Boat insurance up from £572 to £921 Ouch!

[DavidJ]

I was expecting some increase in the transition from Y to Topsail but not £572.82 to £921.65
Boat is a Sealine S37 now 19 years old and in Spain with no claims.
Alternatives please

 

[Cathy*]

Sorry can't help specifically with Spain but I was pleased when our renewal came through just £10 more than last year with GJW

 

[Greg2]

I was expecting some increase in the transition from Y to Topsail but not £572.82 to £921.65
Boat is a Sealine S37 now 19 years old and in Spain with no claims.
Alternatives please

Blimey, that is a bit of a hike!
I am with Y so guess I might be looking around at renewal time if I get a similar increase. I would be interested to hear how you get on with identifying a less expensive option.
.

 

[longjohnsilver]

I was expecting some increase in the transition from Y to Topsail but not £572.82 to £921.65
Boat is a Sealine S37 now 19 years old and in Spain with no claims.
Alternatives please

Have you spoken to them and asked why an almost 70% increase. Doesn’t sound right.

 

[jrudge]

Here we go again. Barry said something like that will be the last of the big increases and then Topsail will say not us guv.

Topsail I assume are trying to get their investment back. Given many boats have seen little use I assume claims are down, but now premiums rise again.

 

[Momac]

Topsail I assume are trying to get their investment back.

At that percentage of increase in premiums they are likely to be short of paying customers .

 

[tetleys]

In fairness to Topsail my renewal has come through , £1260 last year with Y and renewal £1380. Am just checking the cover but all looks good to me unless anyone has
better alternatives

Cheers
Tetley's

 

[jrudge]

At that percentage of increase in premiums they are likely to be short of paying customers .

Having sold businesses bear in mind the buyer always things the seller is an idiot and they can do better. As a seller I was very happy to boost the sellers ego in that regard.

Sadly the statistics are against that view as the vast majority of acquisitions destroyed value as opposed to create it.

The OPs rise does seem quite extraordinary so lets see what happens in the end with his premium

 

[MystereMarcus]

I was expecting some increase in the transition from Y to Topsail but not £572.82 to £921.65
Boat is a Sealine S37 now 19 years old and in Spain with no claims.
Alternatives please

My renewal came up with Y just before Topsail took over, there was a 5% increase (having had the big increase two years ago), I shopped around and although I didn't change, the policy that came closest in wording and price was through Craftinsure. They were using Navigators & General (Zurich), policy.
Please update with your findings and where you end up as it's sounds like we'll all be moving within the next 12 months!

 

[petem]

My renewal came up with Y just before Topsail took over, there was a 5% increase (having had the big increase two years ago), I shopped around and although I didn't change, the policy that came closest in wording and price was through Craftinsure. They were using Navigators & General (Zurich), policy.
Please update with your findings and where you end up as it's sounds like we'll all be moving within the next 12 months!

It is my understanding (from reliable surces) that Craftinsure do not use the N&G policy, they have underwriting authority and use their own words with additional exclusions. That's why they are cheaper than N&G.

 

[petem]

In fairness to Topsail my renewal has come through , £1260 last year with Y and renewal £1380. Am just checking the cover but all looks good to me unless anyone has
better alternatives

Cheers
Tetley's

My experience is similar. A fresh Topsail quote for me was about £100 dearer than Y.

 

[MystereMarcus]

It is my understanding (from reliable surces) that Craftinsure do not use the N&G policy, they have underwriting authority and use their own words with additional exclusions. That's why they are cheaper than N&G.

Thanks for the information Pete. That just shows always read the terms thoroughly. If I was going to go with them I would have done but I certainly don't want to put any wrong information on here.

 

[Momac]

The nearest I got to changing has been to Saga. Obviously you have to be 50 years old or over to be accepted by Saga.
I can't vouch for their policy wording , which did at one time have an unacceptable clause about corrosion, and its clear that all insurers change their policy wording from time to time.

Always read the policy wording and in particular the exclusions and conditions.
A condition or exclusion that may not bother one person could be unacceptable to another person (eg restrictions about single handed cruising).

My boat is kept on inland waters . I may have to revert to an inland waters policy with occasional sea trips permitted which may be considerably less cost. Only a few years a go there was no significant cost difference between a coastal and inland waterways insurance premium.

 

[Greg2]

My boat is kept on inland waters . I may have to revert to an inland waters policy with occasional sea trips permitted which may be considerably less cost. Only a few years a go there was no significant cost difference between a coastal and inland waterways insurance premium.

We always used to have an inland waters only policy with 30 days sea cruising included, which was fine for us at the time. If memory serves there was a saving in premium, which is why we opted for it.
.

 

[dustywings]

My insurance with Y/Topsail is due on Feb 14th so I imagine I will be hearing any day now, I will let you know what they come up with!

 

[DavidJ]

My insurance with Y/Topsail is due on Feb 14th so I imagine I will be hearing any day now, I will let you know what they come up with!

Please do

 

[Firefly625]

Just moved from y as Topsail a 30% hike from previous year.
Gone GJW.
website quote system worked well, and GJW cover wording improved compared to a few years back, upped cover amount and came in similar to what I paid last year with Y..

I did inform Y / Topsail and then dropped their renewal amount to match.... however failed to up the cover I had told them about.. and although I appreciated their effort to keep me, too little too late.

 

[Momac]

I did inform Y / Topsail and then dropped their renewal amount to match....

So Topsails renewal invitation is just an opening offer .
I think its unreasonable when insurers try to take advantage of existing customers at renewal .
.

 

[MapisM]

Boat is a Sealine S37 now 19 years old and in Spain with no claims.

If you don't mind me asking, did you have the insured value confirmed by a survey? And if yes, how long ago?
I'm asking because a friend of mine was just warned byTopsail that MS-Amlin is only willing to offer Third Parties Liability coverage upon renewal, unless he can provide a recent "full dry survey" confirming the boat value.
The boat is even older, 5 years older in fact, but also with a history of zero claims.

 

[DavidJ]

If you don't mind me asking, did you have the insured value confirmed by a survey? And if yes, how long ago?
I'm asking because a friend of mine was just warned byTopsail that MS-Amlin is only willing to offer Third Parties Liability coverage upon renewal, unless he can provide a recent "full dry survey" confirming the boat value.
The boat is even older, 5 years older in fact, but also with a history of zero claims.

Topsail haven’t asked for a survey, I guess I‘m nearing an age where they may do.
It may depend on the type of boat. My S37 is very much a “stock” boat where a google search brings up lots of similar priced boats of that age.