Rip off boat insurance

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Richard D

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What you always thought but could not prove, I am with the biggest boat insurer and my policy is coming due for renewal but my boat is on the hard with a reputable yacht broker for sale and I asked what discount would be given seeing as they were not having to cover for 90% of the normal risks, eg collision, total loss loss, third paty etc etc. The answer none, does anyone know a an insurer who does the decent thing. The guy I spoke to at Ceta, a real brain of Brain of Britain, he said well we dont know if you have it in the water or not, DOH, yes but if I claim for anything on the water the policy obviously wont cover it and I am commiting fraud, for some reason he could not see this. I said surely there must be an insurance company who caters for this, as there must be 1000,s of boats in this position and he had the nerve to say I wa the first person to bring this subject up, maybe I am a peasant and everyone else cheerfully stumps up full price for 10% risk

Richard
 
I renewed my policy earlier this year and the insurers sent out my cert with somebody else’s in the same envelop. I was not happy as there premium was a lot less than mine and there boat was worth more than twice mine. I called the insurers to ask why. The very nice lady explained that the other boat was out of commission on the hard and if I look on the cert I will see it written on the cert but please destroy there cert so that they can resent it. Try GJW Direct!
 
Haven reduced my premium £30 as my boat is ashore this season; I would have liked more discount of course but to be fair the cover includes next year afloat up to July.

I did ask other brokers inc Y Yachts, whose M.D. was very honest in telling me Havens' offer was the best I'd get and go for it !

I was so impressed with his approach I'll ask him again next year.
 
Well it is with Haven I am with, they offered me nothing off but face it, £30 is deriosy when you consider the massive reduction in risk, sure there is a very big market for new player to do what the established ones should be doing.
 
I have worked in Boat Insurance. The industry generally doesn't care where your boat is re hard/afloat - there are always risks - just tell them of Change of Circumstances/Mid Term Adjustment. It's a basic premium and balances for them with a bit of loss prevention through the underwriters. Much more money elsewhere - very nearly a loss.

If unhappy then change - like any other insurance. There are many posts on here where people have requested 'extras' like solo and night - no increase in premium cos its just a base and balances.

Which brings on a discussion of what a yacht is - that includes 'things' - I wouldn't call them yachts - upto many 10s of tons.
 
To call it a rip off is a bit much. Boats are at risk on the hard - mine was knocked over, landed on another which was reduced to matchsticks. Plus, it may be on the hard now waiting for a buyer, but it will probably have to go into the water for a sea trial when you find a buyer, and possibly stay there until the sale is complete.
 
Ok, yours was knocked over, who knocked it over, they should maybe pay, not your insurance. Under any stratch of the imagination on the hard has got to be less than half the risk of in the water, they just do not compare. I expect my marina to insure me against the cradle they provide collapsing and the owner of another boat falling on mine to recompence me.
 
Richard D said:
Ok, yours was knocked over, who knocked it over, they should maybe pay, not your insurance. Under any stratch of the imagination on the hard has got to be less than half the risk of in the water, they just do not compare. I expect my marina to insure me against the cradle they provide collapsing and the owner of another boat falling on mine to recompence me.
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Don't think you understand yacht insurance. It is very cheap because the risks are low. As TonyBuckley says the premium starts from a base price for third party risks and rises according to the value of the boat if the boat is also insured all risks. On a low value boat, like yours and mine the base is by far the biggest part. The premium also increases if you do things or go into areas where there is higher perceived risk, and goes down if you have a strong no claims record.

So the risk for your boat on the hard is not significantly less than in the water. Bit unreasonable not to make a small reduction. On my laid up boat, like Seajet's, Bishop Skinner give me a £30 reduction, from £180 to £150. It is 25 years since I had a claim.

Get quotes from other insurers on a laid up basis and compare with what your current quote is, and change if it is worth it.
 
My insurance is £278 so if you £30 off £180 I should reasonably expect £50 but haven offered zero so explain why I should not feel ripped off
 
Rip off carries connotations of misleading, cheating, relying on small print. I doubt your insurers have done any of this. If you policy stated that the premium would reduce if the boat was on the hard, you would probably have a case. As it is, you seem to be demanding something that isn't in your contract.

I can just imagine your fury if the insurer tried to demand something from you that wasn't in the contract.

Most boat insurers offer a very good service, with few quibbles about claims, for relatively small premiums. I wish I could insure my car for what it costs me to insure my boat.
 
Richard D said:
My insurance is £278 so if you £30 off £180 I should reasonably expect £50 but haven offered zero so explain why I should not feel ripped off
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Maybe you were getting a good deal in the first place?
Maybe other boats were higher risk afloat, because they were moored in higher risk areas?
Maybe where you are laid up has a poor claims record?

You're free to feel ripped off, but it changes nothing. All you can do is shop around.
 
Aeolus, get a life, you are trying to make a simple problem complicated. You can surely understand basic princepals of an insurance policy, they ask for a premium to cover things they are under risk for, now they are not under risk for the majority of what the original premium was for so, as per other posters who have had a reduction I feel RIPPED OFF I have not had one, is that simple enough for you
 
Being ripped off is the insurance company refusing to pay out for a boat that flooded with rainwater on the hard (due to the marina propping it incorrectly) and claiming it was "wear and tear" as it could not be proved that the event was a single one which is insurable, or due to multiple rainstorms which apparently is not. Yachtline. Avoid.
 
Yes, I agree, that is bad but btypical, I cant understand all the people who have replied to this post and are taking the insurance companies side, saying such stuff that it is cheap compared to car ins etc. Insurance companies are big money making machines and they never do anyone any favours unless they are forced to, they will wriggle out of anything they can and not giving a sizeable reduction for being out of the water on the hard is a typical bit of sharp practice
 
Richard D said:
Yes, I agree, that is bad but btypical, I cant understand all the people who have replied to this post and are taking the insurance companies side, saying such stuff that it is cheap compared to car ins etc. Insurance companies are big money making machines and they never do anyone any favours unless they are forced to, they will wriggle out of anything they can and not giving a sizeable reduction for being out of the water on the hard is a typical bit of sharp practice
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Totally agree. Can't get the 'boat insurance is cheap' bit. The cars are cheaper,worth more,more likely to get nicked,damaged, driven at silly speeds just a few feet from other cars, get used daily etc. so how is yacht insurance cheap?
 
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