Do you have to get your own insurance when buying a used boat?

[Foxtrot]

Just a queerie, might be stupid question. When buying a second hand boat, if it currently has insurance, is it still valid for the new owner?

 

I ask because I recently came across an ad that said BSC till next year, with insurance. I'd be suprised if so.

 

- Foxy

[Guest]

Just a queerie, might be stupid question. When buying a second hand boat, if it currently has insurance, is it still valid for the new owner?

 

I ask because I recently came across an ad that said BSC till next year, with insurance. I'd be suprised if so.

 

- Foxy

Normally the insurance is NOT transferable.

 

The BSS cert is though,

 

Think of it like buying a car with a valid MOT.

[LoneWolf]

wot doghouse said

 

hey! Fox, Dog, Wolf

 

nice

[Grace and Favour]

and Grace (she's our cat!)

[MtB]

Just a queerie, might be stupid question. When buying a second hand boat, if it currently has insurance, is it still valid for the new owner?

 

Highly unlikely, but just possible the seller has checked with their insurance company and they are willing to transfer the policy to the new owner.

 

Best to ask them how it will work. If they don't know, take it they could be clueless about other things too...

 

 

MtB

[Mac of Cygnet]

But it's not like a car, is it? Martin may be right about the insurance not being transferable (I don't know whether he writes from experience), but boat insurance is entirely about the boat, whereas car insurance is mainly about the driver. The insurance may well be transferable, but I would imagine a charge would be made for the transfer (it being an insurance company!). You would certainly have to inform them.

[Paul C]

Just for completeness of info, if the boat was previously covered by RCR, its not transferrable either.

[Guest]

But it's not like a car, is it? Martin may be right about the insurance not being transferable (I don't know whether he writes from experience), but boat insurance is entirely about the boat, whereas car insurance is mainly about the driver. The insurance may well be transferable, but I would imagine a charge would be made for the transfer (it being an insurance company!). You would certainly have to inform them.

I am named on my policy with Craftinsure, so it's not 'entirely about the boat'.

[Tam & Di]

I am named on my policy with Craftinsure, so it's not 'entirely about the boat'.

 

Exactly. It may be transferable in the loosest sense that they know the boat, but they will not transfer whatever no-claims or other bonus you might have if they don't know your claims record.

[Ange]

Just a queerie, might be stupid question. When buying a second hand boat, if it currently has insurance, is it still valid for the new owner?

 

I ask because I recently came across an ad that said BSC till next year, with insurance. I'd be suprised if so.

 

- Foxy

I'd be very surprised too. Very unlikely methinks - whilst insurance may be on a vehicle it is, as Tam said, also about the owner and their claims history.

[Guest]

Exactly......

[Sabcat]

Insurance of this sort is not transferable. In fact most insurance isn't. If you buy this boat and don't take out a policy the boat isn't insured at all for loss (theft fire etc.) but might possibly, depending on the wording of the policy, still be insured third party but it's highly unlikely. This is regardless of whether the current owner cancels the policy or not because it's a principle of insurance that you cannot insure that which you do not own.

 

What you need to do, if you buy the boat, is arrange for the current owners insurance to end and take out a new policy yourself with no gap. You can do this using the same insurer that covers the boat currently or use a new one and in practice it's the same as transferring anyway - the current policy is cancelled and the insured gets a refund on the policy based on remaining cover paid for minus a handling charge if applicable, you buy new cover starting when the existing is cancelled, everything is as it should be and no one has paid for anything they haven't had.

[Paul C]

You need to arrange the insurance to start the day you transfer the full money over, since this is your first day of ownership.

[Mac of Cygnet]

 

Exactly. It may be transferable in the loosest sense that they know the boat, but they will not transfer whatever no-claims or other bonus you might have if they don't know your claims record.

 

No-claims bonus on boat insurance? That's a new one on me! Tell me more!

[PhilR]

 

No-claims bonus on boat insurance? That's a new one on me! Tell me more!

 

I'm surprised you are asking. Maybe you should check your current insurance details, or think about changing companies? No claims discount is a normal feature with marine/boat insurance.

[Ange]

Just checked our insurance paperwork and we got a no claims discount of £32.03 off a gross premium of £128.12 when we renewed last October.

[Guest]

Insurance of this sort is not transferable. In fact most insurance isn't. If you buy this boat and don't take out a policy the boat isn't insured at all for loss (theft fire etc.) but might possibly, depending on the wording of the policy, still be insured third party but it's highly unlikely. This is regardless of whether the current owner cancels the policy or not because it's a principle of insurance that you cannot insure that which you do not own.

 

What you need to do, if you buy the boat, is arrange for the current owners insurance to end and take out a new policy yourself with no gap. You can do this using the same insurer that covers the boat currently or use a new one and in practice it's the same as transferring anyway - the current policy is cancelled and the insured gets a refund on the policy based on remaining cover paid for minus a handling charge if applicable, you buy new cover starting when the existing is cancelled, everything is as it should be and no one has paid for anything they haven't had.

I suspect one of the other reasons it's not normally transferable is because the person the policy would transfer to might not be somebody who they would wish to do business with..

 

When I have had quotes for insurance of all types, including boat, I have often been asked about not only claims history but also if I have ever had insurance declined or refused or if I have any convictions particularly for theft or fraud.

[Mac of Cygnet]

Just checked our insurance paperwork and we got a no claims discount of £32.03 off a gross premium of £128.12 when we renewed last October.

 

 

That's very good. I'm with Saga, because they charged exactly the same as Nautical Insurance (same underwriters) but without the 'administration fee'. It's been the same for the past 5 years, which is why I haven't shopped around, like I do with vehicle insurance, but I will next time. Who are you with?

[Tam & Di]

 

No-claims bonus on boat insurance? That's a new one on me! Tell me more!

 

Others have already replied on this, but ours is 30%. All boat insurance I've ever had to deal with have had a no-claims bonus and a standard excess which can be increased if the insurer wishes.

 

Tam

Edited September 10, 2014 by Tam & Di

[Kae]

Same here, no claims bonus on my second years insurance

[cuthound]

I insured Delta Queen from the day we signed the paperwork. I got quotes from several companies, and chose Navigators & General because they gave me 2 years ncb in recognition of my previous experience of 22 years in shared ownership and discounted membership of RCR.

[Ange]

 

 

That's very good. I'm with Saga, because they charged exactly the same as Nautical Insurance (same underwriters) but without the 'administration fee'. It's been the same for the past 5 years, which is why I haven't shopped around, like I do with vehicle insurance, but I will next time. Who are you with?

We're with Nautical Insurance Services based in Leigh-on-Sea - just a few miles away from where I was brought up. We've found them really good to deal with they added the solar panels mid policy with no extra premium or admin fee. It's always good to hear a chirpy Essex accent when we phone them too

 

Saying that the proof of a good insurer is found when you claim off them which we haven't yet

 

Edited to correct my phones decision on what I wanted to say!

Edited September 10, 2014 by Ange