Insurance Cost

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EasyGoingPatrick
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Insurance Cost

Post by EasyGoingPatrick »

Hi,

I am trying to do some VERY rough calculations about how much per year I might expect to spend on a yacht. I am trying to get a ballpark estimate for insurance, but the insurance companies ask a million questions, many of which I can't even guess at right now, because I don't yet own a yacht. Even more of problem might be the fact that I don't have any experience. Is this going to be an absolute show-stopper? I'm willing to get at least a couple of basic qualifications under my belt, but I don't want to spend years in a tiny day sailor simply to build up no-claims if I can avoid it.

At the risk of sounding like I am trying to run before I can walk, can anyone give me any advice on this. I'd also love to hear any ballpark figure for yacht insurance, because, as things stand, i have no idea if you are talking hundreds or thousands of pounds per year.

Kind wishes ~ Patrick
Complete sailing beginner. I welcome any help or advice anyone is able to offer.

Discus
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Post by Discus »

It's a bit like car insurance, the more expensive the boat, the bigger the premium, the further you want to go, the bigger the premium! You get a bit of discount if you have some sailing experience or qualifications and NCD is accumulated year on year. For us, we pay about £250 to insure our boat that covers sailing in UK and Ireland waters and Channel destinations between Brest and the River Elbe. The boat has to be laid up ashore or in a marina between November and April, which is fine for us as we don't sail in the winter. It may be a bit cheaper if we were marina based. For travelling longer distances, expect to pay quite a bit more and be able to demonstrate more experience. Usually, the insurance company will want a copy of a recent survey with the advisories sorted out. Non professionally built boats (ie non production) will command a higher premium. Budget up to £500 for insurance in UK waters for a production cruiser (dependent on the agreed value of the boat which is usually what you paid, not what you think it may be worth).

Hope this helps

Rob

EasyGoingPatrick
YF Newbie
Posts: 25
Joined: Wed Apr 02, 2014 12:42 pm
Location: York, United Kingdom

Thank you

Post by EasyGoingPatrick »

That's very interesting, Rob. Nice to get a concrete figure. I know there are countless variables, but it gives me something to anchor my estimates on (no pun intended).


Kind wishes ~ Patrick
Complete sailing beginner. I welcome any help or advice anyone is able to offer.

Jeff
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Post by Jeff »

That's one of the reasons for the course "day skipper" which can be completed by correspondence. With that under your belt, you can buy and use and insure a boat. You probably can do so without it but suspect you'd struggle to find reasonable insurance unless you lied about your experience.

We pay about £350 to GJW who we've found to be by far the cheapest and also very good when it comes to making a claim (had dinghy stolen).

We are covered the same area as Rob but can sail all year, have no berth at all, and we have special agreements in place to be allowed to sail single handed, and sail at night, neither of which are usually covered by default.

Take care to read the small print. No insurer for instance will insure you against sinking due to osmosis leading to seacock failure! Which is common(ish). Scares me that. Which is why I have all new seacocks!
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EasyGoingPatrick
YF Newbie
Posts: 25
Joined: Wed Apr 02, 2014 12:42 pm
Location: York, United Kingdom

Post by EasyGoingPatrick »

Thank you for that extra information, Jeff. I am finally starting to get a sense of progress, squirrelling away all these tiny fragments of knowledge and advice.

I think you and Rob may get tired of answering long before I run out of questions.

- Patrick
Complete sailing beginner. I welcome any help or advice anyone is able to offer.

Jeff
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Posts: 751
Joined: Thu Oct 08, 2009 3:54 pm
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Post by Jeff »

Never! It's my favourite subject!!

Enjoy. The research and planning is almost as much fun as doing it.

Got to row ashore for supplies. Ttyl....
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