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  1. #11
    Join Date
    Feb 2008
    Location
    Farndon
    Posts
    3,050

    Default Re: Y insurance premium increase

    Quote Originally Posted by Greg2 View Post
    We had a similar increase with Y this year - as suggested, it appears to be fairly universal amongst most insurance companies and that being the case my reasons for being with Y trump any whatever (probably relativley minor) saving in premium that we might get elsewhere.
    In early March 2019 I did enquire elsewhere, obtaining several prices and only had one lower renewal premium and that was only a few quid so stuck with Y.
    The one slightly lower premium was Saga

  2. #12
    Join Date
    Dec 2011
    Location
    Plymouth
    Posts
    59

    Default Re: Y insurance premium increase

    Earwigged a conversation at Southampton Boat Show even without the recent hurricane it appears insurers making losses again this year.
    Comment made we are in year two of a three year cycle which might go to four years if claims continue .
    Bit like Brexit never ending.

  3. #13
    Join Date
    Jun 2011
    Location
    Home - Surrey
    Posts
    1,080

    Default Re: Y insurance premium increase

    My renewal with Y went up 15%. I’m still paying less than the renewal offered by my previous insurer three years ago, and better cover, so I’m not complaining.

  4. #14
    Join Date
    May 2001
    Location
    Jersey/Antibes
    Posts
    22,632

    Default Re: Y insurance premium increase

    Quote Originally Posted by masterofnone View Post
    We're all paying to cover their losses elsewhere.
    Honestly we're not. That would be economically irrational - if insurers who suffered prior losses tried to recoup losses by billing us now, other underwriters without those prior yacht losses would take their market. Insurance underwriting is that efficient and friction-less.

    Premiums are higher because the entire underwriting community has determined (correctly it seems) that they were under-pricing risk (including for Med boats) and that premiums must rise if we want to lay off our risk to them.

    This is normal insurance market behaviour. I don't think we are being ripped off. I have renewed with Y.

  5. #15
    Join Date
    Feb 2008
    Location
    Farndon
    Posts
    3,050

    Default Re: Y insurance premium increase

    Quote Originally Posted by jfm View Post

    Premiums are higher because the entire underwriting community has determined (correctly it seems) that they were under-pricing risk (including for Med boats) and that premiums must rise if we want to lay off our risk to them.

    .
    So insurers think the level of claims experienced in recent years is set to be the norm.

    If the level of claims reduces they should therefore reduce premiums. This may well happen.....eventually.

  6. #16
    Join Date
    Jul 2002
    Location
    Faversham kent uk
    Posts
    3,322

    Default Re: Y insurance premium increase

    Quote Originally Posted by longjohnsilver View Post
    Iirc there was a thread about this recently, but now canít find it. Have just looked through my junk mail and found my renewal from Y, good job I found it,

    Anyway, my premium has increased by over 20% for the next year, again I seem to recall some saying theirs had increased by a similar amount, and some staying much the same. Iím inclined to renew, but might just make a few enquiries elsewhere.

    Iíd be interested to know what the % increase has been for others. Iíve never made a claim, but realise there are other possible reasons for the increase.
    I am with Navigators and General I had a renewal with an increase I called them direct and spoke to a really nice guy which gave me a 10% discount, Job done.

  7. #17
    Join Date
    Apr 2005
    Location
    Warsash
    Posts
    1,099

    Default Re: Y insurance premium increase

    Quote Originally Posted by mainshiptom View Post
    I am with Navigators and General I had a renewal with an increase I called them direct and spoke to a really nice guy which gave me a 10% discount, Job done.
    Well done for getting a discount, however, that’s what really annoys me because why the hell don’t they just give us the lowest price without us having to grovel for a discount...it’s the same for all insurance renewals!!

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