Yacht Insurance through the roof

[ianf]

My yacht insurance is up for renewal and my current insurer has sent me a quote which has gone up 53%!!!

I have asked them why this is and they are saying they have had to pay a lot of claims last year. I have never had to make a claim but I'm obviously expected to contribute to paying towards those who have.

I've tried a couple of online quotations and they all seem to be pretty similar. Is anyone else finding their premiums have shot up?

[MalcolmP]

Sorry to hear that Ian. I renewed last month with Topsail and there was no change at all.

Worth asking them for a quotation as they will discount the premium for Jeanneau Owners by 10%. See www.jeanneau-owners.com/discounts.html

[Charlie-Bravo]

And also you might give GJW (UK) a try, if they cover your area,  not always the cheapest but generally reasonable, and do actually pay out when the excrement hits the fan! which is why I use them, even at a few quid more than the budget options, a good company to deal with.
CB

[ianf]

Sorry to hear that Ian. I renewed last month with Topsail and there was no change at all.



Worth asking them for a quotation as they will discount the premium for Jeanneau Owners by 10%. See www.jeanneau-owners.com/discounts.html

Thanks for the reply. I did try Topsail but they were the same as my current insurer who is now asking for £1,058.45. Last yeear it was £689.84 :-(

[mikebz]

I insure through a broker (Curtis Marine in Plymouth UK) - my basic premium (before IPT and NCD are applied) went up by 35% this year.

I went back and checked my documents to get that figure having seen this thread, and was a bit concerned that NCD appeared not to have been applied in this year's renewal invitation so I emailed a query to them.  Within few minutes the broker 'phoned me and explained that the figures are now presented differently in the renewal invitation but the actual renewal documents do show the NCD applied - very happy with that kind of service.

FWIW I paid a total of £230.92 this year for a 2003 SO32, no racing, cruising limits:

Non-tidal and Coastal waters of the United Kingdom and Continental waters between Elbe to La Rochelle:

All tidal, coastal and inland waters between Elbe and La Rochelle. You are not allowed to travel:

- further north than 61 degrees north;

- further east than 10 degrees east;

- further west than 12 degrees west;

- further south than 46 degrees north during the period 1st April to 30th September inclusive; and

- further south than 48 degrees north during the period 1st October to 31st March inclusive.

[ianf]

And also you might give GJW (UK) a try, if they cover your area, not always the cheapest but generally reasonable, and do actually pay out when the excrement hits the fan! which is why I use them, even at a few quid more than the budget options, a good company to deal with.

CB

GJW have come back to me with a quote of £886.82 which is a definite improvement thanks. I'm still waiting to hear back from Curtis Marine.
Thanks for all the advice

[Charlie-Bravo]

Glad it is an improvement, it could be worth your while giving them a ring to ask how adjusting the cover, ... sailing area limits, excess,  etc might improve the quote, you will be speaking to actual people ..... not a generic call centre.
I found upping the excess to about £1000 helped , I'm not one for claiming on little bits and bobs, just if it sinks I want to be well covered.
Good luck
CB

[ianpowolny]

Paid £530 this year for our 45DS. Huge sailing area. I have a RYA discount. Always been pleased with customer services during claims from Bishop Skinner.

[ianf]

Just had a quote from Curtis Marine of £754 which is the best so far.

Paid £530 this year for our 45DS. Huge sailing area. I have a RYA discount. Always been pleased with customer services during claims from Bishop Skinner.

I used to insure my diving RIB through Bishop Skinner and I am a RYA gold member so I might give them a try as that sounds exceptional.

[ianpowolny]

We are also RYA Gold members. It does reduce the cost plus we have at least 5 years NCD.

Here’s our cruising area: UK Inland and Coastal waters including Ireland and Continental waters
between Brest and the River Elbe. This includes all tidal, coastal and
inland waters between Brest and Elbe. You are not allowed to travel
further north than 61 degrees north, further east than 10 degrees east,
further south than 48 degrees 10 minutes north and further west than 12
degrees west.

We do have the RNLI in the UK and Ireland which you know is free.

A couple of years ago we had to use the Salvamento Maritimo in Spain. Quite expensive and BS paid that cost.

Ian

[ianf]

We are also RYA Gold members. It does reduce the cost plus we have at least 5 years NCD.



Here’s our cruising area: UK Inland and Coastal waters including Ireland and Continental waters

between Brest and the River Elbe. This includes all tidal, coastal and

inland waters between Brest and Elbe. You are not allowed to travel

further north than 61 degrees north, further east than 10 degrees east,

further south than 48 degrees 10 minutes north and further west than 12

degrees west.



We do have the RNLI in the UK and Ireland which you know is free.



A couple of years ago we had to use the Salvamento Maritimo in Spain. Quite expensive and BS paid that cost.



Ian

I have filled in an online application to Bishop Skinner so I'm waiting to see what they come up with. There was a limited choice of sailing areas in the Med so I have gone fore no more than 30 degrees east which gives me most of the Cyclades islands but not as far as Turkey. Next year I want to go to Turkey to get around the 90 day rule but for now 30 degrees east is fine.
Ian

[tsenator]

You guys are lucky.  Since I've gotten my 2003 43DS (about 4 years ago)  I have been paying approximately ~ $2200 for Eastern US Atlantic seaboard sailing area.  I've been told by others I actually have a good deal (It is agreed hull value of about $130k I think) 

[fakinx]

Ufff, those are some big numbers comparing to my insurance costs.
Whole Med area (only Black Sea excluded) for little less than 1000€. 0,5% franchise with 150k agreed total loss value.
Catch is, any salvage operation goes from insurance cap value so if she must go down it's best somewhere very very deep... (preferably outside of territorial waters of any country) 

[cdrmike]

I too got a shock when last month our premium went up from £323 last year to £406 this year for a 34.2 Sun Odyssey berthed in a Gosport marina. The broker - Towergate stated that Navigators and General had discontinued the previous policy and its replacement was not quite as advantageous and was more expensive. Checking out the some of the other outfits did not reveal any more favourable deals. BTW we have had no claims and have full no claims bonus. A sign of the times!

[Charlie-Bravo]

Received my renewal invite from GJW, £40 less than last year, but still the best part of £400, but at least it went down unlike most things in todays world.
CB

[vasko]

My one about 1-2% up

[puravida35]

Have been covered by GEICO through an independent agent since taking delivery of new boat in 2016 with no claims. Policy has diminishing deductible and since I’ve had no claims, my current deductible is $0.

Renewal coming up but just received letter from agent stating that GEICO will not renew policies issued through independent agents.

Called GEICO directly to get quote for new policy and found that the premium was double that of my current (about to expire) GEICO policy.

Home port: Clearlake TX, USA
Sailing area: Gulf Coast USA
Old premium: ~$3,000
New premium: ~$6,600

Might have to consider changing hobbies.

[Beam Reach State of Mind]

Aug 24, 2022 20:10:54 GMT puravida35 said:

Have been covered by GEICO through an independent agent since taking delivery of new boat in 2016 with no claims. Policy has diminishing deductible and since I’ve had no claims, my current deductible is $0.

Renewal coming up but just received letter from agent stating that GEICO will not renew policies issued through independent agents.

Called GEICO directly to get quote for new policy and found that the premium was double that of my current (about to expire) GEICO policy.

Home port: Clearlake TX, USA
Sailing area: Gulf Coast USA
Old premium: ~$3,000
New premium: ~$6,600

Might have to consider changing hobbies.

Is that GEICO quote through the BoatUS program? That's what I have and my renewal just came in at under $2,000, and not much of an increase from last year. 2017 SO419, so fairly similar to yours I think. Of course the cruising area is different and that will impact the rates.

[puravida35]

Sept 3, 2022 15:32:53 GMT Beam Reach State of Mind said:

Aug 24, 2022 20:10:54 GMT puravida35 said:

Have been covered by GEICO through an independent agent since taking delivery of new boat in 2016 with no claims. Policy has diminishing deductible and since I’ve had no claims, my current deductible is $0.

Renewal coming up but just received letter from agent stating that GEICO will not renew policies issued through independent agents.

Called GEICO directly to get quote for new policy and found that the premium was double that of my current (about to expire) GEICO policy.

Home port: Clearlake TX, USA
Sailing area: Gulf Coast USA
Old premium: ~$3,000
New premium: ~$6,600

Might have to consider changing hobbies.

Is that GEICO quote through the BoatUS program? That's what I have and my renewal just came in at under $2,000, and not much of an increase from last year. 2017 SO419, so fairly similar to yours I think. Of course the cruising area is different and that will impact the rates.

Yes, through BoatUS. I have since been able to get a more reasonable quote of $3700/year, but will loose my $0 deductible along with a reduced Agreed Value. But, at least it’s better than their original quote.