Y insurance premium increase

[longjohnsilver]

Iirc there was a thread about this recently, but now can’t find it. Have just looked through my junk mail and found my renewal from Y, good job I found it,

Anyway, my premium has increased by over 20% for the next year, again I seem to recall some saying theirs had increased by a similar amount, and some staying much the same. I’m inclined to renew, but might just make a few enquiries elsewhere.

I’d be interested to know what the % increase has been for others. I’ve never made a claim, but realise there are other possible reasons for the increase.

 

[jordanbasset]

Iirc there was a thread about this recently, but now can’t find it. Have just looked through my junk mail and found my renewal from Y, good job I found it,

Anyway, my premium has increased by over 20% for the next year, again I seem to recall some saying theirs had increased by a similar amount, and some staying much the same. I’m inclined to renew, but might just make a few enquiries elsewhere.

I’d be interested to know what the % increase has been for others. I’ve never made a claim, but realise there are other possible reasons for the increase.

I went through a similar process about 6 months ago, but after asking for more quotes form different companies Y was still cheaper. Maybe different now of course so worth checking

 

[Mr Googler]

http://www.ybw.com/forums/showthrea...um-normal-or-what&highlight=Insurance+premium

 

[KINGFISHER 9]

I haven't had my renewal request from Y yet but having read that Y premiums were going up I got a quote from Pantaenius - premium asked was double Y's. Good policy but double? I'm going to check out a few others or maybe try local … don't know much about French boat insurance. Anybody?

 

[rafiki_]

I’m with Trafford’s. Competitively priced, but 15% increase this year.

 

[longjohnsilver]

http://www.ybw.com/forums/showthrea...um-normal-or-what&highlight=Insurance+premium

Thanks, that’s the one!

 

[KDee]

Mine went up by 33% this year, due to “large claims from med-based boats”....I declined their offer and went elsewhere.

 

[masterofnone]

Iirc there was a thread about this recently, but now can’t find it. Have just looked through my junk mail and found my renewal from Y, good job I found it,

Anyway, my premium has increased by over 20% for the next year, again I seem to recall some saying theirs had increased by a similar amount, and some staying much the same. I’m inclined to renew, but might just make a few enquiries elsewhere.

I’d be interested to know what the % increase has been for others. I’ve never made a claim, but realise there are other possible reasons for the increase.

I'm with YYI, prompted by your increase to look at my % increase. +20.02% on last year, no claims or changes. We're all paying to cover their losses elsewhere.

 

[longjohnsilver]

Mine went up by 33% this year, due to “large claims from med-based boats”....I declined their offer and went elsewhere.

It interesting that they state words to the effect that Med based boats will see a greater increase. It seems from the other thread that their increase has seen a lower % increase. Very strange.

However, I will swallow the increase and renew. But if they try it again next year I will look around.

 

[Greg2]

It interesting that they state words to the effect that Med based boats will see a greater increase. It seems from the other thread that their increase has seen a lower % increase. Very strange.

However, I will swallow the increase and renew. But if they try it again next year I will look around.

We had a similar increase with Y this year - as suggested, it appears to be fairly universal amongst most insurance companies and that being the case my reasons for being with Y trump any whatever (probably relativley minor) saving in premium that we might get elsewhere.

 

[Momac]

We had a similar increase with Y this year - as suggested, it appears to be fairly universal amongst most insurance companies and that being the case my reasons for being with Y trump any whatever (probably relativley minor) saving in premium that we might get elsewhere.

In early March 2019 I did enquire elsewhere, obtaining several prices and only had one lower renewal premium and that was only a few quid so stuck with Y.
The one slightly lower premium was Saga

 

[Sandyshore]

Earwigged a conversation at Southampton Boat Show even without the recent hurricane it appears insurers making losses again this year.
Comment made we are in year two of a three year cycle which might go to four years if claims continue .
Bit like Brexit never ending.

 

[Wavey]

My renewal with Y went up 15%. I’m still paying less than the renewal offered by my previous insurer three years ago, and better cover, so I’m not complaining.

 

[jfm]

We're all paying to cover their losses elsewhere.

Honestly we're not. That would be economically irrational - if insurers who suffered prior losses tried to recoup losses by billing us now, other underwriters without those prior yacht losses would take their market. Insurance underwriting is that efficient and friction-less.

Premiums are higher because the entire underwriting community has determined (correctly it seems) that they were under-pricing risk (including for Med boats) and that premiums must rise if we want to lay off our risk to them.

This is normal insurance market behaviour. I don't think we are being ripped off. I have renewed with Y.

 

[Momac]

Premiums are higher because the entire underwriting community has determined (correctly it seems) that they were under-pricing risk (including for Med boats) and that premiums must rise if we want to lay off our risk to them.

.

So insurers think the level of claims experienced in recent years is set to be the norm.

If the level of claims reduces they should therefore reduce premiums. This may well happen.....eventually.

 

[mainshiptom]

Iirc there was a thread about this recently, but now can’t find it. Have just looked through my junk mail and found my renewal from Y, good job I found it,

Anyway, my premium has increased by over 20% for the next year, again I seem to recall some saying theirs had increased by a similar amount, and some staying much the same. I’m inclined to renew, but might just make a few enquiries elsewhere.

I’d be interested to know what the % increase has been for others. I’ve never made a claim, but realise there are other possible reasons for the increase.

I am with Navigators and General I had a renewal with an increase I called them direct and spoke to a really nice guy which gave me a 10% discount, Job done.

 

[AllanG]

I am with Navigators and General I had a renewal with an increase I called them direct and spoke to a really nice guy which gave me a 10% discount, Job done.

Well done for getting a discount, however, that’s what really annoys me because why the hell don’t they just give us the lowest price without us having to grovel for a discount...it’s the same for all insurance renewals!!