GJW insurance

[dgadee]

GJW has been taken over by Ripe. I have had two renewals in over the past week. Quite a jump in cost and no offer of interest free monthly payments.

I like them as a company and they dealt with a recent claim well so will stay this year at least.

 

[Minerva]

That’s a shame.

 

[dgadee]

Looked at cover. Not agreed value - "maximum" instead. Yachts over 30 years need out of water insurance survey to hand. Over 50 years different requirement.

 

[alahol2]

Have a look at Visicover, you can check everything out online.

 

[dgadee]

Never heard of them. Next year I'll look more closely at what's on offer. Perhaps GJW will lose enough business to make them return to their old policies again.

 

[Irish Rover]

Never heard of them. Next year I'll look more closely at what's on offer. Perhaps GJW will lose enough business to make them return to their old policies again.

I doubt it. I'd say Ripe have a strategy to soak up as many of the more client friendly companies they can, so we won't have any choice but to accept what they offer us.

 

[Daydream believer]

When you say "a jump" could you give us a % or a financial increase against original fee please as it means little without.

 

[KevinV]

I must have renewed just in time in January - down 30%, same cover, t's and c's

 

[dgadee]

When you say "a jump" could you give us a % or a financial increase against original fee please as it means little without.

Approximate sums:

£280 to £320
£390 to £480. This would have been around £520 (I think I saw that) but I informed them of different needs.

 

[Daydream believer]

Approximate sums:

£280 to £320
£390 to £480. This would have been around £520 (I think I saw that) but I informed them of different needs.

The first one might be deemed OK but the second a bit near the mark
I renewed one for our launch in March & an increase (still under £200) & my yacht ( slight decrease) which is still under £300.
I am pleased that 24 hour SH still stands, as does bay of Biscay SH, but 2 handed S of La Rochelle & late season

 

[dgadee]

The first one might be deemed OK but the second a bit near the mark
I renewed one for our launch in March & an increase (still under £200) & my yacht ( slight decrease) which is still under £300.
I am pleased that 24 hour SH still stands, as does bay of Biscay SH, but 2 handed S of La Rochelle & late season

I suppose ok. Larger boat has twice the value.

 

[Irish Rover]

As I mentioned on another thread about GJW, I recently changed to Alianz Türkiye and my premium was 0.85% of the declared value of my boat. I wonder how that compares with what UK insurers are charging?

 

[KevinV]

As I mentioned on another thread about GJW, I recently changed to Alianz Türkiye and my premium was 0.85% of the declared value of my boat. I wonder how that compares with what UK insurers are charging?

Mine's about 12.5% - but you do have rather more boat than I

 

[Irish Rover]

Mine's about 12.5% - but you do have rather more boat than I

Yeah, I'm curious how they construct the premia. Is there a fixed 3rd party risk element which doesn't change much with the value of your own boat?

 

[KevinV]

Yeah, I'm curious how they construct the premia. Is there a fixed 3rd party risk element which doesn't change much with the value of your own boat?

Not if they've seen me manouvering under engine

 

[Tranona]

Yeah, I'm curious how they construct the premia. Is there a fixed 3rd party risk element which doesn't change much with the value of your own boat?

yes. The %age of value is rather meaningless as the third party element is largely fixed cost. Inevitably the higher the value of the boat, the smaller the %age the premium represents as a total. The idea of %age comes from the world of shipping where that is used as a determinant for indicating level of risk. For example %age rates shot up for both ships and cargoes transiting the black Sea in 2022 and the Red sea in 2024 when the Houthis started attacking ships.

A couple of real yachty examples. When I owned 2 boats, the low value one (£13k) cost around £200 (1.5%) and the £100k one was £550 (0.55%)

 

[Hoist]

Had our first bad experience with GJW. We have used for many years due to the hassle free racing cover however things changed this year.

Quote went from £550 to £900

When I phoned to ask about this I was told they had made a mistake. They had the boat insured for laid up ashore for 12 months but with racing cover...

I did ask how can the boat be racing if its laid up.

It took 3 phone calls to rectify this and the policy still went up to £625.

The one thing I will say about them is how quickly they pay out

The boat fell over on the cradle and they were easy to deal with and paid out very quickly to get work started.

I'll be keen to know if this continues as its the main reason our family has 2 boats insured with GJW

 

[bluerm166]

I am renewing comprehensive with GJW .
Yes the agreed value has become a maximum.
The '10 yr survey' requirement is no more onerous for 30 yrs + so my current survey of 2020 is accepted as before .
(The Product Statement document reveals that if under 26 ft and <£15k there is no survey requirement until 50 yrs + is passed.)
Premium has increased by 7.76% from £219 to £236.
I don't think it worth arguing that my age has only increased by 1.265% so despite the alarm suggested by others over the change in ownership I am going for it.

 

[PaulRainbow]

We are with Porthcawl insurance brokers, our premium went up £4 this year

 

[Scubadoo]

We are with Porthcawl insurance brokers, our premium went up £4 this year

Same here, with Porthcawl and my renewal is same price as last year, and no change in policy. Nice for once not to see the usual annual increase

Moved away from GJW a few years as I didn't like the renewal prices and more importantly the policy back then.