Yet another insurance thread

[jrudge]

I know I know I know.

The issue is the market changes !

Was with Y. Sold. Premiums up. You had to haggle every year.

Moved to GJW. Simple to deal with. Premium stayed the same for a few years. GJW sold.

Now gosh was I surprised when the renewal came in today at +20%!

So now what ?!

I can clearly call round bit last time I did that is is pretty much a cartel. Get one quote from one broker that touches an insurer. Call the next one. We can't quote you are with xxxxx . Well no I am not I asked for a price.

I did try Pantenaus ( or however you spell it ) some years ago but they wanted an out of water survey so I passed on that.

Who are the current decent prospects please ?

 

[philipdawsonladds]

I can recommend Porthcawl - I've been with them for several years with premiums reducing every year - the boat is getting worth less too of course

 

[sharpness]

I'm currently with Topsail Insurance. Having checked against all the other usual competitors, Topsail came out the best value.

 

[jrudge]

Topsail are the old Y and whilst I am not too proud to return the increases they put on the moment they bought Y did not sit well and nor di the constant haggling like being in the Souk on the vastly inflated renewal premiums they kept sending out!

 

[markc]

Topsail are the old Y and whilst I am not too proud to return the increases they put on the moment they bought Y did not sit well and nor di the constant haggling like being in the Souk on the vastly inflated renewal premiums they kept sending out!

I was in the same position with Y, moved to Haven Knox Johnson, they have been OK but I'lll see the renewal in May. Would be interested to hear your outcome

 

[Elessar]

I know I know I know.

The issue is the market changes !

Was with Y. Sold. Premiums up. You had to haggle every year.

Moved to GJW. Simple to deal with. Premium stayed the same for a few years. GJW sold.

Now gosh was I surprised when the renewal came in today at +20%!

So now what ?!

I can clearly call round bit last time I did that is is pretty much a cartel. Get one quote from one broker that touches an insurer. Call the next one. We can't quote you are with xxxxx . Well no I am not I asked for a price.

I did try Pantenaus ( or however you spell it ) some years ago but they wanted an out of water survey so I passed on that.

Who are the current decent prospects please ?

In the UK I always used craftinsure. Instant online quote, will deal with out of policy extras and are good when you claim.

They covered my sealine when I bought her in Corsica, including for the trip back to the UK but won’t cover boats permanently based in the med so no good for you (or me any more)

Just got the quote back from Pants for our renewal it took days then went to junk. More than double the GJW quote.

 

[jakew009]

I know I know I know.

The issue is the market changes !

Was with Y. Sold. Premiums up. You had to haggle every year.

Moved to GJW. Simple to deal with. Premium stayed the same for a few years. GJW sold.

Now gosh was I surprised when the renewal came in today at +20%!

So now what ?!

I can clearly call round bit last time I did that is is pretty much a cartel. Get one quote from one broker that touches an insurer. Call the next one. We can't quote you are with xxxxx . Well no I am not I asked for a price.

I did try Pantenaus ( or however you spell it ) some years ago but they wanted an out of water survey so I passed on that.

Who are the current decent prospects please ?

Have you tried Visicover?

A Unique Online Boat & Aircraft Insurance Service

I was with GJW, just switched to Visicover.
I don’t like their exclusion for galvanic corrosion but decided on balance I didn’t care either.
Other than that policy is good agreed value and no survey bollocks.

 

[PaulRainbow]

Also with Porthcawl, went up a fiver last year and another fiver this year. Less than half of what Topsail wanted.

 

[Boaty_Pete]

We were with visicover until this year but moved due to their insistence on a survey. We've just hit 25yrs.

None of the surveyors I called, would discount a full survey to an 'Insurance valuation survey' and insisted on pulling the boat apart and spending a full day with the obviously included £800.00 bill.
So we moved from Visicover.
I wouldn't mind if she looked like a wreck, but any skilled surveyor within an hours visit could assure an insurance company we are not falsely elevating the vessel value, so we could sink it a month later and double our money.
I will always be happy to pay for a pre-buy survey when necessary but I think there should be circumstances when something else mid-way should suffice.
I think we're with GJW, and seem to remember they are happy with many GRP boats to 30yrs. So we'll have to revisit this at some point.

 

[Little Ricky]

In theory, when an industry starts to become expensive, other new companies move in to offer lower premiums, perhaps slightly more "no frills" but nevertheless worth investigating. Let's see if this starts to happen.

 

[plumbob]

Another one for Porthcawl

 

[xcw]

+1 for Visicover. Just renewed mine, the premium had increased £3.00 on last year which I was happy with

 

[Tranona]

In theory, when an industry starts to become expensive, other new companies move in to offer lower premiums, perhaps slightly more "no frills" but nevertheless worth investigating. Let's see if this starts to happen.

It is not the absolute price that is the issue - boat insurance is "cheap" but the variability in price and conditions plus frequent changes in ownership of providers that makes it difficult for buyers.

 

[Hurricane]

Mine is due for renewal in a month or so. I'm with Gallagher at the moment.
Porthcawl were more expensive last year but I will give them a try this year.

What do people think of setting a high excess and is it possible?
I always view insurance as something that you never claim on unless it is a huge loss/claim.

 

[SimonX]

We’ve been having some interesting and complex discussions on insurance for the boat we are about to buy. It’s registered and will be based in the Netherlands and will be owned by three couples, two of which are Dutch and the third (us) are British residents although I have also an Irish passport and my wife has a Dutch one. Only myself and one of the other husbands have any formal training and logged experience. None yet have ICC/CEVNI but this is being done in the next month.
One company would only insure if all the named owners were Dutch (which meant our share would be in my wife’s name) but loaded heavily because she lacks experience.
We finally have agreement through another broker that will give us short term coverage against fire/theft and then full cover once everybody gets trained. The two Dutch couples had hoped to do their training on our boat but are now going to do it on a school’s boat and then the instructor is going to give some extra, non-qualification instruction on our boat while moving it to where it will be berthed while being loaded up with personal stuff.

 

[Seastoke]

Porthcawl quoted me £300 less that topsail ,last week . It will fill my tanks . No my two stroke ones 3.5 hp

 

[oldgit]

Have used an online insurer (Craftinsure) since late 90s) . My Broker ( a chum who am still talking too ) at the time quoted me £300 for insurance on £30k Princess 33.
Craftinsure quoted me about £200 for same boat.
Figuired the extra £100 was brokers commision, only really wanted basic last resort cover ie if boat sunk did not to face a bill from Port Authority for removal of the wreck. Not the least bit interested in claiming for stern gear repairs etc simply through probably my own stupidity.
Went with Craftinsure and when the paperwork came though , blow me down, same insurer on the paperwork via both broker and internet.
Left Craftinsure when SAGA developed a sudden interest in marine insurance and then left when SAGA got there fingers burnt, then pulled out and sold on their customer base, renewal price rocketed with the new owner, so back to CI.
Every time CI quote me on renewal, always check the competition, usually all the well known and popular companies are quoting 20% plus for more or less the same cover.
Including near continent cover and single handed use, chances of me anchoring my boat offshore and leaving it unattended are zero .
No overnight shore power, were not stopping.

Made two claims over past 20 years with Craftinsure, both as result of my lack of boating prowess and both were sorted with speed and efficiency.
A third claim involving a bit a Gel coat damage is underway at the mo .

 

[Sticky Fingers]

… broker that will give us short term coverage against fire/theft and then full cover once everybody gets trained. The two Dutch couples had hoped to do their training on our boat but are now going to do it on a school’s boat and then the instructor is going to give some extra, non-qualification instruction on our boat while moving it to where it will be berthed while being loaded up with personal stuff.

You need third party liability cover too. In the UK at least you can’t get a marina berth without it.

“Own boat” training is a great idea.

 

[Little Ricky]

You need third party liability cover too. In the UK at least you can’t get a marina berth without it.

“Own boat” training is a great idea.

Ive been in my marina for nearly 5 months, as yet no one has asked to see my insurance, I guess they just assume, correctly, Id be an idiot to not have insurance in place.

 

[ylop]

We were with visicover until this year but moved due to their insistence on a survey. We've just hit 25yrs.

That’s interesting - did you tick the box that says you’ve inspected it out of the water in the last 12 months?

None of the surveyors I called, would discount a full survey to an 'Insurance valuation survey' and insisted on pulling the boat apart and spending a full day with the obviously included £800.00 bill.
So we moved from Visicover.
I wouldn't mind if she looked like a wreck, but any skilled surveyor within an hours visit could assure an insurance company we are not falsely elevating the vessel value, so we could sink it a month later and double our money.

I don’t think that’s the risk insurers are worried about. Most policies aren’t agreed value payouts. I assumed surveys were so they had some confidence that the through hulls were not about to crumble away the keel was not about to fall off and your boat wasn’t about to burst into flames?