Yachtmaster Insurance

maybh1

maybh1

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Hi Guys

Insurance renewall is looming and my quote from GJW for our 8 year old Trader 44 comes in at just under £1620.00.

They have become resistant to negotiation on the price over the last 8 years and it has steadily risen by about £100.00 per annum.

Each year I have always obtained comparative quotes from other insurers like St Margarets but there is usually only a few quid in it.

Yesterday, on the internet, I came across a company called Yachtmaster Insurance. I was dealt with by a very pleasant fellow who handled my request very efficiently and then called me back later to say that the best quote he could find for me was £1293.00 and that there is possibly still room for negotiation. /forums/images/graemlins/smile.gif

Now that is a huge difference of £327.00 which is not pocket money and he tells me it is for a comparative policy to GJW but with an excess of £750 (GJW is £1,000.00).

When I went back to GJW they immediately dropped my premiums to £1280.00 which, strangely enough, irritated me quite a lot. /forums/images/graemlins/mad.gif

Now, the reason we went to GJW and stayed with them despite the ever rising premiums was their reputation. I have seen them pay out within a week on a boat that sank whilst on a cruise in company with us.

I have absolutely no experience of Yachtmaster Insurance or Alliance(?) from whom they obtained our quote so would appreciate greatly any input for anyone who knows of them before I make the change.

Many Thanks

May
 
I have been with then since i bought the current boat.
always the cheapest
a no claims discount
willing to discuss various clauses including a single handing clause that only allowed me to cruise for 50 NM in one day (at 25 kts.....i wasnt going to go far)
very helpful and pleasant people.
no claims experience......yet

not sure who has underwritten the policy....Underwriting Risk Services?
 
Forgot to mention that they also took into consideration the Yachtmaster Offshore Qualification which GJW would not do.
 
Sad thing is, you only find out about your insurance company when you make a claim!
I am allways loath to change companies, boat, house, car etc as I feel in my mind, this guy hasn't claimed for years.
If I change and then disaster strikes does that go against me or does it make no differance?
Any insurance peeps on here?
BTW I'm with Traffords, competitive but not the cheapest, quick payout when dingy and outboard got nicked last year!
 
Hello May
I have the same boat and same insuance company (GJW) my insurance premium is about £100 less than yours. The boat is older than yours and probably insured for less, which may be the reason for the difference in premium.
4 years ago I had a 41+2 which blew an engine in Jersey, Engine failure was not covered on the policy, however when I consulted GJW a very helpful person pointed out to me that as the failure was due to "latent defect" I was covered. They paid out over £7000 for the repairs and associated costs.
When it comes to making a claim the cheapest may not necessarily be the best.

Tony
 
[ QUOTE ]
When I went back to GJW they immediately dropped my premiums to £1280.00 which, strangely enough, irritated me quite a lot.

[/ QUOTE ]

I always do this with my car insurances - never actually moved insurers but continually "chip away" at the premium each year by getting a better price from others.
Normally confused.com is all thats needed.
I once couldnt beat the premium of my insurer so I said "I am about to go onto confused.com - can you better the price" and they did!!!
Using this technique, you stay with the insurer you like.

Havent done it on boats yet but it should work as well - it did for you.
 
I am insured with G JW through Yachtmaster, yes very helpful broker and I always get to the same guy which helps! I know of one claim where GJW paid out very promply. After my asking, they extended the singlehanded cover no problem.
 
was insured with yachtmaster5 years when Pantaneus declined insurance on my new ( to me ) boat as they do not cover many claases of catamarans. Had 2 small claims (< 1000 pounds each) with Pantaneus and I had great confidence in their willingness to pay out on a claim.
I went to Yachtmaster on the basis of recommendations and on being a good price. They are very good to deal with (Max & Guy) and they also specialize in hard to insure boats such as ferro, wood and obscure makes of multihulls. You need to remember that they are brokers not principals. My insurance was through their block policy with Navigators and General and I only changed from them (to insure directly with N&G) when they switched their block cover to an obscure insurance synicate that I had never heard of, probably ok but I liked very much the simple no frills wording of the N&G Policy, no complex small print getout clauses, sailing single handed ok and not picky about moorings etc.
Never had a claim with N&G through Yachtmaster but my friend had his boat damged by an unknown craft whilst on its mooring and they paid out for repais to hull, davits repaired and a full winter ashore storage and lift out/in, without any problems for him although there are outstanding issues regarding a mooring contractor placing his boat out of position and too close to another mooring which is probably the reason for the damage.
Sorry this is a little rambling but hopefullt a bit more insight into Yachtmaster
 
so praps rather than the lesson being yachtmaster are marvellous - it's "be as truthful with your existing insurer about price as they were with you " ?

They didn't seem so resistant to negotiation when you mentioned a specific figure and company eh?
 
You could also try K C Powell 01702 470035, now part of GJW, they have consitently come up with the most competetive quote for me on 2 different boats.

If you get redirected to GJW ask them to get Brian Wallis of Powells to phone you back, very helpful guy who will do his best to match or beat any other quote you have and will discuss and arrange individual requirements such as single handed sailing.

Yachtmaster offered me the same cover with GJW but were about 15% more expensive.
 
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