Insurance - 'Y'

Momac

Momac

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Last year I investigated alternatives after a big price jump from ‘Y Yachtinsurance' . However the research resulted in only one insurer out of several I approached could offer a lower premium compared to ‘Y’.
This time Y have made a 5% inflationary increase.
I enquired with ‘SAGA’ which was quoted at £20 less than Y , but didn’t like one or two of their exclusions . The 'Y'policy in comparison looks much simpler, which can only be good.

I asked 'Y' how much it would be for an increased cruising range and they have included that at no extra cost. Response time to my enquiry was quick. Also, very good of ‘Y’ to offer renewal two months in advance , allowing plenty of time to consider the alternatives (which is unlike my house insurers who sent the renewal with only two weeks remaining on the old policy).

Therefore, staying with ‘Y’ once again seems the sensible option.
 
My policy at Y is due for renewal in a few weeks. They want close to £1,200 - an increase that is closer to 10% than 5% - which has prompted me to look around. We're in a Premier marina and they run a scheme with GJW - they are quoting £200 less with policy wording that seems to be acceptable - anyone have any experience of them in action?
 
maby said:
My policy at Y is due for renewal in a few weeks. They want close to £1,200 - an increase that is closer to 10% than 5% - which has prompted me to look around. We're in a Premier marina and they run a scheme with GJW - they are quoting £200 less with policy wording that seems to be acceptable - anyone have any experience of them in action?
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Probably worth having a look at the previous long posts on Y - IIRC JFM said that only Y and Pantaenius have satisfactory polices that will cover all risks, including such things as corroding seacocks. Very easy to scrimp but could be a bad move in the long run.
 
Greg2 said:
Probably worth having a look at the previous long posts on Y - IIRC JFM said that only Y and Pantaenius have satisfactory polices that will cover all risks, including such things as corroding seacocks. Very easy to scrimp but could be a bad move in the long run.
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Yes - I have been involved in those discussions - but they were two or three years ago and I'm led to believe that most of the big insurers have been forced to follow Y and Pants in their policy wording. I need to make time to sit down with the GJW policy and several cups of tea to go through it with a fine tooth comb.
 
maby said:
Yes - I have been involved in those discussions - but they were two or three years ago and I'm led to believe that most of the big insurers have been forced to follow Y and Pants in their policy wording. I need to make time to sit down with the GJW policy and several cups of tea to go through it with a fine tooth comb.
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Be interested to hear your findings :)
 
Last year my Y policy remained the same as the previous year (With a long letter talking about increases).

Fingers crossed it doesn't go up this year.

I'm only with Y because of the positives of this forum (oh, which, by the way, mention in the letter!).

I'm in Ireland, operating semi-commercially (We take a few charters per season for fun... all above board coding / insurance wise).

In fairness to Y, their communication (I think it's Claire whom I deal with) is excellent via e-mail (from a sales point of view, anyhow).
 
I've used Y for many years and quite a few boats. Someone suggested Pantaenius as an alternative so I got a quote. It was exactly double and I couldn't spot the difference so, obviously, stayed with Y. Quite happy! …. :)
 
To be fair to Saga they have , in the paper printed proposal they posted to me , removed the significant unacceptable clause I had been unhappy with , (which potentially excluded damage to out drives or props unless the boat sinks) .

There are distinct similarities so I feel almost certain both Y and SAGA are based on the same underwriting. However I feel the Saga wording has a little way to go to match Y.
By the way I have no complaint about SAGA - I have my car insurance with them and they were very easy to deal with when I changed from being a fairly long term company car driver to providing my own car in 2019.
 
maby said:
My policy at Y is due for renewal in a few weeks. They want close to £1,200 - an increase that is closer to 10% than 5% - which has prompted me to look around. We're in a Premier marina and they run a scheme with GJW - they are quoting £200 less with policy wording that seems to be acceptable - anyone have any experience of them in action?
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I use gjw and have no need for complaint but, luckily I’ve not had to use them for a claim. There coverage is good. I’m based in Southampton and can travel fully covered to the channel isles without prior need to inform them !
 
I think people who renewed in January last year may have had a smaller increase than those who , like me , renewed in March.
The premium seems to be based on sum insured , with something thrown in the mix for location and cruising range .
 
NDB said:
... but, luckily I’ve not had to use them for a claim. ...
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That is always the problem with assessing the quality of insurance companies - the number of claims made is small and there is little information about how well they perform when they are being asked to hand out money rather than collect it! Pants is always quoted as the best there is - usually based on the wording of their policy - but there is a contributor to this forum who was writing a few weeks ago to describe the terrible trouble he has been having with them when he tried to make a claim!
 
The letter from Y says IIRC particularly big increases in some areas outside UK this year, e.g. the Med, because a big increase in claims there in recent years has meant payouts exceeded premiums collected.

Having read through the letter I was expecting another significant increase (following last year's) for me (in UK). In fact it's only gone up 10%, and that's when I've lost my previous 10% marina berth discount as I'm moving back to a swinging mooring. So premium is actually more or less the same as last year.
 
Yes the 5% increase is put down to higher claims in the Med however then states "Some of you who are not in the Mediterranean may have a higher increase in premium than 5% for 2020. "!!!!!!!!!!!! Mine has gone up 10% and is now £1340.
 
dustywings said:
Yes the 5% increase is put down to higher claims in the Med however then states "Some of you who are not in the Mediterranean may have a higher increase in premium than 5% for 2020. "!!!!!!!!!!!! Mine has gone up 10% and is now £1340.
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£1340 for a S58? that sounds really cheap to me. I am in the Med and pay CONSIDERABLY more than this.
 
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