Insurance increase for 2023/24

[frangar]

Just had my renewal from GJW and its gone up £20 from the £220 from last year...wondering if others have had the same increase with no factors changing...Ive tried to do a new online quote but due to the age of craft they want to chat etc....I have a survey that GJW say is valid to 2027 as the boat is over 30 years old but of course every other company wants a new survey so you are a bit captive to the existing provider....I will phone on Monday and have the usual bartering which annoys me intensely...just like car insurance and breakdown cover etc but would be interested in what others have found before I make the call...no doubt they will spout cost of living...wage increase etc etc!

[MoominPapa]

Inflation is 10% and that includes inflation on boat repairs and new boats. I'd say they've given you a £2 discount.

 

MP.

[Tracy D'arth]

Mine with Craftinsure has gone down for the same cover.

[frangar]

Just now, MoominPapa said:

Inflation is 10% and that includes inflation on boat repairs and new boats. I'd say they've given you a £2 discount.

 

MP.

I dare say they might say that as well....but I really dont trust how insurance companies and the like price anything....especially when you are an existing customer...they seem to think you are a cash cow to be milked hard...my last RAC renewal was £50 more...after a phone call I got 18 months of cover for  just less than the previous year...again...same charade every year...

3 minutes ago, Tracy D'arth said:

Mine with Craftinsure has gone down for the same cover.

I might try Craftinsure but I bet they want a new hull survey so it doesnt make it cost effective....this seems to be an issue when trying to change company/broker sadly...basically you have the year you have a new survey to find a better/cheaper quote then you are locked in. At least GJW havent changed their minds when I next needed a survey like Towergate did to me....

[Lady M]

Your survey seems quite new to me so it must be worth just giving Craftinsure a call.  

[Alan de Enfield]

21 minutes ago, frangar said:

I dare say they might say that as well....but I really dont trust how insurance companies and the like price anything....especially when you are an existing customer...they seem to think you are a cash cow to be milked hard...my last RAC renewal was £50 more...after a phone call I got 18 months of cover for  just less than the previous year...again...same charade every year...

I might try Craftinsure but I bet they want a new hull survey so it doesnt make it cost effective....this seems to be an issue when trying to change company/broker sadly...basically you have the year you have a new survey to find a better/cheaper quote then you are locked in. At least GJW havent changed their minds when I next needed a survey like Towergate did to me....

 

 

I seem to remember that Craftinure say (something like) "you must have had a survey within the last 12 months" and send it to them for acceptance (obviously a survey saying "will sink any minute, not insurable" would not be much help).

[haggis]

Forgive me digressing but I have encountered a result of being antique which I hadn't anticipated!

I had a significant birthday last year and when I got my car insurance quote (from Esure) it had gone up by several hundred (Ok I admit, I like big cars 🙂 ) . I shopped around and switched to a company (General Accident) which although more than I had been paying was less than Esure. Just had an email from GA telling me that as I no longer meet their criteria they will not offer me insurance when my policy expires next month. This despite having a NCB of 20%.

Not sure if it is sexism or ageism or both but I am not a happy bunny. 

 

[frangar]

18 minutes ago, haggis said:

Forgive me digressing but I have encountered a result of being antique which I hadn't anticipated!

I had a significant birthday last year and when I got my car insurance quote (from Esure) it had gone up by several hundred (Ok I admit, I like big cars 🙂 ) . I shopped around and switched to a company (General Accident) which although more than I had been paying was less than Esure. Just had an email from GA telling me that as I no longer meet their criteria they will not offer me insurance when my policy expires next month. This despite having a NCB of 20%.

Not sure if it is sexism or ageism or both but I am not a happy bunny. 

 

It just shows what a bunch of (insert expletive) insurance companies are. Technically I’m not sure if that then means you have to tick the box that says you’ve been refused insurance which in turn opens up more issues. It’s ridiculous. 

[haggis]

21 minutes ago, frangar said:

It just shows what a bunch of (insert expletive) insurance companies are. Technically I’m not sure if that then means you have to tick the box that says you’ve been refused insurance which in turn opens up more issues. It’s ridiculous. 

No, the email said that it didn't count as being refused insurance and I didn't need to tell other companies. I'm not so sure though!

[Guest]

7 minutes ago, haggis said:

No, the email said that it didn't count as being refused insurance and I didn't need to tell other companies. I'm not so sure though!

 

Probably best to go through a broker you can actually speak to for your next cover and explain what has happened, I'd be reluctant to just take the word of the company who will no longer insure you.

 

How can they claim you haven't been 'refused' insurance when effectively they have done just that?

 

 

 

 

Edited May 20, 2023 by M_JG

[frangar]

2 hours ago, Lady C said:

Your survey seems quite new to me so it must be worth just giving Craftinsure a call.  

My survey was done in 2017….GJW seem ok with one every 10 years. Sadly if you change companies they seem to require one that’s less than 12 months old…..makes no sense to me. 

[Lady M]

Towergate have changed mine from every 6 years to every 5 years since the last one.  For just £20 more, your GJW renewal is sounding more and more like the best deal you are likely to find. 

PS  Of course, statute of limitations means you won't be able to sue your surveyor after 7 years from the survey date!  I had understood this was why insurers asked for a new survey after 6 years.

[The Gravy Boater]

I changed to Craftinsure last year and was not required to get a survey (last done in 2020).  Their price would not have gone up for me this year but I increased the boat valuation £5k to take account of the market/inflation.  Premium went up £10.

[David Mack]

1 hour ago, M_JG said:

How can they claim you haven't been 'refused' insurance when effectively they have done just that?

They have declined to insure because @haggis no longer meets the criteria for the policy, presumably on grounds of age. Its no different from asking a motor insurer to insure your boat and being turned down, because that is not the insurance they offer.

I know it's annoying, but in a way they have done her a favour. If they had continued to insure but only at a much higher premium or on different terms, that might have had to be declared to any future insurer.

[Ex Brummie]

I'm with GJW, and had a similar increase, but as it now includes RCR basic cover, my renewal with them went down so I'm paying about the same.

[Guest]

56 minutes ago, David Mack said:

They have declined to insure because @haggis no longer meets the criteria for the policy, presumably on grounds of age. Its no different from asking a motor insurer to insure your boat and being turned down, because that is not the insurance they offer.

I know it's annoying, but in a way they have done her a favour. If they had continued to insure but only at a much higher premium or on different terms, that might have had to be declared to any future insurer.

 

Personally if it was me I would prefer to verify that with somebody in person rather than risk a claim being refused later on. It would certainly do no harm checking and would give peace of mind.

[Barneyp]

4 hours ago, MoominPapa said:

Inflation is 10% and that includes inflation on boat repairs and new boats. I'd say they've given you a £2 discount.

 

MP.

Interest rates have gone up significantly, and as insurance companies need to hold large cash reserves to meet claims they should be making money out of that which would partially offset the increase costs from inflation.

2 hours ago, haggis said:

..... 🙂 

Not sure if it is sexism or ageism or both but I am not a happy bunny. 

It was ageism, they are no longer allowed to be sexist - which means you lose out as you would get a lower price if they were.🙃

[mrsmelly]

2 hours ago, haggis said:

No, the email said that it didn't count as being refused insurance and I didn't need to tell other companies. I'm not so sure though!

Whilst I would never guess anyones age  Car insurance has for many years with many companies started to rise after age 70. Mr statistic says likelihood of accident rises after a certain age. Much like 17 to 24 year old males are worse drivers ( by a long way ) than female and are more likely to have accidents.

Edited May 20, 2023 by mrsmelly
numpty

[alan_fincher]

6 hours ago, frangar said:

Just had my renewal from GJW and its gone up £20 from the £220 from last year...wondering if others have had the same increase with no factors changing...Ive tried to do a new online quote but due to the age of craft they want to chat etc....I have a survey that GJW say is valid to 2027 as the boat is over 30 years old but of course every other company wants a new survey so you are a bit captive to the existing provider....I will phone on Monday and have the usual bartering which annoys me intensely...just like car insurance and breakdown cover etc but would be interested in what others have found before I make the call...no doubt they will spout cost of living...wage increase etc etc!

 

You are (relatively) lucky I would say.

 

I've just had an annual increase from GJW from £200 to £290, (figures rounded to nearest £, rather than me looking them up, as the paperwork is at home, not here on the boat).

 

No changes to policy, and insured value remains unaltered.

 

A bit steep, I thought, but "frangar's" "survey required" makes switching elsewhere a lot more expensive.

 

For clarification this is for an historic (1936) oat.

[BoatinglifeupNorth]

This month GJW boat insurance renewal up to £288 from £272 last year(14 year old boat)

CaRT licence up to £1306.

Petplan dog insurance up to £705 from £595 last year(15 year old dog)

 Tried quotes from other companies that people said were cheaper and they were actually more expensive, insurance like everything else is just going up.

 

 

[Naughty Cal]

We renewed our van insurance recently. The previous insurers Comfort who had been by far the cheapest for the previous two years wanted an increase from £330 to £460 for this year!

 

Caravan and Motorhome Club insurance for more miles per year (8000 rather than 6000) and a higher insured value (£60k rather than £53k) came in at £320.

[Naughty Cal]

1 hour ago, BoatinglifeupNorth said:

This month GJW boat insurance renewal up to £288 from £272 last year(14 year old boat)

CaRT licence up to £1306.

Petplan dog insurance up to £705 from £595 last year(15 year old dog)

 Tried quotes from other companies that people said were cheaper and they were actually more expensive, insurance like everything else is just going up.

 

 

Our dog insurance is one that hasn't gone up this year. £13 a month last year and £13 a month this year for a 7 year old "mongrel" 

[Guest]

1 minute ago, Naughty Cal said:

Our dog insurance is one that hasn't gone up this year. £13 a month last year and £13 a month this year for a 7 year old "mongrel" 

 

Thats cheap who's that with? We are up to £55 pcm with More Than for a 9 YO,  JRT.

[cuthound]

I was with Towergate. Last year it increased from £250 to £290 and I was tempted to move but didn't. This year they wanted £410 for less cover I now had to pay £50 per callout for RCR, whereas previously I got 4 free callouts, saving me from having to join RCR.

 

I moved to GJW for £265 for this year, but still have to pay £50 for each RCR callout.

[pearley]

Our boat insurance with Craftinsure has stayed the same for the next year but contents increased by £40.