Insurance cheaper than I thought

[MichaelG]

Well its not often things work out cheaper than you anticipated.

I just arranged insurance via Craftinsure and got two surprises.

First was how few questions were asked, value of boat, age of boat, name of boat and if I had any previous claims or no claims bonus, that was about it.

Second was how cheap it was, £125. The boats value is £45000 and the policy covers for use on all UK inland waterways and connecting tideways, covers upto the value of the boat if totally lost, raising or recovery, £1300 contents provided theft is by forcible entry and £5000000 third party liability.

Am I missing something, seems to be an awful lot of risk for such a small premium, always suspicious when things seem cheaper than you think they ought to be.

[rusty69]

I paid slightly more for slightly less last year,but have never made a claim,so can't tell how good they are yet.

[Ex Brummie]

It illustrates how small the risk really is. Granted, one loss can be catastrophic, but they rarely occur.

Just one thought, examine exactly what is considered to be contents. I think you may find furniture and carpets, appliances etc. are considered contents, so £1300 is a paltry amount. If you increase this value, you will see an exponential rise in premium.

[Athy]

Michael, it may come as a surprise if you are a car owner, as it's much cheaper than insuring a car I think. But ask yourself, how much damage is likely to be done when two rigid steel boats collide at a combined speed of 8 m.p.h?

[MichaelG]

4 minutes ago, Ex Brummie said:

Just one thought, examine exactly what is considered to be contents. I think you may find furniture and carpets, appliances etc. are considered contents, so £1300 is a paltry amount. If you increase this value, you will see an exponential rise in premium.

Hi, just checked the wording and it says the policy will cover any loss or damage to the boat upto £45000. The £1300 relates to "personal effects of the policyholder" so I presume that means personal possessions taken onto the boat that are not part of the boat or its equipment.

5 minutes ago, Athy said:

Michael, it may come as a surprise if you are a car owner, as it's much cheaper than insuring a car I think. But ask yourself, how much damage is likely to be done when two rigid steel boats collide at a combined speed of 8 m.p.h?

Very true, your probably much more likely to seriously damage someone or something driving a car than than a boat.

[BruceinSanity]

We looked at Craftinsure this year, but the max contents cover is £3,000, so no use for a liveaboard. We covered £10,000 contents plus the usual comp boat cover with GJW for just over £300.

[mrsmelly]

2 hours ago, BruceinSanity said:

We looked at Craftinsure this year, but the max contents cover is £3,000, so no use for a liveaboard. We covered £10,000 contents plus the usual comp boat cover with GJW for just over £300.

Depends on the liveaboard. Us paupers need nowhere near 10k contents cover.

[Slim]

My insurance is due in a couple of weeks so I've just checked Craftinsure out . Their quote to me, (45k 1996 build) was £217 or £187. I didn't bother to check what the two levels of cover were. Also checked Insure4boats with whom I'm presently insured. £160, comprehensive. Last year, with a 'special offer' it was £149. Can't remember exact details of cover but I was happy at the time. Everything I could find to read about the insurer was positive. (only a claim would really prove things.

On the wider issue of insurance on Monday I received the renewal for my house insurance from LV via Boundless (the old Civil Service Motoring Association). Combined Building & Contents, £155. Last year it was £108. Earlier today got an on-line for £108. Phoned them up and surprise, surprise, after changing several minor points to align the two quotes exactly I got it for £110. Co-incidentally earlier today I received an example quote from Saga today for broadly similar cover and excesses, £369

[WotEver]

6 minutes ago, Slim said:

Co-incidentally earlier today I received an example quote from Saga today for broadly similar cover and excesses, £369

For the first time this year Saga came out at a competitive price for both our cars, so we moved to them. They asked to quote for our house insurance which was £179 last year with MoreThan. Saga’s price... £845!

[Up-Side-Down]

21 hours ago, MichaelG said:

Well its not often things work out cheaper than you anticipated.

I just arranged insurance via Craftinsure and got two surprises.

First was how few questions were asked, value of boat, age of boat, name of boat and if I had any previous claims or no claims bonus, that was about it.

Second was how cheap it was, £125. The boats value is £45000 and the policy covers for use on all UK inland waterways and connecting tideways, covers upto the value of the boat if totally lost, raising or recovery, £1300 contents provided theft is by forcible entry and £5000000 third party liability.

Am I missing something, seems to be an awful lot of risk for such a small premium, always suspicious when things seem cheaper than you think they ought to be.

It is often stated that the main reason why boat insurance is so cheap is because only a very small % of boats leave their moorings or marinas and actually go cruising. In reality a surprisingly large number (both blue water and inland) of craft are used as floating weekend cottages spending 95% of their life tied up with just the occasional trip to the nearby pub for Sunday lunch!

[Machpoint005]

22 hours ago, MichaelG said:

Am I missing something, seems to be an awful lot of risk for such a small premium, always suspicious when things seem cheaper than you think they ought to be.

We're with Craftinsure, similar premiums for a boat the age of Slim's mentioned above. I think you'll find this is the usual sort of cost (It's Navigators & General, aka Zurich Insurance, behind the web site so I think they can be taken as a reliable company).

[Naughty Cal]

58 minutes ago, Up-Side-Down said:

It is often stated that the main reason why boat insurance is so cheap is because only a very small % of boats leave their moorings or marinas and actually go cruising. In reality a surprisingly large number (both blue water and inland) of craft are used as floating weekend cottages spending 95% of their life tied up with just the occasional trip to the nearby pub for Sunday lunch!

That doesn't stop them sinking!

[Up-Side-Down]

2 minutes ago, Naughty Cal said:

That doesn't stop them sinking!

You may have observed that this is something of a rarity ...........

[Machpoint005]

1 hour ago, Up-Side-Down said:

You may have observed that this is something of a rarity ...........

And I wonder how many sunken boats were actually still covered by insurance when they sank?

[Mac of Cygnet]

20 hours ago, Slim said:

 Co-incidentally earlier today I received an example quote from Saga today for broadly similar cover and excesses, £369

A few years ago Saga said they couldn't quote us for our house insurance because it was too old.  Which I thought was rather ironic.

[Slim]

I recently read somewhere that the founder of Saga is pumping big money into the regeneration of parts of Folkestone. At least I know where he's getting it from 

[David Mack]

43 minutes ago, Mac of Cygnet said:

A few years ago Saga said they couldn't quote us for our house insurance because it was too old.  Which I thought was rather ironic.

A few years ago Direct Line said they couldn't quote us for our house insurance on a pre-1850 house unless it had been rewired in the last 10 years. So presumably 1851 wiring in an 1851 house would have been fine!

[cuthound]

18 hours ago, Machpoint005 said:

And I wonder how many sunken boats were actually still covered by insurance when they sank?

Yes, when they sink they are usually covered by water 

[Alan de Enfield]

4 minutes ago, cuthound said:

Yes, when they sink they are usually covered by water 

That must be why its cheaper to insure on a canal.

When they sink there is still 4 foot above the water.

 

Q : Should it be Sink, Sank or Sunk ?

[cuthound]

2 minutes ago, Alan de Enfield said:

That must be why its cheaper to insure on a canal.

When they sink there is still 4 foot above the water.

 

Q : Should it be Sink, Sank or Sunk ?

Stop it, you are making me tense.  

Edited March 30, 2018 by cuthound
To insert a missing space

[rusty69]

37 minutes ago, Alan de Enfield said:

That must be why its cheaper to insure on a canal.

When they sink there is still 4 foot above the water.

 

Q : Should it be Sink, Sank or Sunk ?

Depends. If you have a catamaran named "un, deux, tois" , it cinq

Edited March 30, 2018 by rusty69

[Alan de Enfield]

5 minutes ago, rusty69 said:

Depends. If you have a catamaran named "un, deux, tois" , its cinq

I think you are getting confused with the Cinque Ports in Kent & Sussex

[rusty69]

9 minutes ago, Alan de Enfield said:

I think you are getting confused with the Cinque Ports in Kent & Sussex

"Uno, Due, Tre" , Quattro, Cinque. That would involve a stolen Audi crashed in the channel

Edited March 30, 2018 by rusty69