Insurance for the older boat

[Graham376]

- and they want to play with the 'agreed value'

Many people think the insured value is the current selling price of the same model of boat - not correct. Insured value should be the replacement value of the boat plus the cost to equip to the same level. I have an agreed value policy with Y Yacht and insured value is around £20k higher than I could buy another similar boat for but, without the extras. With reducing boat prices, I reduced the insured value at last renewal and Y advised not to lower it any more.

 

[Porthandbuoy]

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3rd party or comp?

No such thing as 'fully comp' when it comes to marine insurance. I have 4 separate policies. A fixed, or agreed value, for total loss; 3rd party indemnity ( £3 mil if memory serves); legal cover, and personal injury in case anyone on board wraps their fingers in a riding turn or ruptures themselves raising the anchor.

They wont require a survey for 3rd party as they are not covering you against gear failures or you doing damage to your own boat and the boat value isnt important. They cover you for third party liabilities such as you damaging another boat and wreck removal which are requirements for most harbours and marinas.
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It is to me.

 

[forelle541]

expect

Just cost me £460

 

[sailorman]

Just cost me £460

So the best part of a years premium

 

[Chae_73]

Just cost me £460

Thanks - that's actually double the cost of the insurance premium I just paid.

Assuming it's required every 5 years, that would be quite a significant part of the overall cost of insurance.

 

[geem]

Why not try Quotation | Y Yacht Insurance
they may not req a survey

They will require a survey. They will insure the boat for the purchase price plus 15% unless you have an out of water valuation survey. I am just going through this hassle at the moment. We are going to be swapping to a guaranteed value policy once a valuation is complete following a full refit

 

[Lucky Duck]

Many people think the insured value is the current selling price of the same model of boat - not correct. Insured value should be the replacement value of the boat plus the cost to equip to the same level. I have an agreed value policy with Y Yacht and insured value is around £20k higher than I could buy another similar boat for but, without the extras. With reducing boat prices, I reduced the insured value at last renewal and Y advised not to lower it any more.

At my last renewal with them I dropped the value and the new quote came out as more. They agreed this was nonsense and eventually a new one was produced giving a modest saving.

However the compound impact of thier percent hike in prices over the last few years meant I went elsewhere this time around.

 

[V1701]

Third party online for about £90, it's utterly bonkers paying for lift outs and surveys on old, lower value boats. I did use Yachting 24 in the past, I think they covered boats up to either 40 or 50 years old, the assumption being that you keep your boat in a seaworthy condition, but just looked at their web site and there's a notice on there that currently they are not offering new policies...

 

[Graham376]

At my last renewal with them I dropped the value and the new quote came out as more. They agreed this was nonsense and eventually a new one was produced giving a modest saving.

However the compound impact of thier percent hike in prices over the last few years meant I went elsewhere this time around.

I reduced value in Oct 2019, which reduced premium. Have just renewed for 2020/21. This October, quote was higher so I reduced sailing area to exclude most of the Med (just have western end Gib, Smir etc. as well as Atlantic coasts of Spain & Portugal) which reduced premium to same as last year.

 

[Buck Turgidson]

if you can shoulder the cost of a new boat when the old one gets wrecked in a storm or a fire or sinks then 3rd party. if not then if you want to keep sailing you need fixed value and it's not unreasonable for the insurance company to know what they are covering to protect against fraud.

 

[Lucky Duck]

I reduced value in Oct 2019, which reduced premium. Have just renewed for 2020/21. This October, quote was higher so I reduced sailing area to exclude most of the Med (just have western end Gib, Smir etc. as well as Atlantic coasts of Spain & Portugal) which reduced premium to same as last year.

Sadly my aspirations are so unremarkable that changing the cruising area would be unlikely to help.

A friend tells me they can be persuaded to drop their price if challenged on the phone.

 

[WoodyP]

I have been with GJW for many years and they require a 5yearly survey for fully comp. The last survey required new rigging at some expense, but after 15 years l knew it needs doing. I also know that I have gas, and a safety check is important for me, but on my old yacht the capital value doesn't warrant fully comprehensive insurance any more.
GJW have been competitive, but in future it's going to be third party only. The previous surveys have not shown me anything I didn't already know, and cost a lot.

 

[northwind]

Insure it as third party £90 pa and put the difference to fully comp in a bank account.. Say £250pa.. Total loss covered inside 8 years.. No need for survey..

 

[sailorman]

Insure it as third party £90 pa and put the difference to fully comp in a bank account.. Say £250pa.. Total loss covered inside 8 years.. No need for survey..

what prey is "Fully Comp" in relation to boat insurance, my take is "All Risk"

 

[sailorman]

I have been with GJW for many years and they require a 5yearly survey for fully comp. The last survey required new rigging at some expense, but after 15 years l knew it needs doing. I also know that I have gas, and a safety check is important for me, but on my old yacht the capital value doesn't warrant fully comprehensive insurance any more.
GJW have been competitive, but in future it's going to be third party only. The previous surveys have not shown me anything I didn't already know, and cost a lot.