GJW Insurance Quote gone up again!!! :(

[aquapower]

Is that right? I thought that most marine policies paid out the insured value?

That's what I was told once when renewing, I said they were more expensive than others and they said they would only pay market value so reduce sum insured.

My current boat can only be insured for the purchase price until its been valued by a surveyor.

 

[Bav34]

''Is that right? I thought that most marine policies paid out the insured value?''


That's why I posted the thought.

Year on year most things depreciate whether in real terms or not. You may buy and insure a boat/car for £x but 5 years on are they REALLY going to give you what it cost originally, or market value if it's a total loss?

Worth checking.

 

[Stork_III]

''Is that right? I thought that most marine policies paid out the insured value?''


That's why I posted the thought.

Year on year most things depreciate whether in real terms or not. You may buy and insure a boat/car for £x but 5 years on are they REALLY going to give you what it cost originally, or market value if it's a total loss?

Worth checking.

My yacht insurance is for agreed value. Y Yacht Insurance (underwritten by Amlin).

 

[abraxus]

Mine is also on agreed value, based on what it was valued at survey when I bought it.

 

[maby]

It's pretty much standard practice on most insurance. A couple of years ago I got the renewal notice for our house insurance from Nat West and was surprised to see that it had gone up a lot despite not having made any claims. I went to their web site and got a quote as a new customer - it was a lot lower. I phoned the call centre where a very helpful guy apologised and went through the process of cancelling my current policy and booking me in as a new customer.

 

[jfm]

HKJ policies are underwritten by Amlin @ LLoyds and are owned by Amlin plc.

Yup.
Rafiki, I hope for your sake that your new policy with Amlin doesn't use the same policy wording as HKJ. The exclusions in the HKJ policy are, imho, a bit significant.

 

[rafiki_]

Yup.
Rafiki, I hope for your sake that your new policy with Amlin doesn't use the same policy wording as HKJ. The exclusions in the HKJ policy are, imho, a bit significant.

Thanks JFM, will have another look, but generally I was very happy with HKJ.

 

[jfm]

generally I was very happy with HKJ.

Gweep...

 

[Scubadoo]

One thing I learnt with Towergate was to adjust the insured value as the boat got older as that would make a difference and they only pay market value anyway so no point insuring for more.

I don't think you are right, GJW will pay out on the agreed value not market valve, I checked this with them when I was considering moving to someone else.

 

[oGaryo]

I don't think you are right, GJW will pay out on the agreed value not market valve, I checked this with them when I was considering moving to someone else.

this is correct, checked today

 

[lanerboy]

yep spoke to Debbie today at GJW and they pay out on agreed value of the boat not the market value or what you paid for it

 

[oGaryo]

yep spoke to Debbie today at GJW and they pay out on agreed value of the boat not the market value or what you paid for it

Likewise Shawn and she's convinced me to stay with GJW.

 

[SpottyDog5]

Why should you as a very good customer have to do that. GJW are taking the pith

I agree, I don't do this price matching ****, if I go to the effort of finding a better deal, I don't reward my existing company by letting them keep the business.
I expect them to value me in the first place.

 

[lanerboy]

I agree, I don't do this price matching ****, if I go to the effort of finding a better deal, I don't reward my existing company by letting them keep the business.
I expect them to value me in the first place.

Yes in know what you mean spotty and I feel like that BUT I have stayed with GJW due to comments on here and my own piece of mind, as they say

" its no good cutting your nose off to spite your face "

Would rather make sure I have good cover if anything goes wrong but I didn't like the way they went about it in the 1st place

 

[SpottyDog5]

Yes in know what you mean spotty and I feel like that BUT I have stayed with GJW due to comments on here and my own piece of mind, as they say

" its no good cutting your nose off to spite your face "

Would rather make sure I have good cover if anything goes wrong but I didn't like the way they went about it in the 1st place

Can't fault your choice, but they have nothing to lose trying it on every year, chance their arm with a hike and if challenged, you stay with them....

 

[aquapower]

I don't think you are right, GJW will pay out on the agreed value not market valve, I checked this with them when I was considering moving to someone else.

That was what I was told by Towergate, I haven't asked GJW yet but they have asked that I get a valuation done, until then they will only insure for the price paid.

 

[DAKA]

Thanks JFM, will have another look, but generally I was very happy with HKJ.

Another vote for HKJ, they won the YBW outstanding customer service award 2013 , well done HKJ

I'm not sure how Amlin settle claims , when I put a claim in to Haven Knox Johnston it was Haven Knox Johnston staff that diligently and rapidly settled the claim 10/10.

http://www.boatinsure.co.uk/testimonials.aspx

http://www.ybw.com/news/motorboats/533444/winners-of-the-motor-boat-of-the-year-awards-2013