in my mind is barmy.

 

[Graham376]

I'm grumpy as well today, just had renewal docs from Y Yacht with almost 10% premium increase on last year. According to them, underwriters have paid out more in claims in Med than they received in premiums. Have asked them to reconsider as we're not Med based.

 

[Cariadco]

I've nearly got the last quote in, to see if it's worth replacing my usual insurance guys (Yachtline) with someone new.
When I get it, I'll post the details, however, I've just doing my sums, I see I was paying around £7.70 per £1000.

 

[colind3782]

I've nearly got the last quote in, to see if it's worth replacing my usual insurance guys (Yachtline) with someone new.
When I get it, I'll post the details, however, I've just doing my sums, I see I was paying around £7.70 per £1000.

Sounds about right

 

[Graham376]

I'm grumpy as well today, just had renewal docs from Y Yacht with almost 10% premium increase on last year. According to them, underwriters have paid out more in claims in Med than they received in premiums. Have asked them to reconsider as we're not Med based.

We sail mainly Atlantic Portugal and Spain so I asked them to restrict Med cover to 5 degrees west which covers GIb, northern Morocco to Smir, rather than 16 degrees east where we never go. Policy amended so no increase this year

 

[Cariadco]

As previously mentioned, here's the new quotes etc for my Boat's insurance

Last Year’s Premium £566
This Year (Yachtline) £651
Includes racing cover but no rig
Increase 15%

Y Yachts £578
Decrease on this year’s quote 12%
No racing cover, some electronics not covered (epirb etc)

Bishops Skinner £771
Increase on this year’s quote 16%
No Racing cover

I'm still awaiting another couple of quotes, but they have come back to me with more questions, so it will take longer for their quotes to be sent.
Anyways, it was nearly impossible to get like for like as every company had slightly different risks they would cover me for. I've just listed the main ones.
As you can see, it's tempting to jump ship to Y yachts but no racing cover at all. I do get racing cover with Yachline, but not for the rig. (That would have cost an eye watering £900 more).

Conclusion: Looks like I'm staying where I am with Yachtline.