Insurance increase

[SailingDog]

Does anyone have experience of Insure4boats, I have had an marketing shot from them.

 

[[3889]]

Another change I noted on renewal in Feb was the tradional areas, Brest to Elbe, La Rochelle, Finisterre, Gib etc. have all changed.
To get cover from UK to Gib GJW offered a policy covering Portugal, seperate cover for a time limited passage from Spain to Brest which worked out at >10% per week of last years annual premium, and upon arrival in Brest cancelling the Portugal policy and replacing it with UK and Ireland cover.
I went elsewhere.

 

[Bobc]

How does that work with an "Agreed Value"?

There is no such thing. It works like this:-

You declare a value for your boat.
The insurer quotes based on that value.
If you have a total loss, the insurer will pay you either a) the market value, or b) your insured value, whichever is less.

If you look at your policy, you will find a clause which basically says that you must not over-value the boat, and that you can only claim for what is the reasonable market value.

So in summary, "agreed value" is just a way of them getting you to pay a higher premium for no extra cover.

 

[Sandyshore]

I would disagree , an agreed value insurance is an agreed value. insurance
Market value is market value.
Sounds as if your Insurer sits on the fence and pays out dependent on which side you might fall!
I would not consider a market value policy as weazel words and all that.
Also for what its worth avoid any insurance that use wordings such as "at our discretion we will deduct ........."

 

[Solent Sailor]

I would disagree , an agreed value insurance is an agreed value. insurance
Market value is market value.
Sounds as if your Insurer sits on the fence and pays out dependent on which side you might fall!
I would not consider a market value policy as weazel words and all that.
Also for what its worth avoid any insurance that use wordings such as "at our discretion we will deduct ........."

I concur.

In fairness to the MD of TopSail, one of the things he mentions in his recent letter to accompany all renewals is that some agreed value policies are simply market value ones masquerading as the other.

 

[Tranona]

There is no such thing. It works like this:-

You declare a value for your boat.
The insurer quotes based on that value.
If you have a total loss, the insurer will pay you either a) the market value, or b) your insured value, whichever is less.

If you look at your policy, you will find a clause which basically says that you must not over-value the boat, and that you can only claim for what is the reasonable market value.

So in summary, "agreed value" is just a way of them getting you to pay a higher premium for no extra cover.

That is not so with all insurers, and as I said earlier "market value" clauses are a recent thing, that is explicitly stated. Earlier wordings were not specific so one assumed agreed value. However some policies (like Y Yacht insurance and Pantanius among others) are explicitly agreed value and often more expensive. One or the reasons that Y became so popular among folks here was this feature at competitive premiums.

Long threads on the subject, mainly on the MOBO forum a few years ago on the subject.

 

[Graham376]

So in summary, "agreed value" is just a way of them getting you to pay a higher premium for no extra cover.

I disagree. Discussed agreed value at length with Y Yacht and in their opinion, the value of a boat should be what it would cost to replace it with one similar age and condition, equipped to the same level. In fact they suggested I may have been under insuring when agreeing value, taking into account professional cost of items such as gantry, bimini, cockpit tent, etc. which I had built myself.