Momac
Well-known member
Zing did say he has gone with 3rd party insurance.
Insurance...I knew 2022 wasn't going to get any better
- Thread starter DougOut
- Start date
Elessar
Well-known member
I should have read it properly then…….
I just read the self insure bit. If you have 3rd party insurance you are not self insured in my mind.
Even so apologies to Zing.
swifty
Member
Thanks Teddingtown received an excellent quote from HKJ.
Alfie168
Well-known member
I was with Saga, but they packed marine insurance in last year and transferred me over to HKJ who use the same insurance syndicate as Saga. No complaints.
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Zing
Well-known member
See #8.
DougOut
Member
Thanks everyone. After speaking with numerous companies I've received an excellent quote from Haven Knox Johnson with better terms than I was on with Towergate so I'm happy there. What did surprise me was the logic process with some of them. When I bought the boat I got it cheap because it needed some mechanical refurbishment. I had all of the work done with all of the invoices but one company would only insure it for the purchase price and not the market value.
Momac
Well-known member
I guess they might increase the sum insured if you were to arrange for a survey and independent valuations.
Work done often does not add the same sum in value.
I found Haven KJ the best value last year so hope for a repeat price this year - due in March .
Tranona
Well-known member
Agreed value is to do with value rather than what you spent on it or what you did. I have just bought a "project" boat on which I will spend up to twice as much again bringing it up to standard. I do not expecct to be able to insure it for everything I spent, but a value that reflects what a top condition boat will sell for. I will support this with a list of works, approximate cost and an inspection and valuation from the surveyor who surveyed ot when I bought it. Insurers need evidence that you are not overvaluing.
Alfie168
Well-known member
In classic and kit car insurance there is sometimes an "in between" valuation called an agreed valuation to take just your situation into account. You do of course pay for this facility. This situation is bound to crop up with boat restorations. Not every company will offer this.
Tranona
Well-known member
That is a meaningless figure as it stands.
Insurance has 2 main components - third party and hull and machinery. The first part is largely fixed independent of the boat and for a UK marina based sailing boat is typically around £200 - maybe a bit more for a motor boat. Hull and machinery - which is the maximum value of the item insured varies according to where the boat is located, type of boat and record of the insured, but generally premiums fall in relation to the increase in insured value. It can of course be expressed as a %age - but this is not fixed, but simply a figure arrived at by dividing the premium by the insured value and multiplying by 100.
To illustrate what I mean, I own 2 boats, one old and low value and the other nearly new and inevitably much higher value. The low value boat (£14000) has a gross premium of £394 as I have no discount on this. The third party cover which I had originally until a survey and valuation was £172, so the premium for the hull and machinery was £222, or approx 1.5%. Of course if you did the sum using the full premium including the third party element you would get 2.8% - not a meaningful figure. The newer boat with a value of £100k the gross premium before discounts was £640 which with the simple sum is 0.64% - again meaningless. If we exclude the third party element at, say £200 we get the hull and machinery element at 0.44%. As it happens I get significant discounts and the premium I pay is approx £450!
So your decision about your level of cover for all risks is the increase in premium over the basic third party NOT comparing the total premium with the insured value. You may well decide to not pay the additional premium , particularly if the boat is low value, as such premiums are usually disproportionately high. The decision should not be based on a meaningless %age, but but on how willing you are to accept that risk AND the consequences. There are some risks that I do not insure - for example pet insurance because not only is it expensive, but the restrictions and excess limit what you can claim for. 3 dogs running full lives and 10 cats later and I am still winning!
However I insure my low value boat because the consequences of losing it are too great and the financial payout would help relieve the loss. The £220 to insure it is less than the premium for pet insurance for my cat. Meaningless in one way but gives an idea of how cheap boat insurance is.
Rangerman
Member
Whats happened at Towergate? I've been with them for a number of years because of good rates and reviews, this year however the renewal has gone from £490 to £710 eeeek. I've never had a claim and no changes! needless to say i wont be renewing with Towergate, Best quote/cover ive had is from Navigation & General (Zurich) with less excess and increased cruising range and less than last years premium.
Poignard
Well-known member
Might be worth trying Noble Marine.
I had my renewal offer yesterday and the premium has not changed in 3 years.
I had my renewal offer yesterday and the premium has not changed in 3 years.
Momac
Well-known member
Loyalty is not always rewarded.
russ
Active member
I have an agreed valuation policy through Curtis/Towergate.
No surveys or proof, just pointed them towards adverts of the very same boats recently sold.
No surveys or proof, just pointed them towards adverts of the very same boats recently sold.