Topsail insurance Australia - premium up yet again!

[benzy]

Just got the quote to renew our insurance this year and the basic premium has gone up 25%! First year renewal was up 7% and last year was up 20%.

So every year it rises and it’s not slowing down. I have normalised for all other factors. Our no claims bonus keeps going up but is more than cancelled out by the basic premium increase.

They quote a catastrophic year or losses. Same thing they quoted last year and the year before. Given the historical trend the premium would have been about $50 ten years ago.

Anyone else with Topsail Australia? Did your premium go up that much?

What about any other Aussie cruisers not with Topsail. Any premium increase?

I just find it hard to believe that that entire insurance industry has hiked their prices by 25%.

[daletournier]

Mine went up 28%,i didn't renew.

[GILow]

My Pantanius has been pretty much stable but it is third party only.

[john61ct]

Higher likelihood of extreme weather events, accelerating rates of uncertainty.

500% increase over 10 years may not be enough to get them to break even.

Start shopping around a month before the policy ends.

Or self-insure

[tarian]

Why do people come on and are shocked their insurance is up every year, it happens with your house, car, life, all insurance, they give you a first year offer and the following year they will increase prices , now based on how many people can not be bothered to shop around is already factored into their equations , to think that because it is a sailboat their is loyalty is nonsense.
Shop around if not pay what they demand , I had one quote from topsail £450 more expensive than the insurance I went with.
Who ever takes the first offer , you have to much money , and should consider uping your charitable donations

[daletournier]

Originally Posted by tarian

Why do people come on and are shocked their insurance is up every year, it happens with your house, car, life, all insurance, they give you a first year offer and the following year they will increase prices , now based on how many people can not be bothered to shop around is already factored into their equations , to think that because it is a sailboat their is loyalty is nonsense.
Shop around if not pay what they demand , I had one quote from topsail £450 more expensive than the insurance I went with.
Who ever takes the first offer , you have to much money , and should consider uping your charitable donations

Fairly normal for a product to go up subject to CPI, let's say 2-3%,but 25-30% is totally outrageous. Keeping up with inflation is understandable but the above amount is hard to swallow.

It would be interesting to know if their inflated prices makes for greater profit or their loss of customers costs them profit. I've had full comphrensive for years, I now have switched to liability only, this results in them getting 4k less income,surely I'm not the only one to take this path.

[tarian]

Originally Posted by daletournier

Fairly normal for a product to go up subject to CPI, let's say 2-3%,but 25-30% is totally outrageous. Keeping up with inflation is understandable but the above amount is hard to swallow.

It would be interesting to know if their inflated prices makes for greater profit or their loss of customers costs them profit. I've had full comphrensive for years, I now have switched to liability only, this results in them getting 4k less income,surely I'm not the only one to take this path.

It is common practice in the insurance industry to pull you in for a first year offer and then raise the price second year , they will lsoe people but they will also keep people that are to lazy to find another insurance, can afford it and dont care , or forget to leave after their first year and are caught in the trap,
this mind set that insurance are there to help you is as good as a Banker saying customer always come first
The Insurance model is based on the first time offer to snare you in , and the more customers and less claims makes more money on top of the over inflated premiums that those that have not shopped around.
Your cable provider , your banks , your insurance, all give out first time offers they calculate that they will retain a certain amount due ot the factors above , this outweighs those that left as they get more first timers coming in and so the merry roundabout goes on

If your not changing your
Cable
Electricity
Gas
Phone
All insurance
Mobile
every year for the best deals or asking for a better deal , you are losing money . but as I always say on these forums its your money and you can spend it as you like

[Jhclay]

My Topsail insurance went up 6% last year. When I took the cover out the year before, Topsail's was one of the most competitive quotes. Sounds like I should prepare for a big hike this year!

[Max Nankervis]

Also in Australia I have been through a few marine insurance companies over the years. The most recent one was when "Trident Insurance" bumped my premium up 33% in one go (following lesser increases in previous years). The excuse was that they "put it in a different class"! So I shopped around and got more or less the same cover with a low "excess" for the same price as my previous year. The current company is RACV. I recall one well-known company would not even quote without a survey. ie, about $1000 in order to get them to merely quote! I suggested to them (in a manner of speaking!) they were not really looking for business. So shop around.

[lordgeoff]

Originally Posted by tarian

Why do people come on and are shocked their insurance is up every year, it happens with your house, car, life, all insurance, they give you a first year offer and the following year they will increase prices , now based on how many people can not be bothered to shop around is already factored into their equations , to think that because it is a sailboat their is loyalty is nonsense.
Shop around if not pay what they demand , I had one quote from topsail £450 more expensive than the insurance I went with.
Who ever takes the first offer , you have to much money , and should consider uping your charitable donations

6 years and my Pantaenius insurance hasn’t changed.

[daletournier]

Originally Posted by lordgeoff

6 years and my Pantaenius insurance hasn’t changed.

When did you last renew? I also got a quote for them and they were considerably more than the previous year. They do supply liability only where Topsail dosent.

[Ian Meldrum]

I went with Pantanius I cannot comment on previous years as it was my first year but they were very good to deal with and much cheaper than the other quotes I got.

[44'cruisingcat]

Our QBE policy increased by 25% one year, and was going up 25% again the next.

The requirement for an out of water survey keeps a lot of people from switching.

But we got a good deal on a survey from Fore And Aft, a member here, which made it worth changing, funnily enough to Topsail!

If we get slugged with another big hike next year, we have a recent survey and we're ready to shop around!

[daletournier]

I've found topsail to be considerably cheaper than Pantanius each time I got a quote. I've been insured by both and have found each provided good service regarding fielding questions etc, I've never made a claim.

[john61ct]

Insurance is a casino gambling business, but the odds keep changing.

Worldwide payouts are skyrocketing, if they can't cover the unpredictably variable costs they're gone.

Quite possible the pleasure craft segment may well need to close up shop in coming decades.