Buying damage waiver insurance

B

bleh

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Hi all, I have a problem and I thought I'd see if anyone had any advice for me...

Every year I charter in the Med, and go sailing with friends crewing, and every year I buy the collision damage insurance waiver (usually 160-180 Euros non returnable fee that effectively reduces the insurance excess to zero so you don't have to find 2000 Euros if you sink your vessel). I've never yet had a collision, but still, explaining to friends that yes, it's going to cost X, but if we have an accident then there's a big penalty is a bit tiresome, and I feel like in this sort of scenario, the waiver is the perfect tool...

This year, chartering in Croatia, for the first time, there is no damage waiver available! I'm not sure why yet, but it's not the most important thing.

I've been looking for an independent insurance policy to cover it, it is after all really just another insurance policy, but I've had no luck finding anything.

Anyone come across this problem and have any suggestions (apart from don't crash the boat, which is currently my only idea)?

Cheers all.
 
Doubt you will get free standing damage waiver, unlike for hire cars where there is potentially a big market.

You may well find that you are offered a refundable deposit equal to the excess on the policy rather than an insurance based product. Pros and cons - clearly if you don't do any damage you get your money back, but it can lead to disputes when you hand back and are short of time to resolve it before you have to leave for the airport. If you do go this route, a credit card deposit has some safeguard from being exploited.
 
I have never paid this fee or the rip-off re-fuelling charge many companies offer "to make your life easier". Ask yourself - how likely do you think you are to prang the boat (where it is your fault) and how much motoring are you going to do?

I took my family on a flotilla last year - everyone else had paid these - I was £250 up on them from day one.

Smug grin!
 
Tranona said:
Doubt you will get free standing damage waiver, unlike for hire cars where there is potentially a big market.

You may well find that you are offered a refundable deposit equal to the excess on the policy rather than an insurance based product. Pros and cons - clearly if you don't do any damage you get your money back, but it can lead to disputes when you hand back and are short of time to resolve it before you have to leave for the airport. If you do go this route, a credit card deposit has some safeguard from being exploited.
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A word of warning about CDW on hire cars. If you don't get it read the small print first to know exactly your position. I have seen many cases where people thought they were covered by their own insurance or by their credit cards and ended up having to pay the total value of the car after a crash.
 
Definitely read the small print on vehicle hire docs. In Turkey quite a few firms have a clause that, if the car is damaged, obliges you to pay the daily hire rate until it is repaired and serviceable.

In Greece we hired a scooter and only afterwards found out that it was our responsibility to get the thing transported back to base not only if we pranged it, but even if it broke down.
 
Thanks finn77, that's exactly what I was looking for and couldn't find for myself.

Some of you guys obviously elect not to pay this extra fee, instead paying up the up to 2000 Euros in the event of damage occurring, and I agree that ultimately a problem is not likely, I've never pranged a yacht yet, even slightly... but still, the crew are my friends, they aren't all hardcore sailors, some are green as English grass in fact, they are on holiday first and foremost, I don't want awkward moments and complications with them, so, it's easier to give them a price for the holiday, a concept everyone is quite used to, than get into financial implications of the technical nature of the holiday activity and any impossible discussions about how likely it really is that they'll have to cough up an extra 60%, and have people wondering if they should go if they can't really afford that extra... It depends on the group, but in this case I think the insurance for the damage waiver fee is very appropriate.
 
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