Insurance brokers taking the rise

superheat6k

superheat6k

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With my renewal request this year Y Yachts they send the attached letter advising most will see a 5% increase.

My rise this year is 20% as it was (after negotiation) last year. Apparently this is due to costs incurred in far off places.

So can I ask has anyone on here actually enjoyed a 5% increase from Y Yachts recently ?
 

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Thanks. Others are now offering better deals, so I will be moving my business thsi year, which is a shame as Y Yachts have been well spoken of, but 20% compound rises are simply non realistic.
 
I received the very same letter, together with a renewal proposal that included an outrageous 48% increase.
After pointing out such ridiculous inconsistency, I received a reviewed proposal with a 20% increase, together with an email suggesting that I was receiving some kind of special treatment.
If you ask me, this is below the minimum acceptable working ethic that should be expected from an insurer.
I subscribed the renewal for this year because I didn't have enough time to get alternative quotations, but I will obviously look elsewhere in the future.
 
I checked prices from others before I renewed in March. Despite more than 20% increase in 2019 and 5% increase this year the price from Y was competitive with others. Not the cheapest but not wildly adrift.
If there is now a further 20% increase from Y it may be necessary to look at alternatives even if the policy wording is not so good. In some circumstances I think the insurer relies on people not reading the policy wording and exclusions before buying.

For me the next possible alternative for me was Saga.
 
Ningaloo said:
I returned to GJW after 3 years with Y. Such a shame they could not sustain the great value offered when they started out.
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I did exactly the same. I could no longer justify paying the significant increases the Y have imposed over the past 3 years. A shame - I hope they (or their underwriters) learn.
 
I stuck with Y again this year despite a further rise (5% this year, 5% last year), but may not continue in the longer term if prices continue to rise.

Pants were about 40% more. GJW etc. were about 10% less.

My main motivation for thinking of a move though is not solely down to price - someone I know quite well recently put in a total loss claim and has been handled rather badly by the loss assessors, with very little support from Y, his broker. Despite previously believing the hyperbole about Y being very much front and centre when sorting out any claims, apparently they have not been very helpful. Nothing unusual about the claim from an insurer's perspective so far as I can tell, but that isn't really the point - the point is about how much help Y have been. Not much apparently. Shame.
 
I have been with Y for a few years now, they have always seemed fair price wise to me.
Just renewed again, and yes the premium has risen, but the price is just over 1.25 percent of the boats value, a bargain in my eyes.

Conversely my car which is worth 6k at best costs me 6.5 percent of its value to insure.
 
I can’t quite work out what Y are up to. My son and I were both on trot moorings on river Dart, due to virus issues we’re now both in Sutton Harbour mariBA, both powerboats. He was offered a 10% discount for being marina based, I was not. Very odd.
 
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