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Liveaboard insurance


northern

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Hi,

 

I'm looking for advice on taking out a liveaboard specific insurance policy.  I appreciate insurers can mostly only be measured in terms of how good they are when it comes to pay outs and most won't experience this  and presumably it's determined by the underwriter rather than whoever you buy the policy from.  However I'm more looking also for guidance and recommendations in terms of inclusions and exclusions, or 'must-haves', which you might think relevant, or reasons to avoid a particular insurer for whatever reason too.

 

Many thanks,

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11 minutes ago, luggsy said:

We are with nautical , liveabord cc 

Thanks.  What made you choose them?

 

I'm not looking for a policy based on cheapest price, more one which has the fewest exclusions / get-outs.

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6 minutes ago, northern said:

Thanks.  What made you choose them?

 

I'm not looking for a policy based on cheapest price, more one which has the fewest exclusions / get-outs.

 

Being cynical, my view is its best to put all your effort into not needing to claim, then buying the cheapest policy possible in order to get a license. 

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Are there actually any liveaboard specific insurance policies?

 

I've been living on boats for nearly 20 years and I've never had liveaboard insurance. When I did once ask my insurer whether living aboard made any difference to my policy or premium they said it didn't. They weren't really interested in that.

 

If anything I think they probably view liveaboards as lower risk as they know the boat is more likely to be actively maintained, especially over winter. 

 

I've only been with 3 or 4 different insurers so maybe others have "living on board"  written into their policies?

I imagine there might be some difference if you have a proper residential mooring. 

Edited by blackrose
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Although not requested mine is covered as a liveboard unless it is a house boat:

 

 

 

3.7 Non-standard use of Your Craft Unless it is noted in Your Schedule or amended by Endorsement You are not insured if You use Your Craft:

3.7.1 for hire or charter;

3.7.2 for anything except Your own private pleasure;

3.7.3 as a Houseboat;

3.7.4 outside the Cruising Limits shown in Your Schedule (however You may travel outside of Your Cruising Limits if You are forced to by the weather, any form of danger or an order of Government or legal authority);

 

Definitions :

Houseboat: A Craft that is permanently located or moored at a single location, which is permanently connected to either the on shore mains gas supply, mains electricity supply, mains water supply or sewage system.

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9 hours ago, MtB said:

 

Being cynical, my view is its best to put all your effort into not needing to claim, then buying the cheapest policy possible in order to get a license. 

 

Being cynical is fine but the OP said:

 

"I'm not looking for a policy based on cheapest price"

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You are looking really for two things. No exclusions to living on the boat and increased contents cover as you'll likely have more stuff on board than a leisure boater. I would have thought that living on board reduces the risk for the insurer, as a lot of the expensive claims for sinking are less likely if there is someone on board who can take immediate action to prevent it. I'd imagine an increased fire risk, but reduced vandalism risk. Reduced theft risk, but increased value of any theft claim. Swings and roundabouts. I'm currently with Collidge & Partners.

Jen

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3 minutes ago, Jen-in-Wellies said:

No exclusions to living on the boat and increased contents cover as you'll likely have more stuff on board than a leisure boater.

 

My insurers ask for the 'value of contents' (non fixed appliances, bedding, etc etc) and 'personal possessions',(clothes, computer, phones etc) give them the figures and that's what the insurance value covers.

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12 hours ago, northern said:

Thanks.  What made you choose them?

 

I'm not looking for a policy based on cheapest price, more one which has the fewest exclusions / get-outs.

Very wise, and something many people dont think about. I have just yesterday renewed my car insurance for the year. Cheapest quote was £178 I went for the one several quotes upwards that cost me £209. The lower priced quotes all had compulsory excess of £350 and the one I paid the bit more for was excess of £100. I often get zero excess policies. Excess is simply a legal term for not insured lol. 

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6 hours ago, Loddon said:

GJW do good live aboard insurance and have a good reputation for paying out, I have been with them 20+ years.

I like GJW and have been with them for 8 years or so. No claims but I know people who have had good claim experiences. 

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Craftinsure. Com for me, I know 2 people that claimed when their boats sank in the flood, they reacted very quickly and paid out in full in both cases. They also allowed retention of the hull and engine. 

One was a brand new boat that had only recently been finished and the other was an older boat. 

In both cases they refloated them and cleaned out the engines and got them running, both were livaboards unfortunately neither owners could reach their boats when the water came up

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6 hours ago, mrsmelly said:

Very wise, and something many people dont think about. I have just yesterday renewed my car insurance for the year. Cheapest quote was £178 I went for the one several quotes upwards that cost me £209. The lower priced quotes all had compulsory excess of £350 and the one I paid the bit more for was excess of £100. I often get zero excess policies. Excess is simply a legal term for not insured lol. 

Excess is a way of discouraging small value claims. I'm happy to have a quite large excess on my car as I wouldn't want to bother claiming for a small amount which would increase my premium in subsequent years. I think my last claim was in 2003...

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2 hours ago, George and Dragon said:

Excess is a way of discouraging small value claims. I'm happy to have a quite large excess on my car as I wouldn't want to bother claiming for a small amount which would increase my premium in subsequent years. I think my last claim was in 2003...

 

Ditto. A low/zero excess, and higher premium, can only make insurance companies more money, which is OK if people want to hand over their money. I'm insuring my boat against huge damage costing thousands, or even complete loss, (as well as huge 3rd party claims), where a £500 excess makes hardly any difference.

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15 hours ago, George and Dragon said:

Excess is a way of discouraging small value claims. I'm happy to have a quite large excess on my car as I wouldn't want to bother claiming for a small amount which would increase my premium in subsequent years. I think my last claim was in 2003...

Thats one way of looking at it. However being insured rather than partialy insured is the way I look at it for a few quid more.

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If you make a claim, next year's premium will increase because of the claim. so you are no better off. If you don't have to make a claim because you have "self-insured" for the first few hundred squid, your premium won't go up (much), because there was no claim. 

 

 

 

When all is said and done. insurance is a game of "heads you lose, tails you don't win".

 

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Just now, Machpoint005 said:

If you make a claim, next year's premium will increase because of the claim. so you are no better off. If you don't have to make a claim because you have "self-insured" for the first few hundred squid, your premium won't go up (much), because there was no claim. 

 

 

 

Same here I have contacts to paint cars, I would repair boat up to a point and its the same at Jaynes bungalow, rug in front of stove to protect carpet 

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6 hours ago, Jen-in-Wellies said:

Same as with any sort of gambling really. The House always wins.

 

It has to, or it could not afford to be there. 

 

Similar thing happens with fixed rate mortgages. Take one and you'll be worse off than had you stuck with base rate variable. It always works out that way. DAMHIK. 

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Thanks for the responses.  Apologies for the delayed reply.

 

After 18 months of dicking about I finally went ahead with buying a boat today following a decent survey result.  

 

I've tried to arrange the insurance and the results are:

 

GJW - £475 including £7,500 contents and laptop as named item

Towergate - I've been referred and won't quote til they've spoken to me

Navigators and General / Zurich - I'll get a response within 3 days

Craft Insure - £162 - cover for contents can't be modified and looks like it's £2,400.  Policy summary is a bit woolly.  No mention of liveaboard whereas other do

 

Cover for alternative accommodation is limited with all of them to around £2,500 which won't go far.

 

 

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Big difference in price, I am with Craft Insure which I know pay up from friends claiming. I thought that the contents was more than that but I haven't checked recently, 2.5k wouldn't look at what I have 😟

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10 hours ago, northern said:

GJW - £475 including £7,500 contents and laptop as named item

Interesting:

For a £50k boat value and £6k contents but no longer residential, mine is £197 with GJW. However that is with 10+ years of NCB

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