Insurance - A lot cheaper than I thought!

[thvoyager]

So, first time yacht owner... Have done a bit of sailing here and there but only with friends and family, never owned my own yacht.
I plan to do my main RYA this winter hopefully.
I was quoted £325 for the year, for UK coastal cruising only.

It seems quite cheap to me, not like car insurance where still, as a 35 year old man they continually still try to rip my pants down!

 

[Tranona]

Boat insurance is cheap because the rate of claims (at least in the UK) is low and largely unrelated to the boat owner. However they do look for some experience particularly with big expensive boats. Was that third party or all risks, and if so what value insured.

 

[thvoyager]

Hi, agreed value was £24,500, and I am unsure if it was 3rd party all risks, all risk I assume as I did not state 3rd party, must check.

 

[Biggles Wader]

Agreed value is not relevant unless it is all risk as third party only insures damage you do to others, not your damage. If it is all risk they will have asked a lot of detailed questions about the boat and probably want a survey.

 

[Spirit (of Glenans)]

So, first time yacht owner... Have done a bit of sailing here and there but only with friends and family, never owned my own yacht.
I plan to do my main RYA this winter hopefully.
I was quoted £325 for the year, for UK coastal cruising only.

It seems quite cheap to me, not like car insurance where still, as a 35 year old man they continually still try to rip my pants down!

......and they'll still be trying it when you're twice that age, believe me!

 

[awol]

Boat insurance is not like car insurance where every company offers the same or very similar cover with tweaks on excesses, replacement cars, etc.. Do make sure that the cover offered actually matches your requirements for geographical area, mooring/berthing, calendar months in/out the water/mooring and a raft of other items like new-for-old. I have not found two companies that offer identical cover - even the much lauded Y which seemed so similar to Pantaenius managed to slip in a limit to single-handed navigation - so please read the small print, others haven't and have had cause to regret it.

 

[Daverw]

Just been going through renewal with topsail, they did say last year that they wanted out of water insurance survey, after discussion they agreed to wait until this renewal, this has taken some time to arrange so have only offered third party until survey is done. I did have to insist that wreck recovery is added as this is costly and has caught some out the last few years. They did add this for no additional cost after a bit of discussion.

 

[thvoyager]

Will be doing some hard primary research on this topic it seems, luckily I won't be needing it in a hurry as plan to have the boat on land for a good few months, unless the marina stipulate this for which I need to check!

 

[Aeolus]

Will be doing some hard primary research on this topic it seems, luckily I won't be needing it in a hurry as plan to have the boat on land for a good few months, unless the marina stipulate this for which I need to check!

Whether the marina want insurance or not (and they probably will), you should have 3rd party cover at least. If anything related to your boat causes damage to anyone or anything else, you could have a large liability.

 

[Daverw]

Would be very surprised if marina did not insist on third party, other boat owners next to you may also not be happy

 

[ithet]

Even though boats can be quite expensive to repair, the marine insurers very rarely have to pay the massive personal injury claims that can result from vehicle accidents.

 

[MikeBz]

Hi, agreed value was £24,500, and I am unsure if it was 3rd party all risks, all risk I assume as I did not state 3rd party, must check.

That doesn’t sound particularly cheap to me - this year I paid £230 (fully comp) for a boat valued at £42000 (a big increase on last year’s £174).

 

[thvoyager]

That doesn’t sound particularly cheap to me - this year I paid £230 (fully comp) for a boat valued at £42000 (a big increase on last year’s £174).

Probably different experiences levels. And that's quote a jump in price for you, what was their excuse.... "The war in Ukraine..." ?

 

[thvoyager]

I just asked them to run through 'small print' and they said I am insured to sail for a maximum of 18 hours only! What on earth! That's ridiculous.
Have to get home before 10pm when the sun goes down, time for bed!

 

[Tranona]

I just asked them to run through 'small print' and they said I am insured to sail for a maximum of 18 hours only! What on earth! That's ridiculous.
Have to get home before 10pm when the sun goes down, time for bed!

That is now a pretty standard condition as the risk rises rapidly for single handed sailors over 18 hours. The majority of claims are not related to the boat being in use as a boat but to weather and other external factors and these do not change when a boat is ashore. The premium will be no different so it is not wise to reduce cover when the boat is ashore.

 

[ylop]

I just asked them to run through 'small print' and they said I am insured to sail for a maximum of 18 hours only! What on earth! That's ridiculous.
Have to get home before 10pm when the sun goes down, time for bed!

As an inexperienced sailor were you planning many passages greater than 18 hrs?

 

[thvoyager]

Ooops. I thought it meant 18 hour and you had to get back to port... 18h is plenty

 

[Beneteau381]

Boat insurance is cheap because the rate of claims (at least in the UK) is low and largely unrelated to the boat owner. However they do look for some experience particularly with big expensive boats. Was that third party or all risks, and if so what value insured.

just paid £430 all inclusive with HKJ. £53 k value, based in Albufeira Marina

 

[UK-WOOZY]

i pay 160pa fully comp, and claimed about 8k in the past 10 years with GJW

 

[peteK]

Boat insurance is usually a lot cheaper in a marina than on a swinging mooring,no one above says were they are.