Why are Pantaenius so expensive? Are they worth it?

temptress

temptress

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Gone Sailing -in Greece for a while
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It is time to renew my insurance so I've been doing the rounds and I'm confused.

Just about all the people I've contacted are comming in at around £550 for much the same coverage - there are some slight differances in the wordings or minor cover details. All premiums are in the same ball park give or take a few quid.

Then there is Pantaenius UK Ltd who are offering less third party (2m as oppose to 3M) and are over TWICE as much as everyone else. Twice - I called then thinking they must havemade a mistake and they said no - we are much better so pay up!

I've read all policy documents and it is much the same as all the others.

Am I missing something here?
Why are they soo much more?

I just don't get it! /forums/images/graemlins/confused.gif
 
Well it's been covered before and even reprinted in YM. The question is "will the insurers pay up?"
The problem is that you dont know the answer until you need them. I do use Pantaenius and they paid up. It's one thing risking the boat and another thing risking the insurance. You just have to hope that your insurers will not try to find a loophole to get themselves off the hook. I believe that Pantaenius dont try to find ways not to pay up.
Insurance, as they say, is a risky business!
 
Some of the policy terms can be quite different. On my last policy there was no problem with singlehanding for example.

They covered us for a an Atlantic circuit double handed. One of the other insurers insisted on 3 people just for Biscay. Another wanted 4 for the trade wind crossing. The boats' only 33ft.

Heard only good things about the claims service after Ivan. Incidentally, my premiums didn't go up after Ivan, nor did the cruising area change.

Pays your money and you makes your choice.
 
[ QUOTE ]
.... The question is "will the insurers pay up?"
.....

[/ QUOTE ]

I disagree wiht you. This simply does not stack-up. I've had quotes form the likes of GJW, St Margewrets, Bishop Skinner (recommended by the RYA and RNLI) as well as JOE-BLOGGS insurance brokers.

FUD is one thing but the facxt remains that they are twice the price of their competition. /forums/images/graemlins/crazy.gif Premiums are going up and everybody is hurting but why are they so expensive?
 
Well I'm probably prepared to pay more than I have to for insurance in the same way that my boat's anchor is bigger than it need be.
 
There has to be something wrong here,,,,

I've just changed from GJW after years with them because they wanted around £1600 for £123000 of sum assured in the Med. I am now with Pantaenius at £1100 for the same cover (inc agreed fixed value) AND they have a max NCD of 40% NOT the measly 20% offered by GJW, AND they charge no extra for paying monthly.

All the paperwork was with me within 48hrs and before I'd paid them a penny piece.

There has to be some anomoly with your quote. Is the boat old or made of someting unusual for example?

Steve cronin
 
Re: There has to be something wrong here,,,,

[ QUOTE ]
I've just changed from GJW after years with them because they wanted around £1600 for £123000 of sum assured in the Med. I am now with Pantaenius at £1100 for the same cover (inc agreed fixed value) AND they have a max NCD of 40% NOT the measly 20% offered by GJW, AND they charge no extra for paying monthly.

There has to be some anomoly with your quote. Is the boat old or made of someting unusual for example?

Steve cronin

[/ QUOTE ]

Boat is just your AWB (SO 47 - see pic). I was with Pantaenius and am now no longer for the exact opposite or your experiance. Crusing area is UK and Ireland nothing special.

I guess it's down to the suqare root of your birthday and if it's raining or not......
/forums/images/graemlins/cool.gif
 
I've had a bad experience with panteanius, partly due to interpretation of where Europe starts. I told them I was back in Europe on arrival in the Azores, had an incident in Northern Spain and was told I was not covered. I was still paying the additional monthly premium at the time for Caribbean cruising.

So there I was paying more than someone cruising Spain, I had told them I was back in Europe (all be it the Azores) and yet they decided that according to the small print I was still only insured for the Caribbean.

It left a slightly bitter taste, and they wouldn't cover me for two handed on the transat bit so we did that un insured. This was in a cat 2 coded 40' yacht with two yachtmasters.

So my advise is read the small print and check where Europe starts and finishes and also where and when you have to tell the insurers where you have got to.
 
Re: There has to be something wrong here,,,,

i'm not sure there is necessarily something wrong Steve. I had exactly the same ridiculous situation with them a few years ago while comparing insurance companies.

I thought they must have made a silly mistake so, as they're based in Plymouth, I popped in to check. They ran the details through their computer and confirmed their quote! I was staggered!

Even after I pointed out that I was Yachtmaster qualified, had had yacht insurance for (at that time) well over 20 years with out a claim, had sailed God knows how many offshore miles, and had a well known make of boat, they still wouldn't budge!

Well I did! I went with Furness-Houlder (RYA) then to Bishops Skinner when they took over the RYA/RNLI slot. With the latter I did have a claim - settled via three emails and four 'phone calls - the cheque for which arrived within a week.

I know where I'd go if I was Temptress!

Sure we've all got our favourites, and you've clearly got a good deal from Pantanius, but there IS an inconsistency in their pricing that baffles me!
 
I insured my HR35 with them when I was cruising full time because they had a good reputation and their restrictions were few. The global coverage was almost unrestricted as far as I can remember. It was a tremendous feeling of freedom to leave the boat at anchor and travel inland knowing that the boat was financially secure. Pricey but good value in risky areas. Not so economically viable in home waters though.
 
I asked the same question last month (and it was reprinted in this months YM). I had exactly the same experience in terms of cost.
I have done a bit more digging, and pantaneus do offer less restrictions in terms of single handing, atlantic crossings, caribean in hurricane season etc etc. But if like me you have a plain vanilla boat in a plain vanilla marina in UK waters, then they are extremely uncompetetive. I am looking at GJW who seem to have a good reputation and seem to also pay out with no quibbles.
A good bit of advice I was given, is to go and ask your marina / boat yard, as they know exactly which insurance companys pay up and which don't!
 
Shop around. If Pantaenius seems expensive, give them a call and ask them to explain. If you're not happy with their explanation, go with someone else. It's a free market!

I have no interest other than as a Pantaenius customer. I read the small print carefully and liked what I saw. I've never had to claim so I can't tell you whether they pay promptly, but they make a point of saying they do in their advertising. There again, they would hardly say the opposite, would they?
 
I have had a claim. I emailed digital photos of the damage and they authorised payment of estimated repair costs within about 1 hour. They also paid the boatyard within a week.
 
I know pantaenius pay up, they settled a difficult claim against me for salvage, took it all in their hands and dealt with it, I'm pleased with them, they alsao settled a claim for storm damage on my brothers boat straight away, so I#m sticking with them. FWIW.
 
Had a similar experience got a quote from them cos I liked the name .. twice as much as everyone else.. and very posh totty on other end. Went elsewhere, had a claim when I whacked a pile (do'nt ask) settled immediately no loss of no claims and extended coverage without extra cost when I asked. Enough said.
 
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