It's that awful letter time

[argonaut]

Yep .. it dropped in the letter box this morning - my annual renewal notice for my boat Insurance.

Mine is £299.66 (£21 down form last year) and is via a broker with EIS Ltd. (Lloyds-MV) ..... EIS SailPlan
provides: (£23,800 total)
£21k hull & equipment
£1.5k trailer
£300 nav equipment
£1k personal effects

£150 excess

£3m third party cover
£1m waterskiing liability
£1m water toys liability

Not moored - private use, coastal waters.


Be interested if anybody knows of better rate for same cover.

[mlines]

Mine is £259 with Craftinsure

£24.5k hull & equipment
XX trailer - Not sure what cover is standard I will have to check
XX nav equipment - I consider this to be "fittings and equipment"??
£750 personal effects


£5m third party cover
£5m waterskiing liability
£1.5m water toys liability

Ashore or moored - private use, coastal waters.

[argonaut]

Just put my boat details into Craftinsure - came back at £250 ... but only if I take a £520 excess
If I take a lower excess £260 (still more than current cover) prices jumps to £313

[mlines]

My excess is £360 rising to £720 for underwater gear

Sent from my Nexus 6P using Tapatalk

[argonaut]

My excess (for all) is £150

[betty boop]

insured value will push it up but mine is £16k boat, £2k trailer no ski or toy with 3mil third party for £183 total excess of £150 Haven Knoxx.

I read with interest a story in Octobers PBO mag in which a yacht sunk on a Premier Marina berth with left the owners thousands out of pocket as although they vessel was insured for £X'000 in value due to their constant good care, maint. and renovations etc. it was deemed by the loss adjuster to be worth a lot less, they refused salvage costs, refused the reason for sinking (sea cock left open & piping left disconnected draining into bilge) as a result the owners lost a shed load of cash and had to scrap the boat to the insurance co best offer price. Being unable to get like for like costings etc they gave up boating as a result Their warning was that you may be insured for a £29k vessel but will you actual get back what you think you will ?

[BruceK]

To be fair though many boaters over value their boats which is perfectly understandable, and you see this a lot in asking prices. However the truth is no matter how much you spend or how much effort you put into maintenance you really only increase the desirability and hence speed of sale and not really the value other than place it higher in the market range for that year / model. I cant speak for the case mentioned above of course, but as a generalisation. My current boat is a perfect example. Market value 30-34k given age in good condition. Owner had within the last 3-4 years before sale had done a major engine refit to 46k exceeding the market value. He had bought the boat for £50k and pumped another 50 odd k into it. Boat shows a bit of age, vinyl tatty and cover horrid. My buy price £25k from brokerage where it was a trade in. Presumption is he got same or less when he traded up. I know he's gutted, but it is what it is.

[argonaut]

Viewing from the other redirection ... if an insurer is happy to take your valuation of X and therefore load up your annual premium based on it, they should have a professional duty of care to advise if they have no intent on paying out to that value - one could even consider that taking the money at a knowingly incorrect value is tantamount to taking money under false pretences.

If they are happy to take the premiums for 'X' without questioning when there is no claim, they should pay out based on it when there is.


It's a pity there is no 2nd hand boat price guide.
For sale figures are often meaningless - my own boat was on sale for more than 30% higher than I bought it for, brokerage hiking up values is often the main cause.

[BruceK]

2nd hand boats after a few years are like classic cars. Essentially worthless but have a market value based on what people are prepared to pay for it on the day. I cant tell you the amount of times that I was looking and saw brokers googling boat sell prices to get an estimate of value. Which is why they go to pieces when a boat is unusual or not popular. As for insurers accepting more monies, the client / boat owner states the value, not the insurers. It is in the client's best interest not to skimp as under valuing the boat could be deemed somewhat fraudulent and gives the insurers a bit of a get out. What the insurers will do under comprehensive cover is reserve the right to , repair or replace with like for like not exceeding stated value and that like for like is dictated by market value. In my experience insurers always have erred on the side of generous to be honest, at least when it game to teenager cabbage 1's consistent denting of her first automotive bangers. They always paid out far more than the replacement value.

[argonaut]

Been trying several companies for a like-for-like quote

Quite surprised that Mercia Marine have come in considerably cheaper at a complete match of all cover & excess, including legal cover at a total of £243
Might be the usual Insurance ploy of big discount for new client ... but it is significant.