Insurance For Sailing Yacht - is this about normal?

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Laser310

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I have mentioned in other threads difficulties finding a UK insurer for a boat that I plan to keep in Europe, because although I am a UK citizen, I reside in the USA. It seems most UK insurers require that the insured be a "habitual resident" of the UK.

I have recently received a quote from a UK insurer, that acknowledges my US residence.

for an agreed value of about £250,000.., the premium is about £4100/year. From what I have read on this forum, it seems a bit high.

The sailing area is coastal waters of France and the UK to 250NM. I probably want a bit larger area than that - Denmark, Sweden..., but that's the quote I have.

No racing.

the boat is about 40ft in length, and is not that old: 2016 build.

Does this seem a bit high?

I am wondering, If I had a UK residence, and were more of a "normal" client.., might it be less expensive?
 
About 5 times what I paid for similar. Value does not have a huge impact on premium. My last boat was insured for £100k and standard UK Brest/Elbe was about £550 but that was after 30% discount so £800 basic premium. My current boat is valued at £36k and is under £400, so you can see premiums rise more slowly in relation to value. An earlier boat which I kept in Greece but sailed back to UK, value £70k premium for the last year was £600 including the trip back to UK It was 12 years ago, but still an indication that your quote is a long way out - they don't want your business!
 
That seems massively over but it might be that 250 miles offshore. We are a 2015 12.8m yacht and I would expect sub 1000gbp . We sail uk coast and northern france. You don’t say make of vessel or hull material -might that account for premium. Is the vessel registered in UK ?
 
Thanks for the responses.

So, it's even worse than I guessed...

This quote is for UK registration - although it's not clear that matters.

Although the boat is not a race boat, it has a carbon mast - i guess that might bump the premium up up a bit
 
Gulp!

My area is from approximately Iceland east to Finland and south to Egypt then west to Morocco, single handed multiple days, vessel valuation a lot less than yours, cost less than £500.

I have no interest in racing.

I suggest you shop around.
 
Tranona said:
About 5 times what I paid for similar. Value does not have a huge impact on premium. My last boat was insured for £100k and standard UK Brest/Elbe was about £550 but that was after 30% discount so £800 basic premium. My current boat is valued at £36k and is under £400, so you can see premiums rise more slowly in relation to value. An earlier boat which I kept in Greece but sailed back to UK, value £70k premium for the last year was £600 including the trip back to UK It was 12 years ago, but still an indication that your quote is a long way out - they don't want your business!
Click to expand...
If that is so, it’s a much worse deal than it appears. Our value is about 65k, premium low 400s, can’t exactly recall. Mooring site makes a difference, but more usually whether they’ll cover you at all. Though I have been told that some marinas have a poor theft record.
 
Try Pantaenious. Not fussed about UK residency.

Edit: Just got a very quick quote from them for my new home build at a very atractive price. Half what my French insurer ramped up the 3 party on my little faering. New one is bigger and worth more.
 
Minerva said:
Why do you want a uk insurance co for a boat based in Europe? Would you not be better off with an insurance co based in Europe?
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i don't particularly want UK insurance - just figured it would be easier for a UK registered boat.

i'm happy to try a European company if anyone has a suggestion.
 
DownWest said:
Try Pantaenious. Not fussed about UK residency.
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i have found they are quite fussed about it...

The UK office told me they would not cover boat owned by someone who is not a UK resident

I haven't tried other offices - if anyone has a suggestion of another Pantaenious office that might cover a boat based in Europe, owned by a non-resident, please pass it on.
 
Chiara’s slave said:
If that is so, it’s a much worse deal than it appears. Our value is about 65k, premium low 400s, can’t exactly recall. Mooring site makes a difference, but more usually whether they’ll cover you at all. Though I have been told that some marinas have a poor theft record.
Click to expand...
I increased the value of my boat from £15k to £36K after completion of major work and a valuation. Less than £50 increase. as you say mooring, both type and location and cruising area are far more important.
 
Sandy said:
Gulp!

My area is from approximately Iceland east to Finland and south to Egypt then west to Morocco, single handed multiple days, vessel valuation a lot less than yours, cost less than £500.

I have no interest in racing.

I suggest you shop around.
Click to expand...

That sounds attractive.

Out of interest, who are you with? (my insurance is up for renewal next month)
 
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