My Insurance has doubled!

[Guest]

I have had my yacht insured with Pantaenius for the last year, they gave a competitive quote and good service, but this year the quote has almost doubled.

When I called, they explained (very politely, I must say) that my class of boat (28 foot grp yacht, late 70's early 80's is responsible for the greatest amount of claims and therefore, the underwriters have had to reflect this in the premiums.

Has anyone else experienced this from other insurers?

Regards

Sean Foster

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[Boathook]

My insurance went up but but only by around £30 and the boat is around the same age. The other possible problem is that there has been a lot of claims for your type of vessel.
I am with Navigators and General who seem fair and easy to deal with.

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[Trevor_swfyc]

Sean,
Perhaps they have taken into account your difficulty with getting into marina berths!

I would say that if a quote doubles I would take it as a hint that they do not want to do business with me anymore.

Trevor

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[pvb]

Just out of interest...

Have you tried getting a quick online quote from <A target="_blank" HREF=http://www.craftinsure.com>CraftInsure</A>? It might be interesting for the forum to know how much extra Pantaenius want from you compared with CraftInsure.

I did a similar exercise a few months ago, and Pantaenius were 168% more expensive - yes, almost 3 times the premium!

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[richardandtracy]

For interest sake, try posing as a new customer & getting a second quote from the same insurer, but with all the details the same - except possibly the vessel name. I did that with car insurance once, and got a second offer at half the quoted price. Needless to say, I went elsewhere, and will never insure with the Norwich Onion [name changed to protect the guilty] ever again.

Regards

Richard


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[bedouin]

Re: Just out of interest...

My existing Pantaenius insurance (i.e the rate they set 12 months ago) is about the same as the current quote from CraftInsure, and Pantaenius provide more comprehensive cover for that price.

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[Guest]

Ha ha, I take it you are referring to my post regarding my shaft problems?

You'll be glad to know I never hit anybody when I lost power on those few occasions.



Sean

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[Trevor_swfyc]

Your secret is safe with me /forums/images/icons/wink.gif.

All the best.
Trevor

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[pvb]

Wonder what the renewal figure will be? (nm)

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[Guest]

just found a better deal

I have just got an online quote from craftinsure.com, how about £167 instead of Pantaenius' figure of £394. That's about 140% more!!!

Perhaps we should start a league table!!!

Sean Foster

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[doug748]

Re: Just out of interest...

Me too Bedouin. When I switched to Pantaenius about 8 years ago I actually saved a lot of money, plus the extra cover. I shall be watching all developments with interest

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[alex_rogers]

Re: Wonder what the renewal figure will be? (nm)

My Pantaenius insurance premium ( before and after no claims bonus ) didn't go up at all this year. The boat is two years old so perhaps they are re-attributing the risk amongst different classes of boat.

<hr width=100% size=1>Alex Rogers
<A target="_blank" HREF=http://www.YachtsAtSea.com> www.YachtsAtSea.com </A>

 

[bedouin]

Re: me too!

Given everything that has been happening I will go through the exercise of getting a range of quotes again this year.

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[qsiv]

Re: me too,too!

Lets see what we can get ..

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[billmacfarlane]

I think you'll have to face up to the fact that they really don't want your business. Do yourself a favour , shop around and save yourself a heap of money.

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[SteveGorst]

Re: just found a better deal

I've had a similar quote from Craftinsure for an Etap26. As you have found it was really competitive and nobody on the forum appears to have had any problems with them.

In reply to an earlier posting I made asking about their claims history I was referred to an article from a satisfied customer in the PBO magazine.

On the strength of the feedback I have taken up their offer, time will tell whether it was the right decision...

<hr width=100% size=1><marquee>Life is for Living not Banking</marquee>

 

[Guest]

every insurance company that i have tried offer an introductory discount to new customers. so all you do is change company each year.

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[montezuma]

I understand that all marine insurers are under pressure as a result of PI claims doubling last year and an expectation that they will do the same again this year. At a macro level, this is (a) the result of a much more litigious environment (where will this ever end - can no-one take a personal risk on the chin anymore?) and (b) has the net effect of a redistribution of wealth away from owners.

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[alex_rogers]

In an effort to reduce PI claims, perhaps they'll offer a discount for single handed sailing !


<hr width=100% size=1>Alex Rogers
<A target="_blank" HREF=http://www.YachtsAtSea.com> www.YachtsAtSea.com </A>

 

[1114C]

Re: just found a better deal

Thanks for starting this post - I just got a quote for £120 for an Oyster 26 - v pleased with that so will wait and see what our renewal notice says from the existing company

Is there any catch with Craftsure (navigators and general?)



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