Insurance Renewal with Agreed Value now GJW Bought by Ripe - any suggestions

Paulfireblade

Paulfireblade

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Hi,

My Insurance with GJW recently purchased by Ripe is due for renewal. I have been with them for four years since originally purchasing, I have never made a claim but they have always been very helpful over the phone and the prices have not increased much each year.

They have a good reputation regarding claims, is this going to change with new ownership?

I am also interested in an agreed value which they no longer provide since the new ownership by Ripe. I have spent an amount equivalent to the purchase price over the last four years, I appreciate at least half of that is maintenance having said that Keel removal, New Furlex furler and standing rigging are once in 10 - 20 years jobs and the other half of that money is upgrades so although my boat is twenty years old it is exactly as I want it.

I will try very hard to protect my investment but if the worse happens it would be a comfort to know I have an agreed value that would go some way to replacing what I have rather than have to accept market value of a tired unloved example which I am sure an insurance assessor will be using to beat me down.

Anyone have any experience or thoughts please or do I just stay with GJW, increase the value by 25% which will increase the annual premium by £26 and be prepared to bury the assessor underneath my £44k's worth of invoices which I have kept to hopefully push my settlement above the market value especially bearing in mind the market is not as buoyant as it was a few years ago?

Appreciate any thoughts.

Paul
 
One of the issues in switching insurers is that the new one will probably request a survey.
That isn't cheap, especially if a lift out is required and can be a lot of hassle arguing the toss as to what current regs apply to a forty year old boat!
 
MontyMariner said:
One of the issues in switching insurers is that the new one will probably request a survey.
That isn't cheap, especially if a lift out is required and can be a lot of hassle arguing the toss as to what current regs apply to a forty year old boat!
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But surely the question is ...do you want insurance?...or do you just want a piece of paper to make you legal?

If you want to cover and protect your own assets as well as third party, then what it costs for a new survey/lift, you have to grin and bear it.
 
billskip said:
But surely the question is ...do you want insurance?...or do you just want a piece of paper to make you legal?

If you want to cover and protect your own assets as well as third party, then what it costs for a new survey/lift, you have to grin and bear it.
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At what price do you risk your 'investment' and go third party?
A Colvic Countess 33 will still sell for 20k or more, that's quite a big hit to take on a total loss.
I guess I will wait for renewal time and see what happens.
 
MontyMariner said:
At what price do you risk your 'investment' and go third party?
A Colvic Countess 33 will still sell for 20k or more, that's quite a big hit to take on a total loss.
I guess I will wait for renewal time and see what happens.
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I understand your difficulty, but I look at it as what will the realistic return be for my premium, I doubt (could be wrong) an insurance company is going to pay out the full value.
It's one of the things that peeves me off...the insurance company ask you to value the asset, but has no intention whatsoever of paying that sum, so for me it's cover for any third party claim that's important.
 
billskip said:
I understand your difficulty, but I look at it as what will the realistic return be for my premium, I doubt (could be wrong) an insurance company is going to pay out the full value.
It's one of the things that peeves me off...the insurance company ask you to value the asset, but has no intention whatsoever of paying that sum, so for me it's cover for any third party claim that's important.
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Depends on the wording of the policy. The current GJW is "agreed value" based on the survey and valuation. That is the amount that will be paid after total loss, and more importantly the ceiling in a situation where expensive repairs are required following a claim. mine does not come up until October so will see what the wording is on the new policy.
 
MontyMariner said:
One of the issues in switching insurers is that the new one will probably request a survey.
Click to expand...

Tranona said:
agreed value" based on the survey and valuation.
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This was my point, does one go third party, or include their own assets? If say over the next 5years the cost of survey/expenses/ins.premium add up to a significant amount against the value, I would consider third party liability only.
Of course it's the difference in premium that will tip the scale.
 
billskip said:
This was my point, does one go third party, or include their own assets? If say over the next 5years the cost of survey/expenses/ins.premium add up to a significant amount against the value, I would consider third party liability only.
Of course it's the difference in premium that will tip the scale.
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I changed insurers recently. New company arranged a valuation and non structural survey at their expense. Asked me to increase my valuation by 10% and charged a premium of less than 1%.
 
Tranona said:
Depends on the wording of the policy. The current GJW is "agreed value" based on the survey and valuation. That is the amount that will be paid after total loss, and more importantly the ceiling in a situation where expensive repairs are required following a claim. mine does not come up until October so will see what the wording is on the new policy.
Click to expand...
“Agreed value” seems to be no longer available as an option which leaves “Sum insured” which generally means maximum payout and they will generally offer less if possible. You may be lucky that you already had an agreed value in place and they continue on same basis.
 
Paulfireblade said:
I am also interested in an agreed value which they no longer provide since the new ownership by Ripe
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You need a value survey, you can discuss and justify value with your surveyor and the insurance will accept their reported number.
I asked this after Covid and after fitting new electronics when the market value went up.

If you can’t convince a surveyor of the value you want then it’s very likely you’re deluded about what it’s worth, although I agree it would be nice to be able to replace and bring to same standard.
 
I have owned my boat for 30 years. Its agreed value had remained unchanged for 25 years, which did not reflect its actual value. So I approached my insurers HKJ and suggested that approx halving of its agreed value might be appropriate. They made the change but the premium was affected barely at all. I discussed this with them but I was assured that this was correct.
 
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