Do u recommend engine breakage insurance/extd wty?

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jfm

jfm

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Does anyone have engine breakdown insurance? (I mean insurance for big mechanical failures, like extended warranty cover, not SeaStart type stuff). Can you recommend a insurer? How much does it cost? Is the policy fairly comprehensive or are there loads of get-out clauses/awkward conditions? Anyone ever made a claim?

Our Volvo tamd63p s are just out of their 3 year warranty, so we're thinking about extending the warranty by buying insurance for a few years
 
I was thinking about this the other day, who was that comapny that won an award for this? I wonder if my situation would have been covered?

Any body with any info on this?

Dom


I just want my boat back in the water ;-(
 
no

My only experience is with the car policies.

The peeps who do this are insurance types, not menders. So they can't ever resort to "oh alright we'll fix it but next time, mind..." The terms are very tight, vary between policies, limit the amount paid out in cases of different eventualities. Also ones I heard of required approved parts and fixers and servicing...so it seemed to insure against a higher cost than one would actually pay to fix it anyway.
 
Insurance v self insurance

Inuring ought to be avoided where possible. Remember that insuring will usually be lining someone elses pocket. However, some general insurers (even those that make pigs fly) payout more in claims than they do in premiums. They make their money by investing the premium.

But, I can never understand people who insure their £1000 car fully comp but not take out PHI which could payout a million quid if they're permanently disabled.

If you can afford the repair bills on the boat (which reading this forum can be nearly £10k) then don't insure. If a major failure will break you then insure.

The really clever thing to do would be to spread the risk in some other way. Find someone else with a similar Phantom and tell him that you'll pay half his repair bills if he pays half yours!
 
Re: Insurance v self insurance

Petem I totally agree. I much prefer to self insure generally. Best case is home elec goods, if bort the "insurance" from Currys evry time I would probly be totally broke, much better to self insure esp when such a big portfolio of goods to spread the risk.

I was just interested in finding out about the boat engine stuff, just in case looked a bargain. Praps this forum is making me worry about Volvo breakdowns. Let's hope the underwriters dont read it! <G>
 
Orginally I thought this was a great idea a few years back, from what I remember the idea of engine insurance started with a boater like us who had a rather large repair bill.

When I looked into this in slightly more detail, the premuim seemed rather high and all the servicing etc has to be done by an approved dealer i.e. in my case Volvo - the ones who are likely to screw up IMHO.

So that means large premuims, higher servicing costs and then be told your not insured come the claim.

I think I will I let my 3yr warranty finish next month and then use someone who I can trust to service my engine and that won't be my local Volvo dealer.

But I agree it is a worry these repair bills, I mean 10k to fix an engine - rip off.

You know the most frustrating part, you can visit a USA Volvo website and see engines half the price to the UK!

RM.
 
JFM - Seeing as you share a third of the boat with two other decent chaps, and already have a common maintenance fund - how about an engine hours contribution?

If you asume that they are all nutters like yourself then a major rebuild is due every 600 or so hours - BFP specs say £10,000 per engine (hopelessly wrong of course). Then if you "pay" into the maint. fund £32 per hours usage it should work out OK. Course if you blow them up before then all bets are off. Quick sell the share....

The correct phraseology is "Are we insured..." NOT "Were we insured"
(IMHO, BTW, FWIW and NWGOI)
 
I have just bought a 10 year old 40' sports boat, with an unknown to me history and I am new to boating so a little nervous about the 10 grand bill! So I am thinking about buying a warranty from boatsandyachtswarranty.com anyone got any experience of them? a 1500 pound warranty for a 100k 10 year old boat, seems like a good safety net.
 
I was thinking that jfm had severely under-powered his boat: a Squadron 78 with TAMD63P's won't be any kind of flying machine.
 
BIGBADJON said:
I have just bought a 10 year old 40' sports boat, with an unknown to me history and I am new to boating so a little nervous about the 10 grand bill! So I am thinking about buying a warranty from boatsandyachtswarranty.com anyone got any experience of them? a 1500 pound warranty for a 100k 10 year old boat, seems like a good safety net.
Click to expand...
Sheesh, this is an ancient thread. Amazing they are still searchable.

I looked at that new warranty provider and thought the T+Cs were a bit tight, but not terrible. I decided not to buy it, but it might well be ok for people with different priorities. Just read the terms to check exactly what you're buying and don't assume anything
 
FlowerPower said:
I was thinking that jfm had severely under-powered his boat: a Squadron 78 with TAMD63P's won't be any kind of flying machine.
Click to expand...

I was thinking that he'd suffered some kind of traumatic brain injury :p. It's amazing how someone's writing style can change over that sort of time :D

Pete
 
I looked at this using one of the companies that pops up as an ad from time to time ( on here I assume).

I dont remember the figures but I could not see it as worthwhile.

I did ask at the time of purchase of the S65 the cost of Y3 cover form CAT and it was eye watering - from memory something like £30k which rather told me that either they will blow up sooner as opposed to later, or the reality that so few people took it out they had to charge that in case one did go!

For a leisure craft I can't see it is worth it.

The only boat that I can recall on the forum have major surgery was Barts when his MAN engine failed. I could be wrong but no other one immediately springs to mind - so statistics seem on your side.

That said I have just blown up my Williams engine ... and then the new one failed after 10 minutes of use ( Williams are very good with their warranty support :-) ) so it can and does happen.
 
If it's anything like the car mechanical warranty they are not worth the the paper there written on, they don't cover anything that broken due to "wear and tear" , that's why 99% of things break break "wears out" IMHO ,
ok occasionally there might be a manufacturing fault on a component but that's all that would be covered , I've had this twice now most recently gearbox blew up on my van within 6 months of purchase sorry it's wear and tear ffs whatever the premium costs per month double it and direct debit it to a savings account and use it when you really need to
 
I bought extended coverage for my single D6-370, cost about £3K from memory to extend two to five years. It covers engine, gearbox, gauges and throttles. And I'm sure it will add some value or at least make the boat more desirable should I sell it at say four years old.

Of course the real cost is more then £3K because I have to continue using Volvo for service and their expensive oils through years three to five.
 
I got 3 months free with my current boat, terms seem a bit tight, in particular it only kicks in if you actually break down. (If I have understood right). Decided it is not for me..........
 
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