Insurances question

[andybarrett1]

Hi thank you for reading

 

Not new to boating but have had same insurance with Craftinsure for past 8 years (really)... That time of year again thought would shop about a little .... Insure4boats are offering me a slightly better policy for £60 less than Craftinsure !!

 

 

 

What am am missing ..... Can it really be this much less ?

 

Just looking for other boaters ideas / experience

 

BR

Andy

[Chewbacka]

Out of interest did you try a fictitious 'new customer' on-line quote with Craftinsure??

 

If they are anything like house insurers then long term loyalty is often rewarded by far higher premiums than new customers get quoted.

[andybarrett1]

Ha Ha.... Yes I did that... Came in at the same price

 

BR

Andy

[Richard10002]

in 2012, after a year with Haven Knox my renewal was almost £200, having been about £130 in year 1. I shopped around and got a quote from GMW for £110 or so. Haven Knox wouldnt negotiate so I switched.

 

The following year the renewal was about £130 so I called to ask if I could reduce it by increasing my excess... they reduced the renewal to about £95 and left my excess the same - go figure!!

 

2015, the renewal was about £120, so I asked if they could reduce it if I increased my excess - they guided me to a new policy which suited me better and was about £100.

 

I guess what I am saying is firstly, Yes, there can be this kind of difference, and much more. Secondly, if you get a better quote elsewhere ask your current insure if they will match it. Even if you dont get a better quote elsewhere, ask your current insurer if they can reduce it.

[OldGoat]

I user TowerGate insurance:-

https://www.towergateinsurance.co.uk/boat/product/narrowboat-insurance

 

Don't know if they're the best - I joined when Michael Stimpson sold the business to them, have stayed with them since.

What I DO know is that the group gave me excellent cover for an USA trip when nobody else would....

[Alan de Enfield]

Received my 'Green Flag' breakdown cover renewal t'other day at a very competitive price of £90.20, due to customer loyalty bonus, and 2 years 'no-claims' bonus, & was just about to renew when I thought I'd check on line.

 

As a 'new customer' I got a like-for-like quote from them for £70.20.

 

Phone up and 'laid into them' - all I got was a 'well Sir, we will match any internet quote' to which I replied "I would hope you can when its your company you are trying to price match with"

 

I renewed at £70.20.

[b0atman]

Would be nice to get feed back when claims have been put in .

[Murflynn]

every time I renew our car insurances I phone up and query the premium.

 

the customer services girl always gives me 10% off automatically and when asked confirms it is their policy to give 10% to anyone who asks for a reduction.

 

applies to Churchill and AA in my case.

[mrsmelly]

Hi thank you for reading

 

Not new to boating but have had same insurance with Craftinsure for past 8 years (really)... That time of year again thought would shop about a little .... Insure4boats are offering me a slightly better policy for £60 less than Craftinsure !!

 

 

 

What am am missing ..... Can it really be this much less ?

 

Just looking for other boaters ideas / experience

 

BR

Andy

 

I say this everytime insurance questions come up. DO THEY PAY OUT saving sixty quid for instance is total crap if the company quibble in the event of any claim. 60 quid is absolutely peanuts when you consider boating costs. I have been with my insurers for over twenty years and never shop round the reason is I know they pay out as my bro in law had a claim with them no quibble in his first year. I dont know if they are expensive and cannot remember how much I pay ( due in march ) but I aint going anywhere.

[OldGoat]

I dumped AA then RAC years ago - now have insurance cover from Aviva for less (2 cars - mine and The Managenment's)

They use RAC to provide the service

Go figure....

[pophops]

 

I say this everytime insurance questions come up. DO THEY PAY OUT saving sixty quid for instance is total crap if the company quibble in the event of any claim. 60 quid is absolutely peanuts when you consider boating costs. I have been with my insurers for over twenty years and never shop round the reason is I know they pay out as my bro in law had a claim with them no quibble in his first year. I dont know if they are expensive and cannot remember how much I pay ( due in march ) but I aint going anywhere.

 

You are every insurance salesman's ideal customer.

[Slim]

 

I say this everytime insurance questions come up. DO THEY PAY OUT saving sixty quid for instance is total crap if the company quibble in the event of any claim. 60 quid is absolutely peanuts when you consider boating costs. I have been with my insurers for over twenty years and never shop round the reason is I know they pay out as my bro in law had a claim with them no quibble in his first year. I dont know if they are expensive and cannot remember how much I pay ( due in march ) but I aint going anywhere.

Whilst I can see where you're coming from and agree that the important part of insurance is what happens when one claims it would seem that customer loyalty counts for nothing. My car and house insurance have been with the same company for years. Some years ago I had several claims (car) in a fairly short period of time. I couldn't fault the claim settlement process. So by your terms its a sound option. Every year I get my renewal notices through the post. Using the renewal notices to ensure identical cover I get on line quotes from the same company. These are always 10 to 15% cheaper than the renewal offered..I then phone up the company and give the on line quote reference numbers The on line quote is always matched. Significantly, it's the existing policy that renewed so on paper I have continuity of policy. 15 minutes work, 50 to 60 pounds saved

[mrsmelly]

 

You are every insurance salesman's ideal customer.

 

If sixty quid is a deal breaker for a reliable insurance policy then yes I am.

[mrsmelly]

Whilst I can see where you're coming from and agree that the important part of insurance is what happens when one claims it would seem that customer loyalty counts for nothing. My car and house insurance have been with the same company for years. Some years ago I had several claims (car) in a fairly short period of time. I couldn't fault the claim settlement process. So by your terms its a sound option. Every year I get my renewal notices through the post. Using the renewal notices to ensure identical cover I get on line quotes from the same company. These are always 10 to 15% cheaper than the renewal offered..I then phone up the company and give the on line quote reference numbers The on line quote is always matched. Significantly, it's the existing policy that renewed so on paper I have continuity of policy. 15 minutes work, 50 to 60 pounds saved

 

I agree with shopping around for car insurance I check mine evrytime I renew but for more specialised insurance such as my boat I have great continuity with the peeps in the office and greater peace of mind knowing they pay out. I am with Euromarine.

[David Mack]

it would seem that customer loyalty counts for nothing.

 

I recently came across this view of the motor insurance business. I guess the same is for other insurance markets:

 

"The £13bn UK market for motor insurance is dominated by a fragmented group of players and the name of the game is commoditised product distribution. The market is, in aggregate, unprofitable for underwriters, brokers and, price comparison websites alike who rely on 2nd year price hikes, add-ons and cross-selling respectively to drive profitable business around the core, unprofitable motor insurance product."

(From https://blog.cuvva.com/the-state-of-the-insurance-industry/)

[Richard10002]

I say this everytime insurance questions come up. DO THEY PAY OUT saving sixty quid for instance is total crap if the company quibble in the event of any claim. 60 quid is absolutely peanuts when you consider boating costs. I have been with my insurers for over twenty years and never shop round the reason is I know they pay out as my bro in law had a claim with them no quibble in his first year. I dont know if they are expensive and cannot remember how much I pay ( due in march ) but I aint going anywhere.

Given that your experience of paying out is once in 20 years, how do you know what their current performance is like? They may have been bought by another firm and could be the firm you think they are in name only.

[frangar]

I too was with Towergate and had been since it was Michael stimpson. On chatting to a well respected surveyor it was suggested I enquired from other companies. It seems due to take overs they are not what they were...indeed I had noticed a decline in service myself.

 

I went to GJW who were half the price and twice as helpful. I've also heard good things about them paying out should the worst happen from more than one source.

 

It does seem that loyalty counts for nothing....indeed I didn't even get a follow up when I didn't renew with Towergate.

 

I've also had a similar experience with my classic Land Rover insurance.

[Richard10002]

I agree with shopping around for car insurance I check mine evrytime I renew but for more specialised insurance such as my boat I have great continuity with the peeps in the office and greater peace of mind knowing they pay out. I am with Euromarine.

 

 

"12th May 2016 ......... Lark (Group) Limited is pleased to announce the acquisition of Euromarine Insurance Services Limited. Euromarine is a specialist marine insurance intermediary and Underwriting Agent for leading UK Insurers offering specialist marine insurance products to private individuals. The business is based in Broadstairs, Kent."

[mrsmelly]

"12th May 2016 ......... Lark (Group) Limited is pleased to announce the acquisition of Euromarine Insurance Services Limited. Euromarine is a specialist marine insurance intermediary and Underwriting Agent for leading UK Insurers offering specialist marine insurance products to private individuals. The business is based in Broadstairs, Kent."

 

Phew thanks for doing the research. At least I now know they still exist so will be able to renew with them again in march.

 

Cheers

[alan_fincher]

I too was with Towergate and had been since it was Michael stimpson. On chatting to a well respected surveyor it was suggested I enquired from other companies. It seems due to take overs they are not what they were...indeed I had noticed a decline in service myself.

 

I went to GJW who were half the price and twice as helpful. I've also heard good things about them paying out should the worst happen from more than one source.

 

It does seem that loyalty counts for nothing....indeed I didn't even get a follow up when I didn't renew with Towergate.

 

I've also had a similar experience with my classic Land Rover insurance.

 

Towergate and Michael Stimpson have now fully parted company.

 

On their historic boat policies, at least, Towergate are now underwritten by a different insurer, although they claim that currently the T&Cs of the policy offered are identical. They refuse to commit to what might change in the future.

 

Michael Stimpson is now offering cover through a different provider, but despite what I was led to believe, they were slightly more expensive than renewing with Towergate.

 

A worry is that I have been told that it is likely insurers of old boats are going to insist on full surveys, rather than just hull surveys, which has been all that is required up to now. Neither of the above providers could reassure me that they are not likely to go this route, but I would have a clear preference for an insurer that didn't, as costs are high enough already!

[andybarrett1]

i seem to have opened a huge pot of worms.... Was only looking for a little experience on the matter lol.

 

I agree it does seem to enter the mix as to how good "ANY" of them are when it comes to payout. Something non of us want to experience.

 

I still have a month to find insurance so till then will be watching the posts. Thank you all for input !

 

BR

Andy

[Nightwatch]

Not insurance, but loyalty based.

 

I had been with Virgin Media for years and years from when they were Cable & Wireless and NTL, and others I can't remember.

 

However, my renewal came up, a very large increase in costs. Called them to question why. I was told my loyalty discount had expired. Anyway, there was no way I could get the discount back nor understand how my loyalty had expired. My loyalty did expire and I left them and had freeview for the remaining few months before moving onboard.

 

Very odd practice.

[Peter X]

The "brand new customers only" tactic as mocked by the Nationwide adverts years ago may still be in widespread use in insurance and the financial industry in general, but it may just be that the OP's insurer takes a different view of his boat's risks to that of other insurers.

 

Years ago I worked in insurance, not as an actuary but as a computer programmer, a role which usually gives some insight into how any type of business operates. Premiums are calculated based upon that company's experience of claims, broken down into groups by lots of factors which statistical analysis shows to have been indicators in the past. Thus for example, car insurance premiums are higher for young drivers, faster cars, any particular model which thieves target a lot, dodgy areas, cars kept on the street rather than in a garage, etc.

 

In the case of boat insurance I'd guess the insurers don't have such a volume of statistics to go on, so the calculation may be based on fewer criteria, but the same methods will apply, and if your insurer has had a worse experience of claims versus premiums than other insurers with, for example, steel narrowboats kept in marinas in the north, then their premiums will be higher. You do have to compare like with like, for example any excess, exclusions and whether a company is thought likely to quibble a claim too much, and in the end ask yourself whether the potential saving is worth the time spent on research; it may well not be.

[nbfiresprite]

I'am insured with 'Insure4boats' after I was rammed by uninsured Bargee Traveller causing 2K's worth of damage. The company paid out within three weeks.

[MartinC]

 

In the case of boat insurance I'd guess the insurers don't have such a volume of statistics to go on, so the calculation may be based on fewer criteria, but the same methods will apply, and if your insurer has had a worse experience of claims versus premiums than other insurers with, for example, steel narrowboats kept in marinas in the north, then their premiums will be higher. You do have to compare like with like, for example any excess, exclusions and whether a company is thought likely to quibble a claim too much, and in the end ask yourself whether the potential saving is worth the time spent on research; it may well not be.

 

There is one other consideration in the calculation of the actual premium charged. Vitually all the quotes are from Brokers or Agencies and are dependent on the deal that they, in turn, have struck with the insurers. This explains why you can get several different premiums but the same insurer. The deal struck by the Broker/Agent will be dependent on several factors often more relevant to Agencies than Brokers. Total volume of business, proposed policy wording, rate of commission taken, claims history of the total "book" of business as opposed to individual claims experience to name a few.