Insurance...I knew 2022 wasn't going to get any better

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DougOut

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Over the past couple of weeks I've received the usual invoices. Marina fees up, Thames Licence up. Insurance up by 50%!!!!
On a point of principle I'm going to look elsewhere. I'm currently with Towergate but can anyone recommend an insurance company that doesn't charge an arm and both legs?

Cheers
Doug
 
AllanG said:
I was always happy with GJW when I had my boats.
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Until you suffer a total loss and they implement their replacement boat clause rather than pay you the sun insured. Of course they say they’ve never done this, but the clause remains and therefore the option to implement said clause also remains. They told me last year that it will be removed, but they were saying the same thing quite a few years ago.
If they decided to implement it, and it was part of the contract, you could end up with a boat you didn’t want with absolutely no legal recourse to challenge their decision.
Sorry, but I’m not paying good money for that to potentially happen.
 
I was with Y yacht, now topsail, this year they reduced my premium as I am mainly on the upper Thames and included 60 days coastal.
Insurance policy is with Haven Knox Johnston. Happy with the policy terms.
 
I just renewed with Haven Knox Johnson and £221 a year inc legal cover and no surveys needed for a 35 footer.

Request a Quote | Haven Knox-Johnston

Was with Towergate and GJW but they got too expensive and started demanding coastal surveys even though the boat has never left the upper Thames.

Based at Penton Hook and my river licence seems to have gone down slightly too.
 
Previously with Y and didn’t like the new premium from Topsail so shopped around. Tried Curtis Marine following a recommendation on here and got the best quote by a country mile (so good I questioned it to ensure it was correct) for a Navigators and General policy that looked pretty good to me. They got our business plus another policy a few months later when we bought a trailer sailer.
 
I’ve gone 3rd party only. My insurance quote was 2% hull value. I’ll take that risk myself at that price, robbingits.
 
Greg2 said:
Previously with Y and didn’t like the new premium from Topsail so shopped around. Tried Curtis Marine following a recommendation on here and got the best quote by a country mile (so good I questioned it to ensure it was correct) for a Navigators and General policy that looked pretty good to me. They got our business plus another policy a few months later when we bought a trailer sailer.
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+1 same here, moved from Y to Curtis and found them very helpful and cheaper but with a better policy. Was with GJW for quite sometime but found them unhelpful when I had a potential claim some years ago.
 
Yes the same here GJW up by 22% on last year, I asked the simple question why and the reply was we consider ourselves to be still competitive. I am sure that if many other business increased there bills to their customers by 22% they would not be deemed competitive.

GJW is owned by Munich Re Specialty Group on checking last years results in Q2 2021 the company generated a 579 million profit.

How are these rises justified especially in the times we are living.

I know where I will not be renewing, a simple matter of principal.
 
I completely agree with the thoughts and comments. I find year on year increases of 22% and 50% quite unbelievable. The companies deserve to lose their customers. I believe legislation is coming into effect where insurers must treat new and renewing customers the same. I think it's for cars but it should be for any type of insurance.
 
DougOut said:
Over the past couple of weeks I've received the usual invoices. Marina fees up, Thames Licence up. Insurance up by 50%!!!!
On a point of principle I'm going to look elsewhere. I'm currently with Towergate but can anyone recommend an insurance company that doesn't charge an arm and both legs?

Cheers
Doug
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Craftinsure.
 
DougOut said:
I completely agree with the thoughts and comments. I find year on year increases of 22% and 50% quite unbelievable. The companies deserve to lose their customers. I believe legislation is coming into effect where insurers must treat new and renewing customers the same. I think it's for cars but it should be for any type of insurance.
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The requirement is only that the automatic renewal should be no higher than that offered to new customers with similar profiles.

Many marine insurers are having a hard time and are re-assessing their appetite for risk which inevitably means that they will be adjusting premiums to suit the type of business they mean to serve. If your profile does not fit then inevitably the premium will rise.

Solution is simple. There are still enough providers to make it worth shopping around, either through using an independent broker or doing it yourself on line. Just look carefully at the cover that is on offer as not all policies are equal, particularly in terms of whether it is agreed value or replacement.
 
A 2% insurance premium is like saying a bit less than one in 50 boats will be written off. We all know that is ridiculous. Don‘t give the m your money.
 
Elessar said:
So no claims other than write offs and no cost of administration, nor any profit in your la la land then?
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No. Not if you do the risk calculation as an owner. How much do you charge yourself to self insure in your muddled world? With the massive excess amounts on their policies, how many claims are not close to, or over hull value?
 
Zing said:
No. Not if you do the risk calculation as an owner. How much do you charge yourself to self insure in your muddled world? With the massive excess amounts on their policies, how many claims are not close to, or over hull value?
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You have to be very stupid or very wealthy to self insure and I’m not qualified enough in either. I pay a fair price for a product of my choosing. Provider of choice is craftinsure. No connection other than as a satisfied customer.
 
Elessar said:
You have to be very stupid or very wealthy to self insure and I’m not qualified enough in either. I pay a fair price for a product of my choosing. Provider of choice is craftinsure. No connection other than as a satisfied customer.
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So I live in la la land and am stupid to self insure. And you are not stupid enough to do that. Charming.
 
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