Insurance premium up 10% from Yachtsure

[D3B]

Been insured with Yachtsure since purchasing the current boat.

Premium this year is up 10% on last year which I thought was a bit high.

What is the general feeling on increases in price?

How much has yours gone up?

No changes to the policy....

 

[gjgm]

well as your boat had depreciated so much, change its valuation, and hey presto /forums/images/graemlins/wink.gif

 

[Ianj68]

Mine has come down significantly £380 down to £331 with the same cover etc.

 

[Chris_d]

Haven Knox Johnston £232, up a fiver on last year I think.

 

[D3B]

Soft top S29's should be going at a premium now they have stopped making them /forums/images/graemlins/wink.gif /forums/images/graemlins/wink.gif

So no offers under asking price .....thank you /forums/images/graemlins/grin.gif

 

[MVP]

Ours dropped about 10% I think

 

[sailorman]

HKJ no change just renewed 3 wks ago 0.6% of value

 

[cliffdale]

Shop around. My renewal is cheaper than last year, nothing to do with no claims discount.

Shopping around I saved a further £75.

Nautical ins and GJw gave the best quotes.
Cliff

 

[sailorman]

Perhaps is tha" added value" of the fuel in the tank /forums/images/graemlins/laugh.gif /forums/images/graemlins/laugh.gif /forums/images/graemlins/laugh.gif

 

[sailorman]

Never Never Underinsure

 

[DAC]

Been with Mardon for about 4 years. £350 last year so went with Colemans this year and down to £200! Happy days /forums/images/graemlins/smile.gif

 

[gjgm]

I m not suggesting under-insuring?
If he insured his boat last year for 100,for the sake of a number, and this year its worth 90, why pay a premium based on 100 ?

 

[jonboy1]

Shop around. Mine was £ 700 last year, and quoted similar for this year. Renewed for £ 600, after other quotes.

 

[sailorman]

repairs as a % of value might come into play, more so with a Yacht as rig costs will be high as a % of vale insured

 

[Richard10002]

My renewal for 2009/10 was £985, exactly the same as I paid in the previous 2 years, and definitely no increase.

I reduced the agreed value of the boat from £130K to £110K, and the premium dropped to about £850.

If she was a write of/total loss, I could easily replace her with £110K, so no question of underinsurance. If a rigging problem cost more than the £110K, they would call it a write off or total loss.

 

[gjgm]

I m not sure I understand your approach.
You buy a boat and get a surveyor valuation for £100. What are you going to insure it for? More?
Some years later you decide that you will change insurance company, and your boat is now selling on the market for £90. But you are going to insure it for £100 because thats what you paid for it a while back?Up to you, and maybe you have a generous insurance company, but I cant see the point in insuring the boat for more than its currently worth.

 

[sailorman]

so i pay 50 sqiuds more on my premium. thats better than being under insured imo

 

[blueglass]

it doesn't work the same as with cars, where they pay out current market value only. With boats the agreed sum insured is what sticks.e.g if you insured it for 100K cos that's what you paid for it 5 years ago, then thats what insurance company has to pay out for a total loss.