Insurance premiums

[Stingo]

I've just taken out the insurance for Stingo and nearly lost my balance when I read through the quotes. If I recall correctly, the premium on the old Stingo was about £300 per annum with a boat value of £60k, so 0.5% of value. I now have over 10,000NM bla bla and the best deal I can get in SA is 1% of value with a huge excess and I am severely restricted to where I can sail. So I sent an email to my old insurers in the UK and they won't touch anything south of Brest. Harrump!

 

[Bajansailor]

Consider yourself lucky.
Our Challenger 35 was insured with Admiral Insurance in England for a few years, as they were cheaper than local rates here.
But then their rates went up considerably, and this is just for sailing around the Eastern Caribbean, with conditions imposed re hurricanes.
So we went back to a local insurance company here, who were cheaper than Admiral - but the premium is still 2.2% of the insured value.
Fibreglass commercial fishing boats here are usually paying around 3.5%, while timber fishing vessels are 5.5% or more.

 

[Luanda]

I don't know who's best off. Here in Denmark the social democratic govt. some years ago decided that all boat-owners were by definition stinking rich, so they imposed a tax of 1% of the value for which you insured your boat. In many cases this was greater than the actual premium. As a result, many illegal self-insuring groups have set up, for example 30-40 owners, who are mainly cruisers and know how safe the others are. In a couple of years they build up a capital of some £30,000, which has proved to be sufficient for the risks. The govt. tax only applies to the risk of damage to your own boat, as 3rd Party risks can be insured seperately, and for my boat, insured for £20,000, the premium is only £12 annually. The result is that there is perhaps an annual top-up of far less than £100. Of course, this does not cover all-world risks, only down to Helgoland and the Baltic.

 

[graham42]

stingo.
im looking at:
Siegfried Preuss successor who are german and insured my boat when owned by previous owner.
theyve quoted me 0.8% with a cruising range of the whole of europe including, canary and azores.
theyre in the process of translating their policy details.
ill be using them in the future.
pm me for other info

 

[Stingo]

Thanks, will google them and get a quote.

 

[Birdseye]

[ QUOTE ]
stingo.
im looking at:
Siegfried Preuss successor who are german and insured my boat when owned by previous owner.
theyve quoted me 0.8% with a cruising range of the whole of europe including, canary and azores.
theyre in the process of translating their policy details.
ill be using them in the future.
pm me for other info

[/ QUOTE ]

0.8% seems expensive for a UK based boat. mine is around 0.5% inc the baltic to cape finisterre inc single handed sailing at night but not racing risks.

be careful about using foreign based insurance companies - most probably you wont have access to the UK ombudsman or the UK courts etc.

 

[sailorman]

Stingo is South Africian based /forums/images/graemlins/laugh.gif /forums/images/graemlins/laugh.gif

 

[Richard10002]

I pay £985 for £130,000 including third party, with 1 years NCB, which is 0.76% if I'm pressing the right buttons.. thats with Pantaenius and a cruising range of all waters within 200nm of Europe, (possibly mainland europe), not North of bergen.

Quotes were up to £150 cheaper with some other reasonable insurers... St. Margarets £835, Mardon, (Axa), £885.

Maybe SA is a higher risk, or an unknown risk