Do Insurers just guess ?

[Budgieboy]

Insurance time again , boat was £750 last year ( Najad 490 ) usual South Coast down to Biscay , going Transatlantic this year so time for quotes on cruise over the summer from Brighton heading South and leaving the Canaries early New Year then 6 months in the Caribbean dropping down below hurricane belt late May .
Pants ... £1200 plus £2000 bolt on when leaving Canaries ... Only would need 6 months of this , so £2200 , but next season is going to increase substantially when going for the Pacific or hanging around the Caribbean .
Topsail ... £2200 ( been with these for donkeys )
Y Yacht ... £1250 ... Replace fire extinguishers (£200)

No prizes for guessing who got my money

 

[Angele]

:encouragement:

Always worth looking around, especially if your needs/circumstances change.

 

[Tranona]

Insurance time again , boat was £750 last year ( Najad 490 ) usual South Coast down to Biscay , going Transatlantic this year so time for quotes on cruise over the summer from Brighton heading South and leaving the Canaries early New Year then 6 months in the Caribbean dropping down below hurricane belt late May .
Pants ... £1200 plus £2000 bolt on when leaving Canaries ... Only would need 6 months of this , so £2200 , but next season is going to increase substantially when going for the Pacific or hanging around the Caribbean .
Topsail ... £2200 ( been with these for donkeys )
Y Yacht ... £1250 ... Replace fire extinguishers (£200)

No prizes for guessing who got my money

No, just choosing whether they accept the risk or not according to their perception.

Just like any other consumer product you weigh up whether the policy meets your needs given the price asked.

The more expensive ones may have too much exposure to your type of risk and the well priced one may be concentrating on building their book of this class of business!

Just the same with car insurance. I get all three of my cars on one policy (including a relatively high value Morgan) for £471 with Admiral who specialise in multi car policies. On the other hand Aviva refused to quote.

 

[BobnLesley]

Coming from the Mediterranean, the big increase in premium and excess level for making an Atlantic crossing struck me as reasonable, but to discover that those premium/excess hikes would continue once we we'd reached the Caribbean/US east coast seemed very unfair. It seems that a European boat pays two or three times Med insurance levels if they want to sail in the Caribbean, whilst north American boats get hammered equally if they come to the Med.
I can understand 'percieved risk', but some Insurers have branches/offices on both sides of the Atlantic which seemingly hold totally opposing opinions as to which is the safe/dangerous side to be. Methinks it's more about 'what the market will stand'

 

[JumbleDuck]

Just the same with car insurance. I get all three of my cars on one policy (including a relatively high value Morgan) for £471 with Admiral who specialise in multi car policies. On the other hand Aviva refused to quote.

Last time I renewed he insurance for my scruffy old Golf. Kwit-Fit and Saga (woe is me) both quoted ~£100 while M&S quoted £800+. I don't think they want my business.

 

[Tranona]

Last time I renewed he insurance for my scruffy old Golf. Kwit-Fit and Saga (woe is me) both quoted ~£100 while M&S quoted £800+. I don't think they want my business.

Never ceases to amaze me how much you can save just by having a conversation about the details of the cover and a hint that you are looking elsewhere. The original renewal was £730 (about £50 up on last year). Removed a third named driver on the Morgan (it was in store at my mate's house for most of last year), an extra personal injury cover which I don't need, more realistic annual mileages and the price tumbled. Not sure what £15 off each vehicle at the end was for, but suspect it was after the mention of getting quotes elsewhere!

Saved a lot of hassle as well. Timed getting an on line quote and it took 40 mins, partly repetitive information and partly crap site design. Aviva although advertising multi car insurance required the entry of everything for each vehicle individually and then refused to quote!

 

[Skylark]

My experience is that boat insurance brokers are much better than car brokers. I've stayed with the same company for many years as they consistently give value for money (my perception having never made a claim).

I change my bike insurance every year using compare the meerkat.

How time flies, I retired a year ago and after many years of driving company cars I needed to insure a car (was my company car). I received the renewal yesterday. A quick and easy check on meerkat and I could get a policy for more than £150 lower.

Same with home and contents. Don't think I've ever renewed with the same insurer as their business model seems to be "rip-off the complacent in year 2"

 

[capnsensible]

Top tip.

Take a look at the policy requirements for manning on an ocean passage. Lots of companies require a minimum of three people.

When my wife and I did our second Carib cruise, we had to provide an extensive list of experience and sailing qualifications to cover us to sail two handed.

Went with Towergate, part of AXA.

 

[Concerto]

Coming from the Mediterranean, the big increase in premium and excess level for making an Atlantic crossing struck me as reasonable, but to discover that those premium/excess hikes would continue once we we'd reached the Caribbean/US east coast seemed very unfair. It seems that a European boat pays two or three times Med insurance levels if they want to sail in the Caribbean, whilst north American boats get hammered equally if they come to the Med.
I can understand 'percieved risk', but some Insurers have branches/offices on both sides of the Atlantic which seemingly hold totally opposing opinions as to which is the safe/dangerous side to be. Methinks it's more about 'what the market will stand'

It seems the further you are away from where the insurer is based, the higher the premium. May be the answer is to insure locally. This should be possible, especially if part of an international based insurance group for personal confidence. Has anyone tried this?

 

[GrahamM376]

Went with Towergate, part of AXA.

Quite a lot of MOA owners (including me) have left Towergate after recent renewal quotes with large premium increases. Y Yacht more competitive for almost identical cover.

 

[Nostrodamus]

If it helps anyone I recently did a post on boat insurance and the different policies you can get.
In it I did a long Q and A session with Barrie Sullivan of Y Yachts and covered many of the point that were raised here.
I have no affiliation with Y Yachts and I am in fact insured with someone else so it could be an unbiased report.

https://www.cygnus3.com/how-to-get-the-best-boat-insurance-quote/

 

[Budgieboy]

If it helps anyone I recently did a post on boat insurance and the different policies you can get.
In it I did a long Q and A session with Barrie Sullivan of Y Yachts and covered many of the point that were raised here.
I have no affiliation with Y Yachts and I am in fact insured with someone else so it could be an unbiased report.u

https://www.cygnus3.com/how-to-get-the-best-boat-insurance-quote/

Hi ... It was your article that got me out into the market , had been with Topsail for 8 years , bottom line is you saved me a £1000 ...

 

[maby]

All insurance premium calculations are heavily dependent on statistics to determine the probability of claims. The trouble with pleasure boats is that the number of policies sold is far less than it is for cars or houses and the statistics are less stable. There is far more scope for companies to interpret the available statistics and come to different conclusions.

 

[Nostrodamus]

Hi ... It was your article that got me out into the market , had been with Topsail for 8 years , bottom line is you saved me a £1000 ...

That is brilliant ... you can buy me a beer later.