Insurance Costs - whats your opinion?

peterb26

peterb26

Well-Known Member
Joined
14 Aug 2006
Messages
1,094
Location
Lagos, Portugal
www.theblundells.co.uk
Just had my insurance renewal through.

To be honest, its gone down from £423 to £422! So really I shouldnt complain.

This is for an 36 foot, newish £80k yacht, moored in Lagos Marina, Portugal.
I have commercial YM and never had a claim (touch wood!)

Interested to know if forumites think this is good value for money. Its with Yachtmaster Insurance. Or should I look elsewhere - if so - where do you suggest?

Thanks very much.
 
Its always worth while shoping around...

But I am always amazed at just how little it costs to insure a yacht. Mine is something like £300 per annum.... considering the car is more like £500... seems pretty cheap to me.....

With the cost of the insurance a reflection of the risks... its a pretty good arguement to not have any more licencing or regulation imposed!
 
I don't mind paying a few hundred quid for my boat insurance if only I could find one that isn't so prescriptive about where I can go, when, having 3 people on the boat at all times, etc. just wish their policies would reflect the real world a bit more and they weren't so slippery if/when it does come to claiming. In most cases I adopt the policy that insurance is not good value for money & usually avoid it unless it's illegal not to have it...
 
djbreeze said:
I don't mind paying a few hundred quid for my boat insurance if only I could find one that isn't so prescriptive about where I can go, when, having 3 people on the boat at all times, etc. just wish their policies would reflect the real world a bit more and they weren't so slippery if/when it does come to claiming. In most cases I adopt the policy that insurance is not good value for money & usually avoid it unless it's illegal not to have it...
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Thing is, they do reflect the real world - that is they are based on the risk as seen by the insurer supported by their claims record.

Just because you see the world in a different way does not make you right and them wrong! After all it is THEY that are taking the risk, not YOU!

Example. My £25k Morgan costs less than £250 a year to insure with no limitations. Why? because boring old Fs like me who can afford to have such a toy don't have accidents and as it is locked away in a secure garage when it is not in use is unlikely to get nicked. Therefore very low risk very low premium.
 
boring old Fs like me who can afford to have such a toy don't have accidents


Hahahahaha!

Boring?? Never!
 
Tranona said:
After all it is THEY that are taking the risk, not YOU!
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The trouble is that taking out insurance is, itself, a risk for the consumer. The insurance may find a way to not pay. The consumer has very few statistics to back up their decisions. How long before we can take out insurance against the insurance not paying out? Now that would be a really useful policy.
 
What I like about boat insurance is the cost is the same no matter how much the boat is used. So all those boats that are sitting, going nowhere, in marinas are keeping my premiums down.

As for djbreeze - shop around. Pantaenius seem to understand what boats are for, don't apply many restrictions, are reasonable if you want to exceed those restrictions, are not known for quibbling over claims, but are not the cheapest. I'm sure there are others just as reasonable but probably even more who just apply silly restrictions. Saga, for example, having refused to quote 'cos I have the temerity to use a swinging mooring, race, spend too many nights at anchor, sail singlehanded, make passages during hours of darkness, sail west of Brest and probably commit a variety of other sins, keep mailing me with offers to quote.

I find it ironic that having insured with a company that allows me to sail as I wish, the things that have happened that could have given rise to a claim would actually have been covered by the most restrictive of policies. As yet, touch wood, I have never had problems with the things that Saga don't like.
 
peterb26 said:
Well I went back to my previous insurers and they were £20 cheaper.
But to be fair to Yachtmaster they said they would match it and throw in free legal cover as well.
So that sealed the deal!:)
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Result!:D
 
Moodyjim said:
Couldn't afford a good sidescreen TR then?
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One has to maintain standards!

Great thing about a "modern" Morgan is that you get all the nice characteristics of an old car without any of the negatives!

It replaced an MGB because I got fed up with spending time and money keeping it on the road - and still having a banger worth not more than £2k. The Morgan has to be the most economical car ever. £250 servicing each year and less than 10% depreciation over the 6 years I have had it. Will hand it on to my grandchildren!
 
I have been with Admiral Insurance for years. About 0.4% and excellent coverage and service. Despite that, I always call around to check prices. There are big differences in policy terms, excesses etc. so if you think it is a lot, call a few and see what you are offered.
 
I pay £450 for Turkish and Greek waters.(inc Greek environmental cover)

Only restriction is no single handed night passages. (not that I intend to do any single handed anyway)
 
Insurance Costs

Over the last 10 years I have had my insurance with GJW Direct ,several times during this period I compared thier annual charges with other major companies & found them very competitive .Having had a claim when our own boat was damaged to the tune of 13k whilst on our mooring in Mahon Menorca approx seven years ago,I have only praise for the speed & helpful actions of GJW Direct.I am a profesional sailor and in the course of our business have over the years reccomended GJW to many of our clients and to date have only had possitive feed-back. www.keenmarine.co.uk
 
Insurance Costs

Over the last 10 years I have had my insurance with GJW Direct ,several times during this period I compared thier annual charges with other major companies & found them very competitive .Having had a claim when our own boat was damaged to the tune of 13k whilst on our mooring in Mahon Menorca approx seven years ago,I have only praise for the speed & helpful actions of GJW Direct.I am a profesional sailor and in the course of our business have over the years reccomended GJW to many of our clients and to date have only had possitive feed-back. www.keenmarine.co.uk
 
Tranona said:
The Morgan has to be the most economical car ever. £250 servicing each year and less than 10% depreciation over the 6 years I have had it. Will hand it on to my grandchildren!
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You can make a good economic case for a Morgan - if, that is, you can make an economic case for any car. But the trad Morgan doesnt do what a modern sports car should do - just try a Lotus Elise on the road and you'll see what I mean.

But then what chance do we get to drive sportingly these days?
 
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