Yacht Insurance

[hunter323]

Hi
have been with GJW for some years - good cover and v reasonable prem . However this year they require survey and as not intending to keep vessel for much longer (old age) I dont want to incur this cost. Have found a quote from Insure4boats who apparently dont require survey and the premium is reasonable. Anybody with experience of them good or bad please. Mike

 

[Caer Urfa]

Hi
have been with GJW for some years - good cover and v reasonable prem . However this year they require survey and as not intending to keep vessel for much longer (old age) I dont want to incur this cost. Have found a quote from Insure4boats who apparently dont require survey and the premium is reasonable. Anybody with experience of them good or bad please. Mike

Having a recent survey is also a good selling advantage when your selling and an 'Insurance survey' is cheaper than a full survey and in any case any sensible buyer will want a survey anyhow and it might be a case
of better your survey than his I have also been with GJW for many years and its quit normal to ask for a insurance survey (usually every 8 years on older boats) mine was a 1989

 

[colind3782]

Call GJW and negotiate. They gave me another three years when I did.

 

[Spyro]

GJW gave me another 3 years but when I took it out the period was 7 years. They now say it's 10

 

[hunter323]

thanks did as you suggested now needed until 2022

 

[colind3782]

thanks did as you suggested now needed until 2022

:encouragement:

 

[AEMD]

Seems you're sorted for now but - for future reference or anyone else, I've insured with Nautical insurance, Leigh-on-sea in Essex for many years. Premiums seem pretty reasonable.
They have never asked for a survey, though when I changed boat in 2015 I had a survey done and off my own bat provided them with a copy.
I've never made a claim on boat insurance (since 1983 ), - & thinking about that I've never claimed on house and only once on car insurance since 1978 ... !

 

[c.buck]

I guess at the end of the day a survey isn't actually that useful for them... what will a survey show: the general condition of the vessel.
If it is old and worn, then any claims arising from this won't be covered anyway as they are wear and tear and inherent vice...

 

[daveyw]

Just had my renewal from pantaenius. Last year £890. This year £1065. Starting to get painful!

 

[zoidberg]

Why is the insurance on my boat much the same premium as my house, when the latter 'total loss value' is about 80-100 times higher?
I need to find myself a tame actuary....

 

[TopBanana]

I imagine your house is extremely unlikely to sink or to crash into another

 

[c.buck]

Why is the insurance on my boat much the same premium as my house, when the latter 'total loss value' is about 80-100 times higher?
I need to find myself a tame actuary....

very true, albeit one thing to not forget is that minimum premiums come into play. A proportion of the premium must be allocated for sustaining the operations of the insurer (processing premiums, sending out quotes, binding policies, renewals, claims handling, marketng, etc.). If your yacht had the same premium as a % as your house, what will they be able to achieve with such a small contribution to the bigger pool. One thing that does seem to work, is finding an insurer who can send you a quote automatically. If you can take out a policy without speaking to anyone, then chances are it will be cheaper. Have you considered getting some quotes from CompareYachtInsurance.com? they aren't an insurer or broker, but they are just a free online service where you fill in one quote request form, and you get a multitude of quotes. No one will bother you with follow ups and you can pick whichever one suits you the most.... Sounds familiar right? nearly like buying house insurance @zoidberg !