Boat insurance up from £572 to £921 Ouch!

[dustywings]

I said I would report back on my renewal quote so here I am!

Last years premium from Y was £1,340, this years renewal has arrived with a figure of £2,041 which I make to be a 52% increase!!! The cover is with N&G and the boat is a SQ58 based in the UK.

This was was a after a sizeable increase the previous year so I shopped around...

Craftinsure have come back with a quote (again from N&G) of £1,228, Saga are £1,500 and I am still waiting on another quote.

I appreciate that there is much debate over policy wording so I will be looking at the detail now!

 

[DavidJ]

I said I would report back on my renewal quote so here I am!

Last years premium from Y was £1,340, this years renewal has arrived with a figure of £2,041 which I make to be a 52% increase!!! The cover is with N&G and the boat is a SQ58 based in the UK.

This was was a after a sizeable increase the previous year so I shopped around...

Craftinsure have come back with a quote (again from N&G) of £1,228, Saga are £1,500 and I am still waiting on another quote.

I appreciate that there is much debate over policy wording so I will be looking at the detail now!

When I checked out Craftinsure I didn’t like the clause about not leaving your boat unattended in open waters.

 

[Elessar]

I just got my renewal from craftinsure.
7.5% lower than last year.

 

[Scubadoo]

I said I would report back on my renewal quote so here I am!

Last years premium from Y was £1,340, this years renewal has arrived with a figure of £2,041 which I make to be a 52% increase!!! The cover is with N&G and the boat is a SQ58 based in the UK.

This was was a after a sizeable increase the previous year so I shopped around...

Craftinsure have come back with a quote (again from N&G) of £1,228, Saga are £1,500 and I am still waiting on another quote.

I appreciate that there is much debate over policy wording so I will be looking at the detail now!

Fyi, Saga are pulling out of the boat insurance business this year (got this from another thread).

 

[Momac]

Fyi, Saga are pulling out of the boat insurance business this year (got this from another thread).

Saga just gave me a price last week so it cant be anytime soon.
They are hardly likely to withdraw cover part through a policy term but if they should do so they would have to give a pro rata refund.
I quite like their simple policy wording and the one exclusion I didn't like is withdrawn.
So far for me they look favourable although I will llook at others .

 

[Scubadoo]

Saga just gave me a price last week so it cant be anytime soon.
They are hardly likely to withdraw cover part through a policy term but if they should do so they would have to give a pro rata refund.
I quite like their simple policy wording and the one exclusion I didn't like is withdrawn.
So far for me they look favourable although I will llook at others .

From Saga website

Get a Quote | Over 50s Boat Insurance | Saga

From the 1 April 2021, Saga will no longer provide boat insurance for new customers. You can take out cover until this date by calling us on 0800 092 7223 (lines are open 9am – 5:30pm Monday-Friday and 9am – 1pm Saturday).

If you have a Saga Boat Insurance policy due to renew on or after 1 April 2021, we'll contact you shortly to provide more information on how you can renew your policy. In the meantime, if you have any questions, please call us on 0800 904 7510 (lines are open 9am – 5:30pm Monday-Friday and 9am – 1pm Saturday).

 

[Momac]

From Saga website

Get a Quote | Over 50s Boat Insurance | Saga

From the 1 April 2021, Saga will no longer provide boat insurance for new customers

Thank you .
I may just be able to get in before they close the door . My existing policy expires in mid March.

 

[jrudge]

So it seems fair to say the new owners of y are milking it for all it is worth

 

[Momac]

Last years premium from Y was £1,340, this years renewal has arrived with a figure of £2,041 which I make to be a 52% increase!!!

I think that may be an opening offer an suggest you may wish to try haggling .
On the other hand if you need to haggle over the premium then maybe the same will apply during a claim.

 

[sharpness]

I think that may be an opening offer an suggest you may wish to try haggling .
.

Always annoys me that insurance firms / brokers don't usually offer their existing clients the policy price which is used to lure in new clients.

 

[oldgit]

Judging from thread on Scuttlebutt , SAGA are only pulling the plug on sailing boats ?

 

[Den100]

I said I would report back on my renewal quote so here I am!

Last years premium from Y was £1,340, this years renewal has arrived with a figure of £2,041 which I make to be a 52% increase!!! The cover is with N&G and the boat is a SQ58 based in the UK.

This was was a after a sizeable increase the previous year so I shopped around...

Craftinsure have come back with a quote (again from N&G) of £1,228, Saga are £1,500 and I am still waiting on another quote.

I appreciate that there is much debate over policy wording so I will be looking at the detail now!

I renewed with Y in December the previous years premium was £1859 and the renewal was £2066 I tried numerous other insurers and no one got close so stayed with Y, the closest quote was from Colemans

 

[YellowPeril]

I said I would report back on my renewal quote so here I am!

Last years premium from Y was £1,340, this years renewal has arrived with a figure of £2,041 which I make to be a 52% increase!!! The cover is with N&G and the boat is a SQ58 based in the UK.

This was was a after a sizeable increase the previous year so I shopped around...

Craftinsure have come back with a quote (again from N&G) of £1,228, Saga are £1,500 and I am still waiting on another quote.

I appreciate that there is much debate over policy wording so I will be looking at the detail now!

I've been with Y for the last few years - an Amlin policy. I received my Topsail renewal in December and it was +45% on the last year, and now with N&G.
Topsail were able to requote with an Amlin policy - not quite the same wording as the old Y policy but similar - and the price fell to an acceptable level.
If you have an Amlin policy at present, perhaps they can requote accordingly?

I also got a quote from Craftinsure and whilst competitive, there were clauses I did not like. I can't remember the exact details, but upon a total loss they appeared to be able at their discretion to replace my boat with whatever they deemed a suitable alternative. No thanks.

 

[MapisM]

Topsail were able to requote with an Amlin policy - not quite the same wording as the old Y policy but similar - and the price fell to an acceptable level.

+45% is obviously insane, but "acceptable" is more subjective...
If you don't mind me asking, which sort of % increase did you eventually get?

 

[YellowPeril]

+45% is obviously insane, but "acceptable" is more subjective...
If you don't mind me asking, which sort of % increase did you eventually get?

Final cost was +12% on last year.

 

[Momac]

I have received a price from Noble - which looks promising. Just waiting to see what they want to add for legal cover.
Home - Noble Marine Insurance

 

[stuartwineberg]

Just moved from Y to GJW.

 

[dustywings]

By way of an update... I had a second quote from Topsail with an Amlin policy which was better but still way up on last year. Ended up going for the same Amlin policy through Porthcawl for a price which was less than I paid last year with Y!

 

[superheat6k]

I just got my renewal from craftinsure.
7.5% lower than last year.

Proof of the pudding is in the eating and I cannot fault CraftInsure for settlement of my claim when I wrecked my stbd engine. I had only been with them a fortnight ! That was after several years with Y, when I got fed up with compound increases year on year, and nonsense about high claims in the Med. The issue was clearly somone shaping up a business to sell, and it was us mugs who assisted this process.

 

[Seastoke]

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.

I think every boat over 25 years needs a survey to get full comp , i had to with Y.