That time of year again -- insurance

[Dockhead]

Is the grass always greener on the other side? I pay about 0.4% of my boat's value for insurance through Towergate Mardon. It seems reasonable, but at renewal time I always wonder whether there is something better out there -- any recommendations?

 

[RichardTaylor]

Unlike car insurance where to maintain approx the same premium year on year I have to shop around, I have found my boat insurance has remained nearly identical (within a pound) year on year. On the basis I happy to pay this premium I have never shopped around.

 

[Tranona]

Is the grass always greener on the other side? I pay about 0.4% of my boat's value for insurance through Towergate Mardon. It seems reasonable, but at renewal time I always wonder whether there is something better out there -- any recommendations?

%age of a boats value is not a good guide, as there are many other risks covered in the premium that are not related to boats value. More important in setting premiums is the location, mooring and pattern of usage.

The only way of finding out how competitive your current premium might be is to get 4 or 5 quotes from mainstream insurers all based on exactly the same information, then do a secondary check on the extent of coverage to see that it matches your needs.

 

[Scotty_Tradewind]

I've looked around and value for money seems to indicate to me that De Novo, Lymington, seem as good as any.
http://www.denovo-group.com/contact.htm
(Just a satisfied customer.)

 

[CAPTAIN FANTASTIC]

0.4% sounds very good, although i don't think its representative; I pay 2.5%

 

[Bosun Higgs]

Mine is about 0.5% on 70k but includes racing risks. The %age will go down as value goes up because there is an admin element that applies to every policy.

 

[mpmiller101]

Amy one know what a survey for a 22 sailing yacht should cost in Ireland?

 

[GrahamM376]

Is the grass always greener on the other side? I pay about 0.4% of my boat's value for insurance through Towergate Mardon. It seems reasonable, but at renewal time I always wonder whether there is something better out there -- any recommendations?

I've shopped around and not found anyone to beat Towergate for the cover I want - 12 months in service, swing mooring based, single handed day/night, Ushant to Sardinia & N Africa etc. Claims handling was excellent when I claimed.

 

[Dockhead]

Mine is about 0.5% on 70k but includes racing risks. The %age will go down as value goes up because there is an admin element that applies to every policy.

If that's true, then you have a vastly better deal than I do. Who is your insurer?

 

[alan_d]

%age of a boats value is not a good guide, as there are many other risks covered in the premium that are not related to boats value.

Third party risks spring to mind. You can do as much damage with a manky old boat as a shiny new one.

 

[fergie_mac66]

.7% but includes legal and some travel was st margrets but has been taken over now havenknoxjohnson
edit full comprehensive3rd part 4000000

 

[Leonidas]

Is the grass always greener on the other side? I pay about 0.4% of my boat's value for insurance through Towergate Mardon. It seems reasonable, but at renewal time I always wonder whether there is something better out there -- any recommendations?

What does this 0.4% on hull value cover ??? Is it just for the hull and machinery ?? what about 3rd party liability and legal cover , are these included in this 0.4% hull value figure?? In some countries, 3rd party liability cover is required by law.

 

[Tranona]

Third party risks spring to mind. You can do as much damage with a manky old boat as a shiny new one.

Yes, you will find some insurers break the premium down and third party cover is significant - get a quote for third party only and you will see why. The cover for hull and machinery is indeed primarily value related, which is why the overall %age falls as value rises. The other major variables that influence premiums are location of boat (where repairs might have to be made) and area/nature of operation which affects the likelihood of a claim.

So, on my boat (£55k) premiums were £420 (.76%) when it was based in Greece - high cost area for dealing with claims, £500 (.9%) when I included the passage back to the UK, and £310 (.56%) in marina in Poole with normal Brest/Elbe coverage. All with the same insurer (Bishop Skinner Bluefin) and premiums comparable with their major competitors for broadly the same cover.

 

[Dockhead]

What does this 0.4% on hull value cover ??? Is it just for the hull and machinery ?? what about 3rd party liability and legal cover , are these included in this 0.4% hull value figure?? In some countries, 3rd party liability cover is required by law.

Yes, mine is a good policy with 3 000 000 third party liability, legal assistance, agreed value hull insurance covering everything including dinghy, personal belongings inside, etc. Cruising area from Gib to Bergen. But I think that's fairly typical -- why bother if you don't cover those things.