Insurance

[Old Son]

I am very new to boating and have just bought my 1st Narrow Boat. I am searching for insurance companies and finding it very difficult to compare like for like. The boat will be kept ashore for the next 18 months or so. I seem to be getting quotes which are the same price as if the boat was moored in the canal. The best cover seems to be with Haven Knox-Johnston, an all risks policy which gives me a 10% discount if/when I moor in a marina. I also get 5% no claims discounts per year. The price is a heafty £260!! The cheapest seems to beTowergate at £50 less but the excess is slightly more and I've heard they can be a little difficult when making a claim. I have read other threads on here about insurance but still not sure which way to go. I don't mind paying if the figures quoted are what could be expected. What do you experienced boaters think, does £260 sound a lot for a £65k boat that is not yet in the water?

[mrsmelly]

I am very new to boating and have just bought my 1st Narrow Boat. I am searching for insurance companies and finding it very difficult to compare like for like. The boat will be kept ashore for the next 18 months or so. I seem to be getting quotes which are the same price as if the boat was moored in the canal. The best cover seems to be with Haven Knox-Johnston, an all risks policy which gives me a 10% discount if/when I moor in a marina. I also get 5% no claims discounts per year. The price is a heafty £260!! The cheapest seems to beTowergate at £50 less but the excess is slightly more and I've heard they can be a little difficult when making a claim. I have read other threads on here about insurance but still not sure which way to go. I don't mind paying if the figures quoted are what could be expected. What do you experienced boaters think, does £260 sound a lot for a £65k boat that is not yet in the water?

 

Yep, its about right, and a hell of a lot better value than a motor car policy for the same cover................

[Tim Lewis]

I am very new to boating and have just bought my 1st Narrow Boat. I am searching for insurance companies and finding it very difficult to compare like for like. The boat will be kept ashore for the next 18 months or so. I seem to be getting quotes which are the same price as if the boat was moored in the canal. The best cover seems to be with Haven Knox-Johnston, an all risks policy which gives me a 10% discount if/when I moor in a marina. I also get 5% no claims discounts per year. The price is a heafty £260!! The cheapest seems to beTowergate at £50 less but the excess is slightly more and I've heard they can be a little difficult when making a claim. I have read other threads on here about insurance but still not sure which way to go. I don't mind paying if the figures quoted are what could be expected. What do you experienced boaters think, does £260 sound a lot for a £65k boat that is not yet in the water?

 

We have made a couple of claims through Michael Stimpson (Towergate) whish went through with no fuss at all.

 

Tim

[PhilR]

We have made a couple of claims through Michael Stimpson (Towergate) whish went through with no fuss at all.

 

Tim

 

 

St Margarets might not be competitive for some of you, it all depends on the small print and what type of boating you intend to do. But I'm happy with them and the 2 small claims I have made within the last 40 years have been paid instantly.

 

Phil

[PaddingtonBear]

If it is going to be ashore for 18 months....... why buy it now? why insure it fully comp? what is going to happen to it? (unless of course it is ashore anywhere that is regularly reported on NBW ))) Our boat are always insured 3rd party only, what can possibly happen to a steel boat that is not included in the exclusions?

Edited July 28, 2009 by PaddingtonBear

[debbifiggy]

If it is going to be ashore for 18 months....... why buy it now? why insure it fully comp? what is going to happen to it? (unless of course it is ashore anywhere that is regularly reported on NBW ))) Our boat are always insured 3rd party only, what can possibly happen to a steel boat that is not included in the exclusions?

 

It is worth insuring fully comp. I remember a case where someone had almost completed fitting out their new narrowboat on hard standing and it was set alight by kids. They lost everything and didn't get paid out by the insurance company as they only did 3rd party.

[Machpoint005]

This may be a stupid question but if it's not on the water, why insure it as a boat at all? Isn't it more or less a secure shed, for which you could get fire and contents insurance? You don't have to insure against third party claims, unless you are exceptionally nervous.

[WotEver]

Isn't it more or less a secure shed, for which you could get fire and contents insurance?

 

I'd guess that insurance for a £65k 'shed' would cost a heck of a lot more than £260 pa.

 

T

[Old Son]

I agree the boat nees to be insured. The cost difference between Thrid Party & Comprehensive is quite small. I would save 10% if it were moored in a marina but a maria is much more expensive than a hard standing at a boatyard. I feel fairly happy with the more expensive quote so I think I will go with my gut feeling.

[Idunhoe]

I am assuming that you have tried craftinsure.com who were able to offer the same cover to many others but at a significant reduction in premium when I was looking for boat insurance.

[Old Son]

I did try craft insure thank you. I wonder if my inexperience/zero no claims makes a difference. I have insured with Haven Knox-Johnston know.