Price of Insurance

[GrowingLad]

Had my Renewal come through a month or so and still haven't got around to renewing (Although she's laid up on the trailer in secure parking so I'm not overly worried at present) but will plan to use her again soon so need to get something sorted soon.

Any way, to be fair to the company the premium is actually the same price as last year and I've now got 15% no-claims, so it's slightly cheaper, but when I think about how much the boat and trailer are worth and how much I actually use her I'm wondering if I should be looking to pay less.

The boat, tender, trailer and outboard are insured at a value of 8100, which comes in at 287 pounds including, tax and legal cover etc....When I think that I'm lucky if I get out 5-6 times a year and they are only little blasts up the coast, drop the anchor for some swimming and lunch and then back again, it starts to seem expensive regarding the amount of use.

The 287 might seem cheap compared to what some of you chaps pay, but when I take into consideration how much I use it, I can't help thinking that I should be looking to pay a bit less.

Keeping it on a trailer in the parking cost's me 900 euros a year, including electricity, water and launching.

It's not so much I CAN'T afford it, but what with having 3 small kids and a largish mortgage I can't help thinking I should be shopping around for a better deal (which I will be).

Just wanted to hear others views on whether that's the going rate or a bit pricey?

I sometimes wonder whether to sell up, but she's only really got value to me, with this crisis I'd be pushed to give her away and although the use is very low at the moment, in 2-3 years time when the kids get a bit older I hope we'll get more use out of her.

 

[whisper]

I'm paying a similar amount for a boat valued at £56000 that's kept afloat all year !!!

 

[rafiki_]

I'm paying a similar amount for a boat valued at £56000 that's kept afloat all year !!!

Me too. With Haven K-J for ref.

 

[Tranona]

Normally insurance does not take into account the amount of time you use the boat - how would one monitor that?

In my experience insurance for using a boat in Greece is about 30% higher than in UK (I am assuming your boat is in Athens), but that was in a UK owned boat insured by a UK insurer.

The only way you can find out the going rate is to get 3 or 4 quotes based on the same information. Then look at the small print to see that they offer the cover you want. In my experience (again based on UK) there is little difference in the major insurers, but you can get higher quotes usually with greater cover or simply because they don't want your type of boat - or lower, but usually with less cover or restrictions on use. Levels of excess also have a big influence on premiums.

 

[GrowingLad]

Normally insurance does not take into account the amount of time you use the boat - how would one monitor that?

In my experience insurance for using a boat in Greece is about 30% higher than in UK (I am assuming your boat is in Athens), but that was in a UK owned boat insured by a UK insurer.

The only way you can find out the going rate is to get 3 or 4 quotes based on the same information. Then look at the small print to see that they offer the cover you want. In my experience (again based on UK) there is little difference in the major insurers, but you can get higher quotes usually with greater cover or simply because they don't want your type of boat - or lower, but usually with less cover or restrictions on use. Levels of excess also have a big influence on premiums.

Yep, that's exactly what I was thinking at the weekend, unlike say a classic car (Although my boat is a plastic tub, I suppose she called be classed as a classic due to age), there's no way of proving the reduced usage.

The other thing as she's British registered and home finished (I assume due to her age and having no way of knowing the make and model...it's a long story) If I were to try for Greek Insurance they are sticklers for paper work and without some kind of "certificate" I'd struggle to find cover....Not to mention the way things are over here, I'd pay the premium and find the companies gone belly up later on!!!

Plus not having a good enough grasp of Greek to properly read the paper work is another barrier to going for a local company.

 

[Boatshed London]

Velos is usually worth a try - rates are good and they're nice people to deal with: http://www.velosinsurance.co.uk/quoteEnquiryForm.asp?aff=162

 

[Tranona]

Yep, that's exactly what I was thinking at the weekend, unlike say a classic car (Although my boat is a plastic tub, I suppose she called be classed as a classic due to age), there's no way of proving the reduced usage.

The other thing as she's British registered and home finished (I assume due to her age and having no way of knowing the make and model...it's a long story) If I were to try for Greek Insurance they are sticklers for paper work and without some kind of "certificate" I'd struggle to find cover....Not to mention the way things are over here, I'd pay the premium and find the companies gone belly up later on!!!

Plus not having a good enough grasp of Greek to properly read the paper work is another barrier to going for a local company.

You will probably have difficulty in getting an alternative quote because they will want a survey. Oddball low value boats are not what typical insurers are looking for. You might be able to reduce the premium by going third party only - but if you rarely use the boat you don't really need third party risks!

In the UK it might even be sensible not to insure at all as it is not compulsory unless you are in a location that demands at least third party - but in Greece I think it is a legal requirment. Known in some places as a rock and a hard place!

 

[GrowingLad]

You will probably have difficulty in getting an alternative quote because they will want a survey. Oddball low value boats are not what typical insurers are looking for. You might be able to reduce the premium by going third party only - but if you rarely use the boat you don't really need third party risks!

In the UK it might even be sensible not to insure at all as it is not compulsory unless you are in a location that demands at least third party - but in Greece I think it is a legal requirment. Known in some places as a rock and a hard place!

Ahhhh the joys of dealing with insurance companies. It seems now days unless you can be fitted into a box companies don't want your business.

but if you rarely use the boat you don't really need third party risks!

Sorry to sound dim, could you elaborate?

Quite a few of the companies don't even want to know because of the age. Doesn't matter it was completely overhauled and all the parts are new, or a survey was carried out which proved she's in tip top!

It does actually look like I will go for 3rd party for legal reasons of having to have insurance....I think mainly if you sink the clean up is covered! (I wonder what happened regarding the Sea Diamond ) . I make little trips along the coast. She sits on the trailer in a secure parking. For the value which in the grand scale of things is quite low, full comp just doesn't make sense for the amount of use she gets.

 

[Tranona]

If it is sitting on the trailer there is little risk to third parties - only risk of theft or damage. However, once you use it then you need third party.

It actually makes very little difference to premiums. I have my boat laid up in a yard at the moment - the reduction in premium was about 15% from in commission. Also low value boat - and as you say insurers really don't want to know, so best to stay with the company you have as getting new insurance may be impossible.

 

[gandacle]

Third party insurance is mandatory in Greece and your insurer should supply a Greek translation (also mandatory) for production when requested by the authorities out there... The translation tends to be a generic form with insured and boat name on it.