Sybarite
Well-known member
nm
Has anybody renegotiated the boat insurance this year because of the lockdown?
- Thread starter Sybarite
- Start date
Sandy
Well-known member
Nope, I am expecting to sail further this year than last. Perhaps not over to Brittany this year.
NormanS
Well-known member
Yes, mine is not due until August. I would normally have been launching at the beginning of April, but of course didn't. I contacted Saga, my insurer, to ask for a discount, since the risk while laid up, safe and secure in a boatyard, is much less than being at sea, or lying on a mooring. Initially, they were very unreceptive, but I persisted, and they have now given me the equivalent of two months completely free.
Interestingly, I have a Toyota car, and am a member of Club Toyota, which is like the AA. Completely out of the blue, came a letter to say that because of Lockdown, they realised that car use would be much reduced, and so they were extending membership by three months, effectively giving three months free cover. I was favourably impressed.
Interestingly, I have a Toyota car, and am a member of Club Toyota, which is like the AA. Completely out of the blue, came a letter to say that because of Lockdown, they realised that car use would be much reduced, and so they were extending membership by three months, effectively giving three months free cover. I was favourably impressed.
RichardS
N/A
As I'm more concerned about the cost and implications of third party damage than anything I might do to the boat, e.g a lightening strike, wayward skipper, myopic hoist operator etc I'm happy to retain my present cover in full. 
Richard
Richard
lw395
Well-known member
My new (to me) dinghy is sat on the drive uninsured, nearly got around to insuring it before lockdown.
The yacht is ashore. The risks are different but could be just as significant as afloat. I've heard of gear thefts during lockdown and over the years I've seen the odd boat take a knock in a boatyard. Remember a row of boats going over like dominioes?
The insurance cost is not huge and chiseling a pew percent off is likely to just be a lot of work for the broker talking to the underwriters, who are busy and working in difficult circumstances right now. Awkward individuals may be remembered at renewal time.
The yacht is ashore. The risks are different but could be just as significant as afloat. I've heard of gear thefts during lockdown and over the years I've seen the odd boat take a knock in a boatyard. Remember a row of boats going over like dominioes?
The insurance cost is not huge and chiseling a pew percent off is likely to just be a lot of work for the broker talking to the underwriters, who are busy and working in difficult circumstances right now. Awkward individuals may be remembered at renewal time.
NormanS
Well-known member
Insurance companies accept that "laid up" risks are much lower than "in commission" risks. If my boat is ashore and laid up, why should I pay an "in commission" premium? I don't see anything awkward about it.
It may well be that my boat doesn't go into the water this year. ?
It may well be that my boat doesn't go into the water this year. ?
lw395
Well-known member
Laid up risks are normally perhaps lower than they are today, when people are not checking their boats, yard staff are furloughed and various corners may be being cut. How much lower a re laid up risks?
Most insurance policies, you'd expect to pay a broker's fee to make changes. This reflects the fact that it's actual work for them.
In the scheme of things, yacht risks are generally extremely low anyway,
Some yachts may be taking more risks to e.g. get back from the Caribbean, you have to accept that insurance is a pooling of risk.
Also more people may extend their season into the winter, so the reduction of time on risk may not be so much.
I think it's asking a lot to expect insurers to re-calculate risks in your favour when there's no actuarial data for the circumstances.
It would be ironic if they said the risk was higher or declined cover because you were unable to check on the boat often enough.
Try getting insurance for an empty house without assuring insurers that it will be checked regularly.
Lucky Duck
Well-known member
Less of an issue now, in England at least, but when the RYA asked their tame insurance company regarding exclusions in policies for not checking at the required intervals and the like - the response wasn't very reassuring.
Easticks28
Well-known member
I have an annual travel policy with Staysure. Realising that any travel this year would effectively be out of the question, I emailed customer services asking for some form of recompense. Not so much as an acknowledgement !
In contrast, my yacht insurers have been great. My renewall was due on 30th April, and at he time no sailing was on the horizon, so a very fair adjustment was made on a 'laid up ashore' basis. When we were subsequently able to launch they very happily and at small cost reverted to the normal status.
In contrast, my yacht insurers have been great. My renewall was due on 30th April, and at he time no sailing was on the horizon, so a very fair adjustment was made on a 'laid up ashore' basis. When we were subsequently able to launch they very happily and at small cost reverted to the normal status.
Bathdave
Well-known member
As i understand it from my insurer (Y) they are playing catch-up after several years of net underwriting losses due to claims outstripping premium increases, especially for racers and boats in the Med
A reduction in risk and claims for 3 months probably helps balance the books.
Mine comes up in 2 weeks, a modest increase over last year, I’m happy to pay it
A reduction in risk and claims for 3 months probably helps balance the books.
Mine comes up in 2 weeks, a modest increase over last year, I’m happy to pay it
Porthandbuoy
Well-known member
Good idea, I should write to mine. My policy is in 3 parts: loss or damage to boat and/ or gear, legal cover, and personal injury to crew. The latter 2 I consider redundant this year.
syvictoria
Well-known member
Do people (generally, not specifically those who have responded to this thread) not realise that nothing of a financial nature is given in life for free! All these £20 refunds here and there that the population at large are requesting at the moment will inevitably have to be repaid by us all in the future, more than likely multiple times over! It's hardly the fault of your insurer that you 'may' not be launching this year.
syvictoria
Well-known member
Call me a cynic, but nothing to do with them wanting you to buy a (presumably new/nearly new?) Toyota again next time perhaps?!
NormanS
Well-known member
Yes, I'm sure it is, but is it not basic business sense to keep your customers on side? Remember when there used to be things like "loyalty bonuses"?
syvictoria
Well-known member
Absolutely. It will I'm sure have gained them some additional sales. But their 'bribe' isn't quite the same as chasing an insurer for a (probably) small refund. What would be nice would be if insurers took the previous years' lack of claims into account for everyone at next renewal time.
jordanbasset
Well-known member
Boat insurance may be slightly different, but for most insurances, including car, it seems the loyal customer is the one who gets a higher renewal premium while the new customer gets the good deal
As to the substance of the thread, I cannot see insurance companies refunding part of the premium, more to the point (and I am no fan of insurance companies) I don't see why they should. They took on the risk at the time, facts change but you cannot realistically apply that retrospectively
Similarly when we had a lot of floods, some of them historically record ones, I would not expect insurance companies to ask policy holders to pay extra for the year concerned
Yes future years may well mean higher or lower premiums depending on the circumstances, but current year no
As to the substance of the thread, I cannot see insurance companies refunding part of the premium, more to the point (and I am no fan of insurance companies) I don't see why they should. They took on the risk at the time, facts change but you cannot realistically apply that retrospectively
Similarly when we had a lot of floods, some of them historically record ones, I would not expect insurance companies to ask policy holders to pay extra for the year concerned
Yes future years may well mean higher or lower premiums depending on the circumstances, but current year no
ANDY_W
Active member
I had my insurance renewal due on 1st April and was notified of the renewal premium in March.
I was quoted for in commission April to October but after pointing out that I was unlikely to be able to
use the boat for some time, the policy was changed to layup. That saved me £90+ pounds then.
When I can get to the boat, I will change it to in commission and will see what additional premium they
will ask for.
I was quoted for in commission April to October but after pointing out that I was unlikely to be able to
use the boat for some time, the policy was changed to layup. That saved me £90+ pounds then.
When I can get to the boat, I will change it to in commission and will see what additional premium they
will ask for.
Sybarite
Well-known member
Touch wood but I have never made a claim in the 25 or so years I have been insured with the same insurer and judging by gossip on the pontoons I am far from having the cheapest.
So my concern for them is somewhat muted.
Sybarite
Well-known member
It's a question of whether they want my future business or not. The risk has changed - so should the premium to cover that risk.
guillaumedespre
New member
I just came across this study Car Insurance: 1.3 Billion Pounds Saved by Providers During Covid-19 Lockdown (Update 2020) ...
more than 1 billion £ of savings!! insurers could do something
more than 1 billion £ of savings!! insurers could do something
