Boat Insurance

[Caladh]

I just been quoted £503 to renew my boat insurance. Yacht 34 foot from 1990, is in Greece and valued at around £50k. I'm interested if OP's feel that is good value compared to "yours" . My broker is advising Insurance premium tax has gone up (which I knew).

Ta vm

 

[sailorman]

I am with Y Ins

http://yyachtinsurance.com

 

[macd]

We pay a little less (about £480) on a boat valued at £65K, with Bishop Skinner. Cruising area: Mediterranean.

Your mention of insurance premium tax, which has gone up twice in the last few months, made me curious.
A quick look at Wiki (yes, I know...) illicited the following:
All types of insurance risk located in the UK are taxable unless they are specifically exempted.
Exemptions include: risks located outside the UK

So, on both of the above, I suspect that our boat (which has never been to the UK and probably never will) is exempt. Many other boats owned by visitors to this forum would also be exempt.
But that's just Wiki. I'll have a futher root around, but anyone know any more?

P.S. Have asked my insurer for their view. Will post with their response.

P.P.S. This seems to be the definitive UK government document on the subject: https://www.gov.uk/government/publi...x/notice-ipt1-insurance-premium-tax#exemption

It states that: A risk is located in the UK if the insurance:
(b) relates to any vehicle of any type which is registered in the UK (‘vehicle’ includes motor vehicles, ships, yachts and aircraft).

So it look like we might be re-registering the boat on the Isle of Man:
For IPT purposes the UK:
consists of Great Britain, Northern Ireland and waters within 12 nautical miles of their coastline
excludes the Isle of Man and the Channel Islands

 

[GrahamM376]

If the boat is registered in the UK then IPT applies.

5.2.1 Location of Risk Rules
The rules for determining whether a risk is located in the UK for IPT purposes broadly follow those set out in Article 2 (d) of the EC Second Non-Life Insurance Directive, which are reflected in UK law in the Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2001 (SI 2001/2635).

A risk is located in the UK if the insurance:

(b) relates to any vehicle of any type which is registered in the UK (‘vehicle’ includes motor vehicles, ships, yachts and aircraft)

More info here - https://www.gov.uk/government/publi...premium-tax/notice-ipt1-insurance-premium-tax

 

[macd]

Thanks. We seem to have got to the same place at about the same time, Graham.

It's odd, though, that to the best of my knowledge my insurer doesn't know what registry our boat is under. Indeed, since the insurance documents are sent every year to the Isle of Man, if any presumption was made surely it would be that she's registered there? In which case, IPT evidently would not be due.

 

[chrisgee]

I just been quoted £503 to renew my boat insurance. Yacht 34 foot from 1990, is in Greece and valued at around £50k. I'm interested if OP's feel that is good value compared to "yours" . My broker is advising Insurance premium tax has gone up (which I knew).

Ta vm

Just renewed mine with Admiral -- 42ft v £65k inc legal cover £408 which I am well pleased with .Been around this figure for about 5yrs. Nice people to deal with too.

 

[GrahamM376]

I just been quoted £503 to renew my boat insurance. Yacht 34 foot from 1990, is in Greece and valued at around £50k. I'm interested if OP's feel that is good value compared to "yours" . My broker is advising Insurance premium tax has gone up (which I knew).

Ta vm

You don't say if your premium is just hull value or everything.

Towergate - 38ft, insured value £75,000 including dinghy, outboard, scuba gear, generator, sewing machine, personal effects etc. £430 last October.

 

[charles_reed]

My two premium quotes, for slightly more total value than yours were within a few £ of each other @ £400. I chose Y Insurance over Yachtmaster as the one which didn't demand a 7-year insurance survey, even if its single-handed cover was for a shorter period.
The rise in Insurance Premium Tax was small enough to be immaterial.
Premiums this year appear to be rather more competitive than last.

 

[Tranona]

£500 not excessive. Paid similar with Bishop Skinner for similar risk. However now with Y Insurance at rather less.

 

[jordanbasset]

Did used to use GJW Insurance and to be fair they were very good in dealing with a large claim on my previous boats.
Wanted to go with them again and got a quote for a 2013 Bavaria 33 based in Greece of 522 pounds.
After reading previous recommendations on YBW Forums for Y Insurance I tried them. They came in with a quote of 296 pounds. I was prepared to pay a premium to stay with GJW but this was a little too high.
Obviously can never really know how good they are until I make a claim but hopefully other's experiences would be borne out in the event it is required.

 

[Chris_Robb]

Simon - I have just changed from Navigators and General to Y Yachts, mainly for reason that I was extremely unhappy with N&G's wording - which was frankly awful. My renewal on £95,000 would have been around £580, but Y Yachts brought it in at £480 - there may be an element of getting we in discount, but I didn't try to bargain.

Their contract is one of the better ones with a proper Agreed Value basis and not market value - as that is so wishy washy and entirely out of your control. Also the things like the blanket corrosion clauses (which would be a catastrophe to anyone sinking because of skin fitting failure - nothing covered) are tempered by a proper maintenance clause.

Y yachts also allowed me to use my 2007 purchase survey backed up with invoices on survey items put right. So very useful and saved survey fees.

Y yachts are a brokerage run by the ex Pantaenius man - Barry Sullivan. He has strived for a long time to get a good policy and was advised on some areas by JFM of this parish. Its a good policy and I would recommend it. I have not yet made a claim so cannot comment on delivery, but your best method of ensuring a proper payout is to have a well worded contract that gives CERTAINTY - most out there use Plain English as the excuse for going all wooly and catch all in their clauses which will allow them to get out of almost anything. They all say " but of course that wouldn't apply to you". Dont expect that to stand for anything in court!

All Insurers are nice to deal with when you are buying - Don't expect a large claim will be dealt with in quite such a nice way!

Give me a bell if you have any queries.

 

[Caladh]

To all OP's thanks for all that feedback (esp. Chris) - something for me to think about

 

[Sandyshore]

Steer clear of any policy that mentions MARKET VALUE .
I tried Y but not for me .Admiral ,Nautical presented sound advice.Clear wording with wide cover and competitve premiums.
Could use either when my policy renews in April enquiring around on how claims handled.
Y refers to Haven and they handle Y claims ,having read some comments on the forums over the years not for me
Down to choice but for me I would rather pay at top end of average and know I will get looked after in the event of any claim.
Admiral and Nautical AGREED VALUE policy and in house claims teams

 

[sailorman]

Steer clear of any policy that mentions MARKET VALUE .
I tried Y but not for me .Admiral ,Nautical presented sound advice.Clear wording with wide cover and competitve premiums.
Could use either when my policy renews in April enquiring around on how claims handled.
Y refers to Haven and they handle Y claims ,having read some comments on the forums over the years not for me
Down to choice but for me I would rather pay at top end of average and know I will get looked after in the event of any claim.
Admiral and Nautical AGREED VALUE policy and in house claims teams

I thought Admiral were not very good with paying out on road vehicle claims

 

[Chris_Robb]

Steer clear of any policy that mentions MARKET VALUE .
I tried Y but not for me .Admiral ,Nautical presented sound advice.Clear wording with wide cover and competitve premiums.
Could use either when my policy renews in April enquiring around on how claims handled.
Y refers to Haven and they handle Y claims ,having read some comments on the forums over the years not for me
Down to choice but for me I would rather pay at top end of average and know I will get looked after in the event of any claim.
Admiral and Nautical AGREED VALUE policy and in house claims teams

Agree with you on " Agreed Value" policies - the only way to go.

But Admiral still has a terrible clause excluding any loss due to Corrosion or electrolysis. No if or buts - if you loose the vessel due to a skin fitting corrosion - no matter that you have taken reasonable precaution and checks - no payment. Horrid.

 

[Resolution]

Simon - I have just changed from Navigators and General to Y Yachts, mainly for reason that I was extremely unhappy with N&G's wording - which was frankly awful. My renewal on £95,000 would have been around £580, but Y Yachts brought it in at £480 - there may be an element of getting we in discount, but I didn't try to bargain.

Their contract is one of the better ones with a proper Agreed Value basis and not market value - as that is so wishy washy and entirely out of your control. Also the things like the blanket corrosion clauses (which would be a catastrophe to anyone sinking because of skin fitting failure - nothing covered) are tempered by a proper maintenance clause.

Y yachts also allowed me to use my 2007 purchase survey backed up with invoices on survey items put right. So very useful and saved survey fees.

Y yachts are a brokerage run by the ex Pantaenius man - Barry Sullivan. He has strived for a long time to get a good policy and was advised on some areas by JFM of this parish. Its a good policy and I would recommend it. I have not yet made a claim so cannot comment on delivery, but your best method of ensuring a proper payout is to have a well worded contract that gives CERTAINTY - most out there use Plain English as the excuse for going all wooly and catch all in their clauses which will allow them to get out of almost anything. They all say " but of course that wouldn't apply to you". Dont expect that to stand for anything in court!

All Insurers are nice to deal with when you are buying - Don't expect a large claim will be dealt with in quite such a nice way!

Give me a bell if you have any queries.

Chris
Shurely shome mistake? £95,000?? Or have you changed yacht over the winter?
Ducks and runs for cover.

 

[syneraida]

I am with Y Ins

http://yyachtinsurance.com

Me too, good value, good cover and great customer service.

Also be specific about your cruising grounds and cruising habits (eg. shorthanded etc.) as it will probably affect your premium, you can always change it later (but i'm sure you know all this)

Also make sure you tell them all your qualifications (including non-sailing) as it may get you a small extra discount, I got a little discount for having a Merchant Navy engineering ticket, it doesn't make me a better sailor, but i guess it gives them confidence that if something mechanical breaks I would be more able to fix it than others.