Third Party Insurance

[ssjpiv]

I recently put a post on here for reccomendations for insurance companies, I got some useful information and have got quotes from three.

My boat is relativley low value in the grand scheme of things around £3000 but three grand is alot to me!!

All of the companies have come back offering only third party cover. Is this usual at the low end of the market?

Also, they both state that for any increased cover a full out of water survey will be required, what are the sort of costs for this? I fear that a jobs worth surveyor may not have my same make do and mend attitude and pull my boat to pieces anyway, presumably pamping the cost of fully com cover up anyway?

I would be interested to knowif anyone with a boat of similar value has fully comp and how much is it, I am getting quotes of around £80 for third party/no wreck recovery.

Opinons/comment welcome.

 

[sailorman]

I recently put a post on here for reccomendations for insurance companies, I got some useful information and have got quotes from three.

My boat is relativley low value in the grand scheme of things around £3000 but three grand is alot to me!!

All of the companies have come back offering only third party cover. Is this usual at the low end of the market?

Also, they both state that for any increased cover a full out of water survey will be required, what are the sort of costs for this? I fear that a jobs worth surveyor may not have my same make do and mend attitude and pull my boat to pieces anyway, presumably pamping the cost of fully com cover up anyway?

I would be interested to knowif anyone with a boat of similar value has fully comp and how much is it, I am getting quotes of around £80 for third party/no wreck recovery.

Opinons/comment welcome.

http://www.yyachtinsurance.com/OurUnderwriters.cfm

my premium is approx 0.55% of her insured value. i have just changed with no survey

 

[Tranona]

You may find somebody prepared to insure without a survey, but they may want some form of evidence that the boat is actually there and is seaworthy. Think about it from the insurer's point of view - they are taking the risk so they want to know what sort of risk they are taking. Comprehensive insurance on a low value boat usually attracts a premium that is disproportionate to the value - that is the more valuable the boat the smaller the premium in relation to the value insured.

 

[sailorman]

You may find somebody prepared to insure without a survey, but they may want some form of evidence that the boat is actually there and is seaworthy. Think about it from the insurer's point of view - they are taking the risk so they want to know what sort of risk they are taking. Comprehensive insurance on a low value boat usually attracts a premium that is disproportionate to the value - that is the more valuable the boat the smaller the premium in relation to the value insured.

quite so
based on my figures he would pay £16.50

 

[Tranona]

quite so
based on my figures he would pay £16.50

Doubt he will get it. As I think I have said before a simple %age insured value is very misleading. The premium is made up of a number of items, only one of which is the insured value of the hull and machinery. While you can calculate the premium of the whole policy as a % of the value insured, it is an outcome not a driver. I have paid 3 distinctly different premiums on my boat in 3 consecutive years depending on where it was located and the extent of cover required,. All with the same company and all for the same value.

 

[Highndry]

I asked a similar question last week but was looking for fully comp. I ended up using http://www.yachting24.co.uk and got cover for £4,250 worth of Medina for under £140. They do it as two policies and the third party element was £25.

BTW, didn't need a survey.