Insurance

[Gemini]

Insurance due for renewal had the reminder come in bit more than I expected, we had a claim last year for an under water obstructoin damage They were Excellant and responed very well, lost our NCB.
Just done searches on the WEB, Had 2 instant refusals due to the claim 4 others, would not do on line quote had to leave contact details due to the claim, is this the norm ? or is it a case that if you are liable to make a claim your not there type of custmer. /forums/images/graemlins/smile.gif /forums/images/graemlins/smile.gif

 

[Richard10002]

I think there is a tendency to find yourself stuck with existing insurer once you have made a claim.

Which insurance company, what kind of boat, how much cover, what kind of cover, how much is the renewal, what was it last year.

 

[Mymobo]

I use these guys very helpful.

http://www.baymarineinsurance.co.uk/

 

[gjgm]

just try some of the larger ones on the phone where you can explain. Bishop Skinner seem to make very one to one decisions and are usually competitive. Or Mardon.
Might depend on the size of the claim, perhaps.

 

[oldgit]

You may be stuck with your present insurer for a year or perhaps two until you can show that you are not a serial claim junkie.
Took me about 2/3 years to rebuild my record of not hitting stuff to the state that I could start shopping around for best deals agian..

 

[Ballistix]

Good old insurance companies, sting you which ever way. Bloody outrageous. You claimed for something that clearly wasn't your fault. Don't trust any of them, as soon as you claim you get penalised for the next few years whilst they drag back the outlay. It's terrible and it's rife in this country across all of the insurance sector.
T

 

[stefan_r]

[ QUOTE ]
Good old insurance companies, sting you which ever way. Bloody outrageous. You claimed for something that clearly wasn't your fault. Don't trust any of them, as soon as you claim you get penalised for the next few years whilst they drag back the outlay. It's terrible and it's rife in this country across all of the insurance sector.
T

[/ QUOTE ]

It's also kind of how insurance works though...worldwide.

Insurers rate risks using averages...all the policyholders put cash into the pot and some people have a claim and cash comes out of the pot, leaving a bit of profit for insurers.

So if someone claims more than insurers believe is the "average" should be then then, yes, you're a higher risk than the average and you pay more...otherwise the "average" premium for all the policyholders who didn't have a claim would be artificially higher to pay for the exceptions and not the average.

The fact that it was "an accident" and "I hit an underwater obstruction" isn't a "not your fault" claim. Not your fault is you're stationary and someone hits you...and insurers would listen to that when making up their prices. Hitting a submerged object is a normal risk when going to sea...and yes you'll lose your NCD.

Yes I do work in insurance.

No, not for a marine insurer.

Yes, there are many insurances and bolt-ons people buy (or are convinced to buy) that are worthless/irrelevant/pure marketing.

Some insurers are "expensive" for no difference in overall service....but that is largely because they price themselves out of the market (i) because they deliberately want to and don't like fooling with exotics (ii) because their pool of "average" and their past claims experience isn't strong enough for them to build models to support cheap prices (iii) they have been burnt badly in the past and cannot justify cheap prices.

There is another element to insurance whch is the cyclical nature of the market and re-insurance....but that's not for a Sunday morning.

Have a look here http://www.ybw.com/forums/showflat.php?Number=2324459 for some good news about insurance...I imagine StrakerYrius will be happy to stick with his insurers for a while to pay them back for the service and costs they incurred.

Bishop Skinner get my vote, been with them 10 years...shopped around a few times but their service has always been great AND personal.

 

[strakeryrius]

Stefan is right - given the size of my claim I fully expect my premium to be higher next year as they recoup some of the outlay that thay will have made. I will be sticking with them though as they really haven't made a "drama out of a crisis" and the service that I have had from them has been exceptional. Hence I feel a strange sort of debt of loyalty to them which means that I won't be shopping around for cheaper quotes for a while.