Dull but important...is there any downside to cheap marine insurers?

Greenheart

Greenheart

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I paid well over £100 to insure the Osprey fully-comp last year. A quick glance at one online insurer, GJW Direct, suggests I could have full cover for half that much.

Is there any reason to return to my existing insurer? Even if they offered a no-claim discount, I doubt it could be cheaper than the first online insurer I've looked at.
 
dancrane said:
I paid well over £100 to insure the Osprey fully-comp last year. A quick glance at one online insurer, GJW Direct, suggests I could have full cover for half that much.

Is there any reason to return to my existing insurer? Even if they offered a no-claim discount, I doubt it could be cheaper than the first online insurer I've looked at.
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Have been with GJW for over a decade now.
Had two claims in that time. GJW have been as good as gold each time.
Still with them.
 
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Dan,

your doubts are well founded.

I'm not with GJW myself as they couldn't beat my long-time insurers Haven, but I have known friends with GJW who have had to make claims - inc one write off - and they were treated promptly with no quibbles.

In your position I'd shift to them like a rocket and tell your past lot what to do with their cover, sideways !
 
Hmm. By the time you have deducted admin costs, commission etc, you are talking about insuring the boat for maybe £30 or less. And the boat is worth what - maybe £2000? I can understand why you feel uneasy. But insurance companies who Dont pay dont last. So maybe have a look at thecover and the excess. Insuringa 2k boat forthat premium might make business sense if the excess is £500.
 
Dan

Just make sure that any insurer you are with is aware you don't race. Insurers see "Osprey=racing boat" and will tend to charge more. My Sabre, sat on a swinging mooring 24/7/365, with seacocks that can fail, gas, petrol and diesel on board costs less to insure than any dinghy I've ever owned. That said, I've had at least 2 Fireball masts and mainsails from racing incidents (all non fault!). If you can get "cruising cover" it may save a bit but I have to say £50 from GJW is an excellent price. The 49er costs me about £250, but it is a very different boat.

The thing to watch out for is "new for old" cover. The single most expensive bit of kit on your boat is the mast, I'm guessing probably about £800 to replace if you break it. It cannot be repaired (unlike sails, foils or the hull) and is fragile...especially if you run the boat onto a beach single handed and roll it. This is the bit of kit you need to ensure is adequately insured. My very first Fireball, a woodie, broke the mast clean in two...I had to cut out a section either side of the break (faff) post it to the insurance company (to prove I wasn't lying, erm, I could have gone and pulled any piece of scrap out of the weeds and sent that surely?) and then they made a handsome deduction for "wear" so I was forced to look second hand. Second hand masts are difficult to get...masts are either in one piece and working, or they are scrap. Dinghy sailors do not change masts on a whim, especially if the boat has pace.

Or...do what a lot of people are tending to do...insure 3rd party only for £20, and pocket the saving as an emergency fund over the years just in case.
 
Many thanks to all for reports of GJW's good service. I'll look into getting a detailed quote.

Remarks about the cheapness of my boat, relative to the cost of storing/insuring/maintaining/equipping her are too well-founded for me to deny. It does give me pause for thought.

But it's no different from old cars - their cost to buy can be dwarfed by insurance, service and repairs - but the pleasure gleaned from ownership is bigger still, for not much overall.
 
Don't insure it unless you are going to use a motor. Third party liability may be useful in that case. Otherwise look after it's security and take it on the chin if it is a total loss.
In 5 year's time you'll have spent £500 insuring the bloody thing.
 
Lakesailor said:
Don't insure it unless you are going to use a motor. Third party liability may be useful in that case. Otherwise look after it's security and take it on the chin if it is a total loss.
In 5 year's time you'll have spent £500 insuring the bloody thing.
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Exactly. The only reason to ever have insurance is if you risk a bill so large that you will not have the cash flow to pay it.
 
Lakesailor said:
Don't insure it unless you are going to use a motor. Third party liability may be useful in that case. Otherwise look after it's security and take it on the chin if it is a total loss.
In 5 year's time you'll have spent £500 insuring the bloody thing.
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If he launches out of a club premises, I'd be surprised if they didn't require at least £2mil third party cover.
 
Stork_III said:
If he launches out of a club premises, I'd be surprised if they didn't require at least £2mil third party cover.
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You're right, Stork, it is a prerequisite for membership. It hadn't occurred to me that one legally could sail without at least some 3rd party cover...

...it sounds like one of those dearly-held rights we claim, not to be nannied by the state...until some uninsured fool runs into our boat and can't cover the damage.

That said, like an idiot, I've been paying £10 a month to insure my ruddy phone, for 24 months...and the only problem I had wasn't covered! So I'll make a saving if I can. :)
 
You could also look at online quotes from craftinsure and dinghyinsurance.com

Your GJW quote sounds about right to me.
 
GJW cheapest by some way for us. Been with them 4 years now. One claim settled instantly with no effect on no claims bonus (tender stolen from remote location while we'd rowed ashore for a pint). Emails replied to promptly with clear accurate information. Happy to insure us even though our circumstances are not the norm (no permanent berth). Very happy with the service in every way.
 
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