Y insurance - Top sail Insurance

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swifty

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I took out Y insurance on the recommendation of JFM back in 2017, I have just received my renewal quote and I am disappointed to see another increase of 12 % especially after the past year when boat movements were severely restricted. I am sure claims must have been less, the motor insurance industry have recently announced claims down by 48%. A quick calculation shows my policy has increased 44% in 4 years, I have never looked elsewhere by I think now is the time to compare any recommendations.
 
Please report back here if you find something.
It would be worth checking if the cover that you are being offered is the same that you had before.
Especially check the Aditional Conditions on page 2 of the proposed Certificate.
(The bit that refers to Section A Clause 4.10 - wording deleted and replaced)
I, too, took advantage of JFM's recommendation.
My premium isn't due for a few months yet.
But I would like to hear of any alternatives that have the same cover.
 
For the last couple of years people have been moaning about premiums from Y increasing .
Yet all enquires I have made with others for the same cover come up with the same or greater premium.

It seems major losses occur in harbours due to storms . So reduced boat use is not related to fewer claims .

The price of insurance is certainly becoming significant.

If you are over 50 try SAGA
 
In early August I changed from Y Yachts after several years of OTT price rises, and went to CraftInsure. Then in late August my stbd engine was seized due to weed pick up. The subsequent insurance claim was completely accepted and very fairly and efficiently dealt with by CraftInsure.

This was my first ever insurance claim after 26 years boat ownership. I am expecting a rise next renewal, but that shall be fair as long as it is reasonable and equitable.
 
Topsail and Craftinsure both have underwriting authority for Zurich (who underwrite them). I'm told that Craftinsure are a bit cheaper as the policy is less comprehensive (Topsail's policy is very similar to Y's).
 
Y were always very competitive to a level you had to think is this real and what is the catch.

Y were an agent of Haven Knox Johnson who in turn have been sold by MSAmlin to Aston Lark Insurance Brokers.
 
They were competitive. When they first entered the market ( or first got aired on here!) they were substantially cheaper for apparently superior cover.

Premiums then went up significantly. The prices from my own research at last renewal were basically market give or take.

This is a pretty established method of insurers entering a market. Many moons ago Hastings Direct completely took over the motor bike market with premiums much lower than anyone else. Of course a few years later they put them up!

Y have done the same and then bailed out to Topsail. They will have done well, they built what I assume was a substantial book in a relatively short period and will now leave Topsail to take the Flac / client losses as given time another insurer will come along and do the same.

Insurance premiums are loss led of cause, but also market led, and the market is now cosy again and sees no reason to discount - so we all pay more.

My boat costs about double the cost of my Range Rover to insure. In my view the boat is less likely to have a claim, and if it does I would imagine ( and I could be wrong) that the main loss will be my hull / repair as opposed to large 3rd party claims / injury ( which of cause can happen but in my perception is rare in the marine market).
 
jrudge said:
My boat costs about double the cost of my Range Rover to insure. In my view the boat is less likely to have a claim, and if it does I would imagine ( and I could be wrong) that the main loss will be my hull / repair as opposed to large 3rd party claims / injury ( which of cause can happen but in my perception is rare in the marine market).
Click to expand...
I wish my boat premium was double my car premium!!
I suppose though, it is because "I've done cars in my life" and am now happy to have an older car.
We don't use our cars much anyway but my BMW 730 costs me less than £300 pa to insure.
OK it is 10 years old but still very comfortable.
The boat is a bit older but costs me £4600 pa (at the moment) to insure.
Big difference - I can't even apply any man maths on that one!!!
 
The motor risk is spread amongst more , significantly more to dilute the 3P risk of putting a bus queue in wheel chairs .

A cynical side ( every ones got one btw ) says Barry had a plan from day dot to build the book and sell it on .
Explains a lot , in the absence of a medical retirement which I guess would be confidential.See what if anything seeps out with time ?
This is against a background of severe industry consolidation because few consecutive high claim years due to freak weather etc .
So the damage in Rapillo is spread amongst all of us a very small number , compared to multi car park in Liverpool that was torched .
 
Barry was an agent of Haven Knox Johnson who in turn were owned by MSAmlin.
It appears to me with Barry selling on having cynically? built up an under priced account and with MSAmlin then selling Haven Knox Johnson that perhaps the claims to premium /running costs were unbalanced.
Hastings all over again?
Topsail and Aston Lark I would assume will look at differently.
 
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