Jump to content

Boat Insurance

Carwyn

By Carwyn
in New to Boating?

 Share

Featured Posts

LadyG Veteran II

LadyGDonate to Canal World

Posted
Posted (edited)

I use Craftinsure which is online only, by increasing excess to £300 from £250 , the monthly premium dropped , in spite of increasing value

I hope I never have to claim, but I am comprehensive, rather than tbird party only. Approx £120pa

Edited by LadyG
  • Happy 2
Link to comment
Share on other sites
  • 1 month later...
  • 2 months later...
OldGoat Veteran II

OldGoatDonate to Canal World

Posted
Posted
12 hours ago, Jonkx said:

Craftinsure or Towergate, if the price is about the same, does anyone have any preferences? Good or bad experiences in event of a claim?

They are both connected in some way - as far as I can see.

Happy to take your money - but quick to lambast you if you transgress (= have difficulty in geting a survey). They are really just brokers - the underlying cover is held by some German-Swiss outfit.

'All' the oher companies gave up some time ago - it's too small a market..

Link to comment
Share on other sites
Keeping Up Veteran II

Keeping UpDonate to Canal World

Posted
Posted
12 hours ago, Jonkx said:

Craftinsure or Towergate, if the price is about the same, does anyone have any preferences? Good or bad experiences in event of a claim?

I use Towergate, I found them very good when I had to claim from them twice (in the same month even). Their legal assistance however was completely useless; they had plenty of experience of other types of boating but couldn't understand about narrow boats.

  • Happy 1
Link to comment
Share on other sites
OldGoat Veteran II

OldGoatDonate to Canal World

Posted
Posted
15 minutes ago, Keeping Up said:

I use Towergate, I found them very good when I had to claim from them twice (in the same month even). Their legal assistance however was completely useless; they had plenty of experience of other types of boating but couldn't understand about narrow boats.

 

Agree - same experience here. Nice people on the phone, but they don't understand their market. To be fair none of the others do either!!

2 minutes ago, Jonkx said:

Thanks alot both. As far as I can tell the policies are fairly similar. Craftinsure come out a fair bit cheaper, and I've been with them 4 years so will probably stick with them. 

Sensible - the devil you know.....

  • Happy 1
Link to comment
Share on other sites
rgreg Experienced

rgregDonate to Canal World

Posted
Posted
1 hour ago, Jonkx said:

Thanks alot both. As far as I can tell the policies are fairly similar. Craftinsure come out a fair bit cheaper, and I've been with them 4 years so will probably stick with them. 

One thing that impresses me with Craftinsure is how little, if any, my premium has changed each year and has even reduced before without my intervention. It's one of the few insurance policies that I just renew each year and never bother to shop around.

  • Greenie 1
Link to comment
Share on other sites
David Mack Veteran II

David MackDonate to Canal World

Posted
Posted
1 hour ago, Keeping Up said:

I use Towergate, I found them very good when I had to claim from them twice (in the same month even). Their legal assistance however was completely useless; they had plenty of experience of other types of boating but couldn't understand about narrow boats.

When Michael Stimpson was with them they knew the canal market. No longer the case.

  • Greenie 2
Link to comment
Share on other sites
DHutch Veteran II

DHutchDonate to Canal World

Posted
Posted
6 hours ago, Jonkx said:

....As far as I can tell the policies are fairly similar. ...

 

As I understand it, almost all policies applicable to our boats are back by the same single underwriter, therefore as you say, they are basically all quite similar, including the requirements for regular out of water surveys for older boats.

 

Daniel

Link to comment
Share on other sites
Machpoint005 Veteran II

Machpoint005

Posted
Posted
7 hours ago, OldGoat said:

They are both connected in some way - as far as I can see.

Happy to take your money - but quick to lambast you if you transgress (= have difficulty in geting a survey). They are really just brokers - the underlying cover is held by some German-Swiss outfit.

'All' the oher companies gave up some time ago - it's too small a market..

 

My Craftinsure policy is underwritten by Zurich Insurance, based in Dublin. That would seem to make them a Swiss-Irish outfit. The Fareham, Hants address is described as a "branch office".

 

Link to comment
Share on other sites
dmr Veteran II

dmr

Posted
Posted
9 hours ago, David Mack said:

When Michael Stimpson was with them they knew the canal market. No longer the case.

 

They certainly lost their way very badly but appear to be making a real effort to get back into the boat business and effort and enthusiasm do partly compensate for a lack of expertise.

 

.................Dave

Link to comment
Share on other sites
Alan de Enfield Veteran II

Alan de Enfield

Posted
Posted (edited)
33 minutes ago, Ex Brummie said:

I suspect that generally, boat insurance is relatively low risk for underwriters,

 

It may well be that UK Inland waterways boats are low risk, but to lump them in with 'boat insurance' and it will be anything but low risk.

 

 

I recently posted extracts  from my renewal notice that quoted communications from Lloyds of London explaining they were changing some of the 'rules' on marine insurance due to continuing decling value of premiums (price cutting)  and record claims.

Now every company has to provide a business plan to Lloyds explaining how they can achieve sustainable business levels, and this has to be accepted by Lloyds before the provider can offer insurance.

 

One of the extracts :

 

 

For the first time in over 200 years Lloyds intervened in how insurers conduct business and special measures were imposed. The market has spiralled downwards to a fundamentally unsustainable level resulting in unsustainable losses  compounded by catastrophic (storm) claims. A lot of companies have had their 'licence'  revoked from this year.

image.png

Edited by Alan de Enfield
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share
Go to topic listing

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.