Insurance

[Tranona]

You may well be right. However, each of my new quotes was supplied via on-line application with pretty much identical questions. 5 quotes within 5% and one almost 50% more. Nothing about the expensive one jumps out at me saying gold plated.

So, possibly they are not promoting their differential offering very well or alternatively they are simply charging more than everyone else.

All the major players' policies are much the same as most are underwritten by Amlin. There tends to be minor variations in wording, particularly around such things as latent defects. other differences are the way that claims are handled, some use claims handlers and others do it themselves, but you don't find that out until you have a claim. generally speaking they all pay out in simple straightforward cases, but inevitably there are disputes, particularly in large claims where there is a lot at stake. However the vast majority of claims are for relatively minor damage and are usually settled promptly.

Pants generally has "better" terms in such areas as new for old and might include racing for free, plus they will consider risks that others won't. Whether that justifies their higher premiums is for the individual to decide.

 

[Supine Being]

Seems really expensive. To ask an obvious question, are you sure that the quoted cruising grounds fit in with your anticipated passages for the year? If you're covered for transats when you don't need it then that's going to hurt.

 

[Chris_Robb]

That's very expensive if you don't have a bad claims history. Definitely shop around. What's your agreed value?

Edit: Just seen that you've already said £50K. You are being way overcharged unless there's something that makes then think you're a bad risk. I pay just under 0.5% of the agreed value and I thought that was the norm for most people. You seem to be getting much closer to 2%.

PPS definitely go for agreed value insurance if you haven't already.

Also do consider sums insured. The agreed value is definitely not the market value of a similar model, especially one which has had significant mods for cruising. I might question whether 50K was sufficient; - Imagine an accident where you lost your rig completely - all sails as well. It then also transpires that there is some hull damage. At 50K you may find after recovery costs etc that the boat can not be repaired within the 50K allowance.

If you have a market value insurance - and you have done a lot of work on her, a standard replacement will require significant professional time to bring to a standard for sailing without you having to work for a whole season to get her ready again to the standard of your last one.

I would ring Y Yachts - bloody good policy wording - great people and a dam site cheaper than what you are paying.

 

[peteK]

Car insurance is also a lot more expensive in Northern Ireland.

 

[CCJ]

OK, I get that. In which case it's £335 on a £35K boat fully comp.

All risk is better than "fully comp"

 

[Pasarell]

I'm also with Y. Policy due in a couple of months but last year was £530 for 43ft boat with AV of £90K. Kept in Greece. Considerably less than you are paying

 

[colind3782]

All risk is better than "fully comp"

Not really sure of the difference, if you would elaborate?

 

[[70521]]

Mine is a lot less that that.

 

[LadyInBed]

I'm with Pants. Last year it was £436.48 for S/H down as far as Gib. Agreed value is £45k, but 'sum insured per claim event' is £5m whatever that means!

 

[colind3782]

All risk is better than "fully comp"

Just checked with my insurers, GJW, and it's the same thing.

 

[pagoda]

+1
Just renewed on a similar value boat, though only UK to Gib, for £350. With Y. Might seem cultish but they are good, speaking as a claimant.

+1 agreed on Y. Decent bunch of people I reckon...

 

[Graham376]

+1 agreed on Y. Decent bunch of people I reckon...

+ me too. emailed them this week to add an additional outboard @ £1,600 to policy. Done within hours and no additional premium for this year.