Insurance-what do you think? Part 2

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doug748

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I have insured with Pantaenius for 20 years, mainly because of the good cover (singlehanded at night, racing etc) but also because I am too idle to check out the alternatives.

I am quoted £567.30p on £30,500 cover, ie 1.86%
I pay £350 after full no claims, ie I pay 1.14%

Am I a right mug or a shrewd operator?
 
If you haven't shopped around for the same cover elsewhere, then you are a mug. However, I did compare last year and ended up still with Pantaenius. Plenty of lower quotes but none matched the cover. Your experience might vary!
 
You're a right mug!

Loyalty does not pay.

We haven't got singlehanded or racing cover, but I paid less than you for a much higher value, with loads of things thrown in - legal protection, personal accident cover etc. - and get benefits such as, if something happens in our home marina we don't pay any excess or lose our no-claims bonus (NCB). We have a free protected NCB anyway. You should still receive your NCB after transferring to a new company.

I'm with GJW.
 
I pay just over £200 for similar value, with Bishop Skinner Marine. I do check it whenever it comes up for renewal but have stayed with them.
 
doug748 said:
I have insured with Pantaenius for 20 years, mainly because of the good cover (singlehanded at night, racing etc) but also because I am too idle to check out the alternatives.

I am quoted £567.30p on £30,500 cover, ie 1.86%
I pay £350 after full no claims, ie I pay 1.14%

Am I a right mug or a shrewd operator?
Click to expand...

i am with HKJ @ about 0.6%.
includes single handing cant remember the wording off hand.
 
I chose Pantaenius based on past positive personal experience and their attitude towards owners who they trust to be 'sensible'. In addition when I considered a limitation in my policy to be unreasonable I was able to put my case and won the concession.

Theres more to insurance than just the price.

Peter.
 
I am insured though Bluefin (Bishop Skinner) and the policy is underwritten by AXA. I believe that they insure the RNLI and the RYA.

My cover is £86,000 with 3rd part liability of £3,000,000 for a premium of £490.63, including max no-claims discount. My excess is £350, increasing to £450 for singlehanded sailing. Singlehanded passages are limited to 24 hours or 150 nautical miles in one leg.

Cover is very flexible. A phone call advising the brokers of any desired extensions to the policy, or anticipated departures from the agreed terms, usually elicits a prompt response and a reasonable adjustment to the premium or the excess, if necessary. A two handed trip to the Faroes and to the Azores and back was no problem.

I have never made a claim on any marine policy, so don't know how any claim would be handled, but based on their client list and our relationship so far, I am confident that any claim would be dealt with promptly and fairly.

We used to be insured by Pantaenius, and they have an excellent reputation, but I find them too expensive for my requirements at the moment.
 
There is an insurance discussion going on at the moment at the Yahoo Group jesterchallenge. Recent contributions include one well known sailor's interesting and slightly strange experience with Pantaenius. :)
 
Shop around. If you save £50, how long would that take to net in your pocket against how long to shop around??

As with all insurance companies, different ones are after different risks, ie markets. And the marine market is no different.

Pantaenius wouldn't insure our boat as we charter, but we have had cover with a premium of about 1% boat value for some time now which includes chartering both skipper, bareboat and racing.
 
JayBee said:
The link is

http://groups.yahoo.com/group/jesterchallenge/message/884

Scroll down

I think you'll have to join the group to read this, but that shouldn't be a problem - you don't need to be a potential jester challenge entrant. :)

Cheers
Jaybee
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JayBee, how do you make this work. I am registered thro btinternet which is on yahoo. This does not seem to be a problem. However I can't find where yahoo groups exist and I can't get your link to go there. Am I being thick???? :o

Mike
 
provenjohn said:
Paying C. £235 with GJW on 55K incl.single handed ;)
Click to expand...

How is that?
I am with same company and £223.81 for a value of 19k and single handed only during daylight hours, this is after the 15%NCB and they want a survey before july, (last survey done in july 2003, so every 7yrs.
Am I a mug?
I am now looking to change to another company as a survey every 7yrs is outwith my budget.
C_W
 
Clyde_Wanderer said:
How is that?
I am with same company and £223.81 for a value of 19k and single handed only during daylight hours, this is after the 15%NCB and they want a survey before july, (last survey done in july 2003, so every 7yrs.
Am I a mug?
I am now looking to change to another company as a survey every 7yrs is outwith my budget.
C_W
Click to expand...

1.2% of insured value for premium is expensive. mine is 1/2 that with HKJ
 
sailorman said:
1.2% of insured value for premium is expensive. mine is 1/2 that with HKJ
Click to expand...
The %age of insured value is only a rough guide. There are two main components to insurance. The first is third party liability which is largely fixed independent of value of boat. The second is the insurance on the boat which is a function of value (and therefore the exposure of the insurer), the location of the boat, which influences the probability of it being damaged, the period and location of operation (the longer and more dodgy the location, the higher the risk) and the area the boat is kept (which has an effect on the cost of dealing with claims).

On this basis, my Bavaria is more expensive to insure in Greece, because I am not here to look after it and the cost of repairs and handling claims is higher than the UK (partly euros and partly admin), than it would be if I based it in my club marina in Poole. Similarly if I extended my cruising grounds to include the Bay of Biscay it would be higher still.

Some insurers like Pantenius actually break the premium into component parts, others like Bluefin just quote a price. However, the only basis for comparison is to compare the cover on each - and there will always be differences both in cover and premium because different underwriters have different perceptions of risks based on the nature of their insured "book" and their claims experience. However, for fairly "standard" type boats and values there is not a lot of difference between the major players such as GJW and Bluefin because they compete for the "middle" market. Other underwriters may address different markets either in terms of the type of boat they take or the extent of the cover they offer. So it is obvious that premiums can vary significantly for the same value boat.
 
Yahoo Groups

dmmbruce said:
JayBee, how do you make this work. I am registered thro btinternet which is on yahoo. This does not seem to be a problem. However I can't find where yahoo groups exist and I can't get your link to go there. Am I being thick???? :o

Mike
Click to expand...

Mike
When I click on my own link it taks me to a Yahoo log on page, unless I am already logged on, in which case it takes me straight to the Group discussion. It seems you need a Yahoo email address to access Yahoo Groups (seems reasonable :)). I don't think your btinternet address will do the business. It's not a lot of trouble to sign up with Yahoo, even if you never use your new email address for anything else.

Cheers

Jaybee
 
Just a further note to my experience with Bluefin:

Although my boat is of 1991 vintage and I have insured it with Bluefin for the past 6 years, I have not so far been asked for a survey report or a rig check/replacement history.

For my own purposes I do keep an annual record of upgrades and replacements to just about everything on the boat, including equipment serial numbers and so on.

Last year I sent an unsolicited copy of this to Bluefin, which I assume they have put in my file. Don't know if anyone else does this, but it seems like a good idea to me.

When I sold my last boat through a broker, with a copy of this stuff, he told me that I had done his job for him. He sold the boat a week later and it didn't stop him from charging me 7% on the deal.

:(
 
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