Weird Insurance renewal!!

[Neil Smith]

1 minute ago, MartynG said:

I just tried insure 4 boats and they were a little more expensive than my present insurer.  As you say they do all risks or third party only.

who are you with, I might not have tried them.

Neil

[Momac]

24 minutes ago, Neil Smith said:

who are you with, I might not have tried them.

Neil

Y Yacht insurance

http://www.yyachtinsurance.com/

.

 

[Athy]

Each year, Lloyd's send me a renewal quotation which is substantially higher than the previous year's. Each year, I phone them, ask why as I have made no claims, and the premium is reduced - on one recent occasion, to less than the previous year's. I end up happy. But why don't they simply quote the lower sum in the first place?

[TheBiscuits]

1 hour ago, Athy said:

Each year, Lloyd's send me a renewal quotation which is substantially higher than the previous year's. Each year, I phone them, ask why as I have made no claims, and the premium is reduced - on one recent occasion, to less than the previous year's. I end up happy. But why don't they simply quote the lower sum in the first place?

Because most people don't ring up to query it.

An actuary in an office somewhere will have worked out to the penny where to set the premium uplift for the best return.

[Bad words ... mumble mumble]

Direct line seem to be the worst though.  They don't appear on the comparison sites, so if you want a new quote from them at renewal time you need to fill in their forms separately.

We used to to have mortgage, house insurance, car insurance etc with them, now we won't bother dealing with them; after years of the renewal quote being nearly twice the new business quote,  I'd rather give the money to a different firm.

[jam]

On 2/20/2018 at 17:48, pearley said:

We've been with Craftinsure for 9 years. I get quotes from several companies every couple of years and they still come out the lowest cost. 

Just checked ours and 2017 was £7 less than 2016 for the same cover. Too soon to see what 2018 will cost. 

Of course, we've never had to make a claim, especially as we elected for a higher excess, but you don't know how good an insurer is until you claim. 

They seem to do the job for me.

Year 1 - £178
Year 2 - £167
Year 3 - £173
Year 4 - £139

Must be some logical reason for such a drop this year but I'm not for complaining.

[TheBiscuits]

On 2/20/2018 at 17:48, pearley said:

We've been with Craftinsure for 9 years. I get quotes from several companies every couple of years and they still come out the lowest cost. 

Just checked ours and 2017 was £7 less than 2016 for the same cover. Too soon to see what 2018 will cost. 

Of course, we've never had to make a claim, especially as we elected for a higher excess, but you don't know how good an insurer is until you claim. 

Apparently if you are insured for more than £20k (? ish) with Craftinsure any claims are handled by the same team that deal with multi-million pound yachts - it gets passed up the chain to Navigators & General.

[frahkn]

I am neither wealthy nor an idiot so there are several items on the boat where purchase decisions were led mainly by price.

However, insurance has never been one. I know the company which I use is not the cheapest (nor the most expensive) but they have always been reasonable with me so I have never thought about moving. I understand why some prefer just third party but if you want comprehensive (presumably for peace of mind) why would you opt for just the cheapest?

[MartinC]

On 20/02/2018 at 20:29, Taslim said:

Not boat but house.  I had used my building society for contents & building insurance for the duration of my mortgage.

This year, mortgage payed of, I questioned the renewal price.  No move.

Went to another broker who got me the same policy with the same underwriters for half the price.

How much have I been knocked for over the years?

Building societies were demanding and getting significant commission on insurance which, of course, was reflected in the premium. Just one of the many scams that building societies got up to, such as refusing surveys other than through their own "selected" surveyors. All a thing of the past now?

On 20/02/2018 at 14:39, mrsmelly said:

So Its renewal time again and my bumff has come through the post as always. Having read the front page it says quote " You have been with us for a number of years. You may be able to get insurance cover you want at a better price if you shop around "  I havnt noticed this before though have never looked for it. Is it some stupid law that's appeared making insurance companies do it? I cant see why anyone should or indeed would print something like that otherwise? I wont be shopping around as its cheap anyway and better the devil you know but just thought it strange.

Energy suppliers are doing this as well.