Insurance ashore shock

[Fascadale]

I have just received my boat insurance quote.

The premium to leave the boat ashore has increased by about 90%, the premium afloat by about 25%

Is this standard across the market?

 

[RichardS]

I renewed mine a couple of months ago and the premium was the same as it's been for the last seven years.

Richard

 

[Tranona]

There has been a lot of turmoil in the yacht insurance market in the last couple of years, partly to do with new rules. partly Brexit (for some types of policies) but mostly because of a series of loss making years for insurers. Upshot is some insurers have left the market, others have merged and premiums risen, but not by predictable and consistent amounts.

Only way to check whether your new premiums are competitive is to test the market by getting alternative quotes, taking care to compare conditions.

 

[PetiteFleur]

I changed my insurance last year as the renewal had gone up a lot, so shopped around and now with GJW

 

[Osmosis]

Steer clear of the dot coms with pages of little print.

 

[WoodyP]

G J W have always been good for me. I would think that the risk on the hard is multiples of factors less than sailing.

 

[ashtead]

You also have to remember many insurance brokers are putting up their commissions to cover increased contributions to various regulatory bodies plus the increased costs of their professional indemnity cover. Every time the cost to brokers of complaints payments to ombudsman goes up and the amount the ombudsman can award has increased the potential for losses goes up. Also remember the cost of payments into the compensation scheme has increased impacting broker profits. The FOS cannot cope based on the current charges or volumes either so these costs will only increase.

 

[Fimacca]

Best you jump ship !!