Getting inexpensive marine insurance

[Guest]

I have a 27' sail boat (proper boat). I have just received my insurance renewal reminder. I'm with St Margarets and the costs/sum/items insured is as follows

Gross prem £168.79
No claims disc £33.96
Insurance premium tax £6.70 (what is that?)
Brokers docs fee £5.00 (what is that?)
Marine legal cover £9.98 (what is that?)
Total £157.60

This is for a boat boat value £20K and tender/outboard £850

OK, so:

1. Am I being ripped off
2. Can anyone suggest another good alternative? Cost and sums insured would be good to know. Please include telephone number.

Many thanks

Geoff W

 

[steve_cronin]

Doesn't seem expensive to me when you ponder how much damage your £20k's worth could do to others.

The commission on these policies is seriously low if it exists at all, so your broker is adding on a (very modest IMHO) fee just to make being in business a viable thing to do. AS to IPT, see G Brown esq. 11 Downing Street London SW1

Marine Legal Cover covers your liability for legal fees if action is taken against you.

Why not read the policy document or contact your broker?

Steve Cronin

 

[Guest]

Steve Steve Steve...

Don't get all uppety - anyone would think you're an insurance broker.

I didn't say it was expensive - I merely asked if other policies could be more competitive.

Yes, I could have read the 3 separate brochures and 2 explanational documents I recieved and the small print on the renewal notice itself - and yes, I did contact the insurance company - to find out that the Marine Legal Cover was optional - this is not made clear on the renewal notice (it is however in some very small print) so the unsuspecting would pay the extra tenner without knowing it.

I would have thought that it is all our yachty interests to share all of this type of info fully so that we can stop yachting being so flipping expensive in this country.

Thanks for taking the trouble anyway.

Geoff W

 

[Guest]

Do you want fully comp or 3rd party?

If 3rd party then Bishop Skinner do it for around 40 squid. This is basic insurance necessary to enter marianas etc.

If fully comp then I THINK you've got a good deal. I was generally quoted 1% of the value of the boat as a mimimum = £200++ for you.

But I'm not an expert, I'm sure others will be able to further enlighten you.
Jim

 

[dickh]

Sounds about right - I've just paid £123.60 for a 27' boat value all in of about £17000. Through K C Powell & Co. and SunAlliance at Leigh on sea - sorry don't have the number to hand - and I had all the extras you quote; Gross Prem; NCD; IPT; Br, Doc Fee & Legal Cover

dickh
I'd rather be sailing...

 

[vyv_cox]

Less than 1% per year of insured value sounds reasonable. When I kept a boat on a mooring in Menai Straits, in all respects seen as high risk by insurers (location, non-marina, swinging mooring, sailing area) we were paying something like 1.2% from memory and, taking advantage of advantageous terms provided by being RYA members, 2.2% by Bishop Skinner.

 

[bedouin]

Re: Geoff, Geoff, Geoff

When will you learn - you simply can't use the words "inexpensive" and "marine" in the same sentence like that!

Joking apart - it doesn't sound too bad (about in line with what I pay). You couldn't insure the equivalent value of car for that price

 

[doris]

Get real

I reckon the admin costs of your policy are almost what you are paying before you even think about the potential 3rd party damage you could cause! At the end of the day you get what you pay for, especially in insurance.

 

[RTB]

You're very lucky, I can't get insurance for my 27' 1967 Invicta, 'cos I don't have a "seperate gas-tight locker vented above the waterline". What 1967 boat does ? and not only that - How do I fit one ? and where would it go ?
I have only just bought the boat and am delighted with it as it's in very good nick and will probably last for another 35 years but perhaps without insurance.
Anyone know of a good broker ?

Ssgoodthis....intit?

 

[pvb]

Does anyone here use CraftInsure??

www.craftinsure.com has been advertised in YM for quite a long time, and their premiums seem relatively cheap. Anyone had any claims experience with them?

 

[webcraft]

Re: Getting inexpensive marine insurance (RTB)

If you want comp. insurance and don't want to fit an approved gas system, then consider a meths (Origo) or diesel stove. I believe many insurers will offer a reduced premium to non-gas boats.

- Nick

BlueMoment.Com
<A target="_blank" HREF=http://www.bluemoment.com/>http://www.bluemoment.com/</A>

 

[Metabarca]

Not that it's much use to you, but 3rd party in Italy on a 27' boat costs just £25. On the other hand, I wouldn't bet too much on paying up in case of need. No-one asked me about gas, petrol, torpedoes or anything else I might be carrying.

 

[dickh]

On my previous boat I had to have a locker for the gas bottle - I made a square plywood box just the size of the gas bottle - smallest Calor size, and fitted it in a cockpit locker, with screws/bolts hanging it from the locker top; made a circular hole in the locker top and then fitted a circular latching/locking BAMAR lid(exactly the correct size for the gas bottle). There was a ¾" plastic drain spigot fitted in the base of the box with a hose to the transom - all sloping downwards of course. Make sure you leave enough room at the top for the regulator. The bottle was also strapped/clamped in position so it coul;dn't move.
Use a bulkhead fitting for the gas exit; use flexible from the BH fitting to the regulator then copper pipe to the cooker, with a short length of flexible at the end to connect to the cooker. Quite easy to do and Calor Gas do a leaflet on the actual installation(I might have missed one or two points in the above).
Another alternative is to have the gas bottle on deck - but it will get rusty! - perhaps on the rear deck in a box?
All the insurance company wanted was confirmation that it complied with regulations before relaunch in the spring.
Don't forget you can get "3rd party" insurance as a stop gap.
This I have had to do on two boats - don't be put off - there are ways round most problems.
Good Luck.

dickh
I'd rather be sailing...

 

[steve_cronin]

Re: Steve Steve Steve...

I'ts difficult to convey the tone in which one speaks on these forums so sorry if I caused you distress.

There is a sort of core value in insurance policies - some even call it a "policy fee" . It is basically the overheads amount even before claims are taken into account. Pitch a premium below this and you know that you are bound to loose money - which isn't exactly the purpose of being in business!

Your premium is a bout par but GJW Direct just might skim it by a few pounds. Nice people too.

Steve Cronin

 

[Guest]

Re: Steve Steve Steve...

No probs Steve. Thanks for the info. I reckon I'm getting a good enough deal not to bother to look further.

Thanks to eveyone who replied.

Geoff W

 

[Endymion]

Give this lot a try...

...K C Powell and Partners in Southend. Don't have their details to hand at the moment, but you will find them in all the magazines in the insurance brokers section.

We have just had our renewal through for our 28 footer value £18k, Dinghy £600, coastal and near continent cover, not racing, in commission April to December with Legal liability cover. Total premium including IPT £114

I reckon that is pretty good!

Endy

 

[SteveA]

Re: Does anyone here use CraftInsure??

I've also just received my Renewal Invitation from St Margarets which is about 30% higher than last year.

When I contacted them they said that all companies have increased their fees - and some companies have stopped offering yacht insurance; I also contact Bishop Skinner who gave me an even higher premium.

It is being blamed on September 11th and increased claims received.

 

[qsiv]

FWIW I am paying about .45% now - rates went up dramatically this season - partly I believe because the markets were trying to recoup some of the 9/11 losses.

Also crusiing area and morring location affect rates - my crusing area is La Rochelle - Scillies - Kiel and no more than 250 miles off shore - so lesser range would normall y cost a little less. I also have racing cover (for sails and rig when racing), and I am not required to have specific rig checks at specified intervals.

 

[Gunfleet]

Re: Geoff, Geoff, Geoff

Accidents resulting in death or total loss are a bit more rare in boats than cars!