Which Yacht insurance?

[willpatten]

There is an endless stream of product tests in the boat magazines - but i can't seem to find any when it comes to insurance.

Is it the case that you get what you pay for?
Are they all the same, so go with the cheapest?
Is there a company that stands head and shoulders above the rest (& visa versa)?

Any views please before I renew?

 

[sailorman]

There is an endless stream of product tests in the boat magazines - but i can't seem to find any when it comes to insurance.

Is it the case that you get what you pay for?
Are they all the same, so go with the cheapest?
Is there a company that stands head and shoulders above the rest (& visa versa)?

Any views please before I renew?

recomendations go from Northern Reef To Pantaenius

 

[Goldie]

Can only speak from experience, but I've always had competitive pricing and excellent service from this lot: www.yachtmasterinsurance.co.uk They're brokers, but will move you to the policy they feel best and on the one occasion I've had a claim - and I moved to them about 15 years ago - they were truly excellent.

 

[1bobt]

I have been with ST Margarets for over ten years . I have made two claims one big and the other bloody huge.

They have been very good and have gone out of their way to make sure everything has been as easy as possible

Cheers bobt

 

[Tranona]

All the majors have been in business for a long time. However, they can vary in the range of cover and the types of clients they are after. My experience is that the mainstream such as Bluefin, GJW, Knox Johnson, Saga etc vary very little in price but vary in detail on cover.

Therefore the only sensible thing to do is to get 5 or 6 quotes against the same risk (boat, location, value being the key variables) and compare the cover in deatil, matching it up with what you think you need.

 

[PeterGibbs]

All the majors have been in business for a long time. However, they can vary in the range of cover and the types of clients they are after. My experience is that the mainstream such as Bluefin, GJW, Knox Johnson, Saga etc vary very little in price but vary in detail on cover.

Therefore the only sensible thing to do is to get 5 or 6 quotes against the same risk (boat, location, value being the key variables) and compare the cover in deatil, matching it up with what you think you need.

Good advice here. Your circumstances end to end will be unique - from the experience you can claim, training etc, to the condition and age of your boat, history of claims, range you want to sail, over winter arrangements etc etc.

Mostly we're dealing with brokers, so it pays to know the calibre of the underwriters - Zurich are big in this area.

There are wrinkles to watch out for - at least one significant Broker gives discounts for boats under 10 years of age, but raises a penalty when they pass 10+ yrs - ouch! Some yacht clubs have discount deals that are worth looking into (CA and Knox-Johnson eg)
Insure for comparable value (on comprehensive) to replace the whole boat, and have eg cuttings from the mags to show the basis of your valuation; under valuation could bring about a down-scaling against a claim. And read the policy exclusions very carefully, then read them again and understand them fully. Moving frequently between brokers is not a good basis should a claim arise.

At the end of the day when it (sadly) comes to a claim, a lot will depend on how well the claimant can demonstrate care of the boat, care with the navigation etc etc whatever is relevant to demonstrate you generally take pains to minimise risk of a claim on the insurer! A paper trail should show good log keeping, maintenance schedules, parts purchased, engineering bills etc etc - it can all persuade a loss adjuster to your cause & support a claim, not just the story of what happened on the day in question.

PWG

 

[Athene V30]

No such thing as cheap good insurance - you only find out how good it is when you need to claim by which time cheap may be unimportant.

I had to make a significant claim with GJW and think they treated me very fairly, resolved things quickly and then paid up promptly. A very satisfied customer.

 

[wotayottie]

Don't deal with anyone using a call centre. Make sure the person you get the quote from knows a bumpkin when he sees one. simple reason - if they use untrained call centre workers to get the business you can be sure that the real vetting comes when you have a claim. Thats the way that the cheepo car insurance outfits work.