Insurance Company

[DavidT88]

I am buying my first canal boat and wondered if anyone can recommend a good insurance company 

[Mike Coombes]

13 hours ago, DavidT88 said:

I am buying my first canal boat and wondered if anyone can recommend a good insurance company 

 

I get to speak to a knowlegable human being and get exemplary service from Porthcawl Marine Insurance.

[IanD]

13 hours ago, DavidT88 said:

I am buying my first canal boat and wondered if anyone can recommend a good insurance company 

Craftinsure has often been recommended, last time I looked was considerably cheaper than the alternatives, and is easy to obtain.

 

But never having had to contact them or make a claim I can't say how good their service is, maybe others can comment?

[Momac]

I have spoken with human beings at HJK . 

 

https://www.havenkj.com/

But really the best plan is to obtain a number of quotations and read the insurance policy before buying.

[SUIGENERIS]

Best that I found to actually speak to so far is Assist Insurance in Northampton. Met them a year or two ago at Crick Show, They insure two boats for me now, one narrowboat, another estuary trailer cruiser. Prices and terms seem very good.

[IanD]

1 hour ago, Momac said:

I have spoken with human beings at HJK . 

 

https://www.havenkj.com/

But really the best plan is to obtain a number of quotations and read the insurance policy before buying.

 

I just asked HJK for a quote, the answer was 70% higher than I'm paying with Craftinsure. That's a similar difference to what I found in 2023 when I first insured the boat...

 

And some quotes then were even higher, so it's good advice to get several quotes... 🙂 

Edited January 9 by IanD

[Chris John]

CraftInsure 

[Gybe Ho]

When comparing quotes watch the APR rate on monthly payments, 26.9% at Craft Insure.

 

In other respects I like CraftInsure's use of plain English and their lithium battery clause makes more sense than others...

 

Quote

Yes - provided that the batteries are installed and maintained in line with manufacturer guidelines and are not left unattended when charging. We would also require a specific fire extinguisher to be on board.

 

But what is a "specific fire extinguisher"?

 

Me = "yes CraftInsure, a specific fire extinguisher is located within 6ft of the lithium batteries that I specifically intend to use if the lithium batteries catch fire.".

[Mike Tee]

^^^ Yes, Craftinsure, been using them for years with no problem - but no claims either so not really in a position to recommend! 

[JoeC]

I have been with GJW for about three years but never made a claim.

[IanD]

9 minutes ago, JoeC said:

I have been with GJW for about three years but never made a claim.

Same comment about costs as HKJ, except IIRC they were closer to 100% more expensive than Craftinsure when I last looked in 2023... 😞 

 

Like car insurance (or maybe even more so given the much smaller market!) there are big differences between providers. Get several quotes!!!

Edited January 9 by IanD

[blackrose]

2 hours ago, Mike Tee said:

^^^ Yes, Craftinsure, been using them for years with no problem - but no claims either so not really in a position to recommend! 

 

Me too. I must have paid Craftinsure something in the region of £5K in premiums over the 20 years I've been with them and I've never had a problem. But I've only ever given them money, never asked for any back!

[GUMPY]

I always used GJW since I heard how they pay out well.

Nor sure how they will be under the new owners.

[magnetman]

Just out of interest if you only want unsurance because it is a legal requirement under for obtaining a licence then there is Basic Boat Liability Company which covers 3rd party and wreck recovery. It's less than £100 a year. 

 

It depends what you want to do of course and attitude to unsurance as a social construct. Do you want to pay for someone else's claim &c. 

 

Comprehensive is not hugely more expensive so most people would probably do that. 

 

 

[Momac]

28 minutes ago, magnetman said:

. Do you want to pay for someone else's claim 

 

 

That's the general idea of insurance  . But it could be if you have some bad luck others will pay  your claim. 

If the total loss of your boat is affordable for you then 3rd party cover at a lower premium  is your option, which is fair enough.

 

[magnetman]

It's also an option if total loss is not affordable. 

The moral hazard of potentially making people behave more dangerously is not as serious as with motor vehicles of course but it does still exist. 

 

If there was no insurance and people had to pay from their own means or face legal consequences the world would be a safer place. 

 

Or "you would get run over by a wealthy gentleman" 😄 

[Mike Tee]

2 hours ago, magnetman said:

Just out of interest if you only want unsurance because it is a legal requirement under for obtaining a licence then there is Basic Boat Liability Company which covers 3rd party and wreck recovery. It's less than £100 a year. 

 

It depends what you want to do of course and attitude to unsurance as a social construct. Do you want to pay for someone else's claim &c. 

 

Comprehensive is not hugely more expensive so most people would probably do that. 

 

 

Our last liveaboard (which we sold at the end of last summer) was insured fully comp, boat and contents, as a live aboard and the last premium was £231 - that's roughly one pint of beer a week. It just doesn't make sense not to have it, unless you think somebody else will pick up the replacement cost if something goes wrong.

[Alan de Enfield]

2 hours ago, Mike Tee said:

...............unless you think somebody else will pick up the replacement cost if something goes wrong.

 

Gen Z seem to believe that is what the internet is for (Gofundme)

No need to be a responsible adult when others will pay for your failures.

[Mike Coombes]

I am very happy with the quote for the boat we are in the process of buying.

 

£160 Comprehensive, 55K value, leisure use, CRT towpath mooring.

 

By comparison to Yacht Comprehensive Insurance, it is pocket money.

 

Our previous boat, £150K value, Harbourmasters secure pontoon mooring, very secure, was almost £1,000 PA. After getting a refund for the unused part of the policy, got more money left than needed to insure our NB.

 

Porthcawl Marine Insurance. Brokers, so can use the most suitable underwriter for the vessel/client.

[LadyG]

19 hours ago, Mike Tee said:

^^^ Yes, Craftinsure, been using them for years with no problem - but no claims either so not really in a position to recommend! 

I did have a claim, amicable and swift settlement, which is important if you have bills to pay. Their premiums have gone up a bit, but  I've raised my valuation.

[magnetman]

13 hours ago, Mike Tee said:

Our last liveaboard (which we sold at the end of last summer) was insured fully comp, boat and contents, as a live aboard and the last premium was £231 - that's roughly one pint of beer a week. It just doesn't make sense not to have it, unless you think somebody else will pick up the replacement cost if something goes wrong.

 

I don't agree with the principle of insurance so I only have what the law requires. I have spent more than 30 years being in and using Boats all of time and never... BANG ... Oops. 

10 hours ago, Alan de Enfield said:

 

Gen Z seem to believe that is what the internet is for (Gofundme)

No need to be a responsible adult when others will pay for your failures.

It's funny how ironic this is because insurance is based on the principle of others paying for your failures (failure to keep the vessel in a safe and secure state). 

 

It was pointed out in the case of the Whitchurch breach, which did trigger the GFM 'let's make some profit' algorithms, that the donations made by kind people may actually end up paying the insurance company shareholders. 

 

A good irony !

[LadyG]

6 hours ago, LadyG said:

 

The difference in cost of comp v third party makes the former an easy decision for me.  It also depends on your circumstances of course. Anyone driving a £50K car would be stupid to have absolute min insurance, unless they have another £50K readily available.  More so with an upmarket vehicle.

Edited January 10 by LadyG

[DavidT88]

Thank you all for your feedback and I will gather some quotes together .

[IanD]

20 minutes ago, DavidT88 said:

Thank you all for your feedback and I will gather some quotes together .

If you get several quotes (strongly advised!), it might help similar discussions in future if you're willing to say what each company quoted you***, that can be more useful to others than just "I pay xxx" or "I'm happy with company yyy". 

 

*** if you don't want to reveal actual costs, ratios would help e.g. "cheapest was xxx, yyy was 1.5x as much, zzz was 2x as much"

[LadyG]

2 hours ago, DavidT88 said:

Thank you all for your feedback and I will gather some quotes together .

You have to value the boat yourself, set the excess yourself etc  this can done online with many websites without actually buying the policy . Find a policy you are comfortable with, one that folks have mentioned here pehsps.

Itb might be better to use a broker who is used to dealing with narrowboats, you dont necessarily need a high profile yacht insurer as seen in glossy magazines.

Boat policies are generally all backed by Lloyds of London when it comes down to indemnity, ie big money claims against you. Brokers or other companies are intermediaries.

Edited Thursday at 17:16 by LadyG