Insurance

[daveyw]

So how much do you pay for insurance. Just had my renewal and it's neigh on £900. That's £749 for the hull, £42 for third party, £10 legal protection and the rest is 12% insurance tax. This is for an 86 HR352 in Greece.

 

[dunedin]

So how much do you pay for insurance. Just had my renewal and it's neigh on £900. This is for an 86 HR352 in Greece.

Key parameters are typically the insured value and number of previous claims. Without this data any comparisons are largely worthless

 

[daveyw]

Key parameters are typically the insured value and number of previous claims. Without this data any comparisons are largely worthless

Ok, let's say the boat is worth about 50k and we had one claim about 10 years ago for a dinghy for about £1000

 

[Tranona]

That is high - nearly double what I paid for my Bav 37 of greater value in Greece.

Suggest you get more quotes particularly from Y Insurance which many of us use here

 

[xyachtdave]

That is high - nearly double what I paid for my Bav 37 of greater value in Greece.

Suggest you get more quotes particularly from Y Insurance which many of us use here

Correct answer ^

Call Y Insurance.

 

[lpdsn]

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.

 

[dunedin]

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.

Concur

 

[[3889]]

Concur

+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.

 

[Sticky Fingers]

My policy (also with Y) is about £620 p.a. Boat is a new Bavaria 42. Agreed at £200k value plus about £20k of fittings and owners effects. UK.

 

[Graham376]

I'm with Y Yacht and paying less than half of your quote on an agreed value of £75.5K, obviously including extras such as dive gear, Honda genny, sewing machine and other personal effects + on a swing mooring 12/12 in service.

 

[rotrax]

That is high - nearly double what I paid for my Bav 37 of greater value in Greece.

Suggest you get more quotes particularly from Y Insurance which many of us use here

Just had an attatched letter from Barry with our renewal quote.

Apparently, prices are up a bit as the Y yacht insurance account is in deficit with the underwriters. I assume this means payouts exceed premiums-not good business.

I hope this can be re-balanced as it is an excellent insurance for the premium.

 

[daveyw]

Ok thank guys. The renewal was from pantaenius who we've been with for decades. Time for a change I think.

 

[colind3782]

Mine is about 1% of agreed value with GJW

 

[Tranona]

Mine is about 1% of agreed value with GJW

%age of agreed value is very misleading as the hull and machinery is only a proportion of the premium. The third party element is largely fixed so the lower the agreed value the larger the %age . So my £100k+ boat insurance is just under 0.4% value but my lower value old wooden boat is 1.75%.

The only valid comparison between insurers is actual premium for exactly the same cover.

 

[Sticky Fingers]

Indeed. On that same basis mine is 0.28% of AV.

 

[colind3782]

%age of agreed value is very misleading as the hull and machinery is only a proportion of the premium. The third party element is largely fixed so the lower the agreed value the larger the %age . So my £100k+ boat insurance is just under 0.4% value but my lower value old wooden boat is 1.75%.

The only valid comparison between insurers is actual premium for exactly the same cover.

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

 

[Skylark]

Ok thank guys. The renewal was from pantaenius who we've been with for decades. Time for a change I think.

My insurance is due in a few days. I’ve just requested quotes from 5 well known providers. Including my existing policy renewal, all are within a few pounds with one exception. Pants is almost 50% more than anyone else. Hard to figure.

 

[jordanbasset]

As others say, it seems a very big premium. Mine with Y was £350 for a 33 foot yacht valued at £60,000 based in Greece

 

[awol]

My insurance is due in a few days. I’ve just requested quotes from 5 well known providers. Including my existing policy renewal, all are within a few pounds with one exception. Pants is almost 50% more than anyone else. Hard to figure.

I doubt if the quotes are for identical cover. Every time I've gone price shopping "cheaper" is very easy to find but the cover is always less e.g. no racing, single-handed restrictions, no consequential damage, no new-for-old, etc.. Of course, the cheaper policies may be all you need.
As a proportion of my boating costs insurance hardly figures and when I do think about it I smile at the huge number of boats parked in marinas that subsidise my premiums - long may they stay immobile!

 

[Skylark]

I doubt if the quotes are for identical cover.

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.