Boat insurance

[Bewildered]

Our boat insurance policy is due for renewal, currently with Collidge & Partners for just shy of £300. For a 70ft 18 year old narrow boat .

I'm not sure if this figure is around the current market price or if it is excessive. So I was wondering if the forum members think this is a reasonable price and if not which insurance companies they would recommend.

Thanks

Edited November 2, 2017 by Bewildered

[Dave Payne]

I am with craft insure, 57ft, 20 years old, under £120.

[haza]

if that for contents also .i would have thought thats the norm ...i pay about 270 with contents ...but im not the one to say thats good or bad ,,

[Bewildered]

23 minutes ago, haza said:

if that for contents also .i would have thought thats the norm ...i pay about 270 with contents ...but im not the one to say thats good or bad ,,

Yes, I forgot to mention it covers contents and also marine legal cover

[haza]

well to me that seems to be ok .i also think the only time you can judge if your insurance is good or bad .is when you have to put in a claim .something i have never .or  hope to do in the future .i have heard some really awful thing about .insurance company s .so i would say if you are happy with the company you use fair play if not 

[ditchcrawler]

Well I am with Towergate and one of the things that effects the price of the policy is the value of the boat. No one above has said what their boat is insured for, just size and age.

[haza]

mines 11 years old 50 ft insured for 65 thou with contents £275 ish 

[noddyboater]

I've also just received my renewal from Collidge & Partners, £260 with full no claims and £45k value. Interestingly it came with a note saying that since I've been with them for a long time "I may find cheaper cover elsewhere by shopping around" ! 

I found GJW were very competitive, in fact by removing personal contents cover over £100 cheaper. The trouble with Collidge is they cover for many things that aren't applicable for a n.b., such as "tender and outboard up to the value of £6k". 

Beware of "Insure4boats" if you use tidal waters. They don't cover at all but forgot to mention it while offering you a really cheap quote. 

[matty40s]

I'm with Collidge, just over £270 fully comp to CC with £20k personal belongings plus £500 bikes plus legal cover is pretty damn good in my eyes, I have searched for negative reviews, never found one.

They have people you can understand on the other end of the phone and the entire T&C is very clear, legible and simple.

You are also covered to the Thames Barrier, Portishead-Sharpness Severn with a pilot and the whole Trent including falls to Hull.

[Momac]

I agree with the thought that the premium is mostly associated with the value rather than the size of the boat. 

The cruising range may come into it for sea boats - and again for sea boats  the skippers experience may also be a factor.

 

 

[Sea Dog]

On 02/11/2017 at 16:37, Dave Payne said:

I am with craft insure, 57ft, 20 years old, under £120.

Had my renewal from them today. Also 57' but mine's 8 years old. Mine's £10.70 pcm, down this year from £14.22 last.

[Just Heaven]

On 02/11/2017 at 18:47, noddyboater said:

Interestingly it came with a note saying that since I've been with them for a long time "I may find cheaper cover elsewhere by shopping around" ! 

That's a legal requirement 

Steve

[nipper]

I am with Towergate, this years premium has gone up a hundred pounds to £448.

No claims at all unless calling Canal and river Rescue amounts, in there eyes, a claim! There is a £45 retainer built into the insurance!

So Towergate have now lost me forever, i wont be going back!

I have had quotes from GJW, Craft insure etc and all of them are not half of what Towergate want!!

Insured for £50,000. and contents of £6300.

I will make up my mind a little closer to the renewal date.

Nipper

[ditchcrawler]

55 minutes ago, nipper said:

I am with Towergate, this years premium has gone up a hundred pounds to £448.

 

I think mine actually went down a touch, but don't have the papers to hand

[nipper]

33 minutes ago, ditchcrawler said:

I think mine actually went down a touch, but don't have the papers to hand

Yes, they don't seem to be playing from an even base, do they!

I expect my trouble is that I have been with them since the six years that i have owned Largo. But like other things nowadays, there is no loyalty anymore!

Nipper

 

[haza]

i was with my insurance for over 10 years ..until this year and i got a better all round deal ...if you tell your old company this .they turn round and say lets see if we can match what you have been offererd and most times they do ...i find that strange 

[haggis]

47 minutes ago, haza said:

i was with my insurance for over 10 years ..until this year and i got a better all round deal ...if you tell your old company this .they turn round and say lets see if we can match what you have been offererd and most times they do ...i find that strange 

I would still leave a company who were able to reduce the price to match someone elses. Why not offer you that price to start with?

haggis

[ditchcrawler]

47 minutes ago, haggis said:

I would still leave a company who were able to reduce the price to match someone elses. Why not offer you that price to start with?

haggis

Same here, and I tell them that 

[Sea Dog]

3 hours ago, haggis said:

I would still leave a company who were able to reduce the price to match someone elses. Why not offer you that price to start with?

haggis

Will you be using that same pricing model when you sell your boat?

[ditchcrawler]

34 minutes ago, Sea Dog said:

Will you be using that same pricing model when you sell your boat?

Well I wouldn't say go and see what you can buy the other boats for and I will match it.

[haggis]

1 hour ago, Sea Dog said:

Will you be using that same pricing model when you sell your boat?

Different scenario

haggis

[Sea Dog]

11 hours ago, haggis said:

Different scenario

haggis

Same aim - maximise returns. Some businesses do that by sticking to an RRP, some haggle. I'm not saying I like this practice when it comes to insurance companies, I think it rather unfair on those less able to spot that they're being seen off, but it's just why some of the little tinkers do what they do.

Just this week, Craftinsure reduced mine from £14.22 to £10.70 in my renewal quote (without being asked). I stayed with them. Had it gone up, I may not have. Other insurers have a different pricing model, but that's their choice. We also have choice whether we buy from them again.  Fact is, so many people just renew, the practice pays.  Same with energy prices, etc.  Any change from this practice would be funded by those who do shop around losing their reward and thus paying higher premiums. I'm not saying that's unfair, but it would certainly cost me more!

[Sanddancer]

I changed to a firm online called "my boat insurance" all I know is that the advice and the price £124 for a 50' 11 year old boat was good.

[canals are us?]

I'm also with Collidge and Partners since I bought the boat 5 years ago.

I may change this year as feel I may be under insured. I have a 1998 50ft Liverpool trad in good condition and passed the pre- purchase survey with very minor points 5 years ago. Hull readings excellent etc. I paid 25k for it. Collidge would only insure it for what I bought it for even though the surveyor valued it at 12k more. I really think the value is around 30k to be realistic.

I feel that if the worst happened, which has happened in Marinas, and through no fault of your own, or boat, then I fear I may not be able to replace the boat with one as good, as under insured.

I currently have total insured for 27k inc contents and costs £147.00 a year. I like the company and they are very helpful on the phone and efficient.

Is 25k too cheap? You can see my boat in boat painted topic. https://canalworld.net/forums/index.php?/topic/93823-boat-painted/James

 

Edited November 5, 2017 by canals are us?

[David Mack]

Your new insurer might need to see a professional valuation to increase the sum assured, even though they probably won't want a full survey.