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Old 19-06-2018, 05:55   #1
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450f Insurance - ouch!!

Hi, just had a quote for the boat, painful!
Cruising Med and Atlantic Portugal and Spain was £2k
Crossing with ARC+ - cruising Bahamas, Caribbean and eastern seaboard with 1st June to 1st November named storm exemption below 36th parallel will be £5.5k

Can anyone tell me if this is competitive and perhaps give me some alternatives...

Boat is a 2018 450f @£600k
Current cover with Y yacht insurance, which whom we’ve been very happy.
Boat is U.K. registered.
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Old 19-06-2018, 06:06   #2
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Re: 450f Insurance - ouch!!

Insured hull value is the biggest premium component. So, you can under insure to reduce insurance cost, if you can take the hit.
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Old 19-06-2018, 06:17   #3
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Re: 450f Insurance - ouch!!

Without knowing the details of the coverage, it is really hard to give a useful comment, but that seems to be rather on the cheap side to me ASSUMING you have full coverage of the hull, and a reasonable liability limit as well.

Less than 1% of the boat's value is a really good deal for long range cruising coverage. Almost suspiciously so. We pay about 2%.

But... in that business details matter a LOT
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Old 19-06-2018, 06:45   #4
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Re: 450f Insurance - ouch!!

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Originally Posted by billknny View Post
Less than 1% of the boat's value is a really good deal for long range cruising coverage. Almost suspiciously so. We pay about 2%. But... in that business details matter a LOT
I was just thinking that, as a percentage it is cheaper than our insurance for wandering around the UK down to Brittany.

You can understand the Caribbean price, they must have taken hit with two huge hurricanes in quick succession last Autumn, hence the 36th parallel.

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Old 19-06-2018, 07:18   #5
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Re: 450f Insurance - ouch!!

Quote:
Originally Posted by slimnrp View Post
Hi, just had a quote for the boat, painful!
Cruising Med and Atlantic Portugal and Spain was £2k
Crossing with ARC+ - cruising Bahamas, Caribbean and eastern seaboard with 1st June to 1st November named storm exemption below 36th parallel will be £5.5k

Can anyone tell me if this is competitive and perhaps give me some alternatives...

Boat is a 2018 450f @£600k
Current cover with Y yacht insurance, which whom we’ve been very happy.
Boat is U.K. registered.

As others mentioned for insurance in the Caribbean and FL in hurricane season on that value, that's about what you pay. After the storms prices are going to be high.
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Old 19-06-2018, 07:23   #6
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Re: 450f Insurance - ouch!!

Quote:
Originally Posted by slimnrp View Post
Hi, just had a quote for the boat, painful!
Cruising Med and Atlantic Portugal and Spain was £2k
Crossing with ARC+ - cruising Bahamas, Caribbean and eastern seaboard with 1st June to 1st November named storm exemption below 36th parallel will be £5.5k

Can anyone tell me if this is competitive and perhaps give me some alternatives...

Boat is a 2018 450f @£600k
Current cover with Y yacht insurance, which whom we’ve been very happy.
Boat is U.K. registered.
Having an "agreed upon hull value" policy really jacks up the premiums. A policy based upon replacement at "market value" leaves the insurers a lot more wiggle room to game down their claims experience with depreciation, etc., and so the premiums are more reasonable. Insurance is ultimately a "pay me now, or pay me later" proposition; and hopefully, there won't BE a "later," right? I've opted to pay less, now; what you pay now is a guaranteed loss. Just MHO.
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Old 19-06-2018, 08:15   #7
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Re: 450f Insurance - ouch!!

Thanks all for the prompt responses.
Ok, well I guess that Y will continue to get the business, they have an excellent reputation and I’ve been with them for a good while.

I’ll get the policy wording up on here when I renew in July.
ATB Nigel and Ann
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Old 19-06-2018, 09:43   #8
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Re: 450f Insurance - ouch!!

Anywhere that has a lot of people from the USA seams to equal high insurance. Down to a much greater chance of a claim against you! Plus they have to get all that money back they paid out last season plus an unreasonable profit margin.
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Old 19-06-2018, 11:52   #9
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Re: 450f Insurance - ouch!!

Quote:
Originally Posted by slimnrp View Post
Hi, just had a quote for the boat, painful!
Cruising Med and Atlantic Portugal and Spain was £2k
Crossing with ARC+ - cruising Bahamas, Caribbean and eastern seaboard with 1st June to 1st November named storm exemption below 36th parallel will be £5.5k

Can anyone tell me if this is competitive and perhaps give me some alternatives...

Boat is a 2018 450f @£600k
Current cover with Y yacht insurance, which whom we’ve been very happy.
Boat is U.K. registered.
You include EasternSeaboard USA in that quote. You MAY wish to check without it. When I was checking, adding USA anything to an insurance jacked the price substantially. Not sure why.

It may not be the Caribbean that's killing it.

Regards

Mark.
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Old 19-06-2018, 18:52   #10
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Re: 450f Insurance - ouch!!

Wow !!! Some people on small boats can sail for a year on that second quote.
Crazy world.
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Old 19-06-2018, 19:39   #11
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Re: 450f Insurance - ouch!!

As a reference, I'm paying $9500 November to November which covered an Atlantic crossing and coverage in the hurricane zone while hauled out. The hauled out period was 8 months and the coverage for TS was $4200 of the cost. Hull value of $450k.

So I think you got a great deal.
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Old 19-06-2018, 20:58   #12
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Re: 450f Insurance - ouch!!

Slim-
You need to call your insurer and say "That sounds like a lot. Can you tell me why the premium is so high and what I can do about that?"
It could be your hull value. Or, that you are going into blue water with just two? aboard? With short experience and no formal training?
Any insurer should be able to tell you line by line what is causing the total price, and what you can do is cut it down.
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Old 20-06-2018, 03:20   #13
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Re: 450f Insurance - ouch!!

If I'm not mistaken a mate of mine with a 450s paided almost 10k to get cover crossing the Indian ocean. A couple big insurance companies wouldn't do it.
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Old 22-06-2018, 03:38   #14
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Re: 450f Insurance - ouch!!

Quote:
Originally Posted by slimnrp View Post
Hi, just had a quote for the boat, painful!
Cruising Med and Atlantic Portugal and Spain was £2k
Crossing with ARC+ - cruising Bahamas, Caribbean and eastern seaboard [...]

Boat is a 2018 450f @£600k

I'm also paying close to 1% per year premium plus all sorts of taxes which pushes it above 1%.
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Old 22-06-2018, 07:19   #15
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Re: 450f Insurance - ouch!!

We pay about $2500 for a much less expensive boat so I would say you are getting a good deal and I also suspect “a suspiciously good deal”. Our boat has an agreed value clause, it might be worth comparing the actual coverages with others first before comparing the cost of that coverage. What exactly are you paying for?
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